GHYG.L vs. GFGB.L
GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and GFGB.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) are both High Yield Bonds funds - GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP while GFGB.L tracks the ICE BofA Gbl HY Constnd TR USD. Both are passively managed. Over the past 5 years, GHYG.L returned 3.46%/yr vs 4.31%/yr for GFGB.L. At a 0.25 correlation, their price movements are largely independent. GHYG.L charges 0.55%/yr vs 0.40%/yr for GFGB.L.
Performance
GHYG.L vs. GFGB.L - Performance Comparison
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Returns By Period
In the year-to-date period, GHYG.L achieves a 0.87% return, which is significantly lower than GFGB.L's 3.80% return.
GHYG.L
- 1D
- -0.48%
- 1M
- 0.04%
- YTD
- 0.87%
- 6M
- 1.48%
- 1Y
- 5.47%
- 3Y*
- 7.81%
- 5Y*
- 3.46%
- 10Y*
- —
GFGB.L
- 1D
- 0.23%
- 1M
- 1.74%
- YTD
- 3.80%
- 6M
- 3.63%
- 1Y
- 9.92%
- 3Y*
- 6.58%
- 5Y*
- 4.31%
- 10Y*
- —
GHYG.L vs. GFGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 0.87% | 7.92% | 6.96% | 11.12% | -9.49% | 3.39% | 2.46% | 3.92% |
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 3.80% | 2.41% | 7.87% | 4.27% | -2.32% | 3.31% | 13.08% | 4.79% |
Correlation
The correlation between GHYG.L and GFGB.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since May 1, 2019 | 0.25 |
The correlation between GHYG.L and GFGB.L shifts across timeframes, from 0.11 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GHYG.L vs. GFGB.L — Risk / Return Rank
GHYG.L
GFGB.L
GHYG.L vs. GFGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) and VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| GHYG.L | GFGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.28 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 3.25 | -1.10 |
| Martin ratioReturn relative to average drawdown | 9.23 | 8.50 | +0.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GHYG.L | GFGB.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.52 | 1.43 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.55 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.67 | -0.21 |
Drawdowns
GHYG.L vs. GFGB.L - Drawdown Comparison
The maximum GHYG.L drawdown since its inception was -23.01%, which is greater than GFGB.L's maximum drawdown of -15.95%. Use the drawdown chart below to compare losses from any high point for GHYG.L and GFGB.L.
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Drawdown Indicators
| GHYG.L | GFGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.01% | -15.95% | -7.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -3.04% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -4.57% | -7.54% | +2.97% |
Max Drawdown (5Y)Largest decline over 5 years | -14.45% | -10.36% | -4.09% |
Current DrawdownCurrent decline from peak | -0.48% | -1.13% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -2.99% | -2.52% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 1.16% | -0.57% |
Volatility
GHYG.L vs. GFGB.L - Volatility Comparison
The current volatility for iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) is 1.28%, while VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) has a volatility of 3.51%. This indicates that GHYG.L experiences smaller price fluctuations and is considered to be less risky than GFGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHYG.L | GFGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 3.51% | -2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 3.00% | 5.86% | -2.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 6.89% | -3.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.87% | 7.81% | -1.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 8.80% | -0.92% |
GHYG.L vs. GFGB.L - Expense Ratio Comparison
GHYG.L has a 0.55% expense ratio, which is higher than GFGB.L's 0.40% expense ratio.
Dividends
GHYG.L vs. GFGB.L - Dividend Comparison
GHYG.L's dividend yield for the trailing twelve months is around 5.38%, while GFGB.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 5.38% | 5.34% | 5.26% | 4.69% | 4.15% | 3.73% | 4.54% | 1.79% |
Frequently Asked Questions
GHYG.L and GFGB.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GFGB.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GFGB.L is cheaper with a 0.40% expense ratio, compared with 0.55% for GHYG.L.
GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP, while GFGB.L tracks ICE BofA Gbl HY Constnd TR USD. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.55% for GHYG.L and 0.40% for GFGB.L.
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