GHYG.L vs. HYSD.L
GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and HYSD.L (iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) are both High Yield Bonds funds from iShares - GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP while HYSD.L tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 3 years, GHYG.L returned 7.77%/yr vs 7.99%/yr for HYSD.L. A 0.70 correlation means they provide meaningful diversification when combined. GHYG.L charges 0.55%/yr vs 0.22%/yr for HYSD.L.
Performance
GHYG.L vs. HYSD.L - Performance Comparison
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Returns By Period
In the year-to-date period, GHYG.L achieves a 1.85% return, which is significantly lower than HYSD.L's 1.97% return.
GHYG.L
- 1D
- 0.00%
- 1M
- -0.07%
- 6M
- 1.42%
- YTD
- 1.85%
- 1Y
- 5.20%
- 3Y*
- 7.77%
- 5Y*
- 3.51%
- 10Y*
- —
HYSD.L
- 1D
- 0.00%
- 1M
- 0.31%
- 6M
- 1.29%
- YTD
- 1.97%
- 1Y
- 5.49%
- 3Y*
- 7.99%
- 5Y*
- —
- 10Y*
- —
GHYG.L vs. HYSD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 1.85% | 7.85% | 7.10% | 10.89% | -1.86% |
HYSD.L iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 1.97% | 8.24% | 7.60% | 11.75% | -3.60% |
Correlation
The correlation between GHYG.L and HYSD.L is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2022 | 0.70 |
The correlation between GHYG.L and HYSD.L shifts across timeframes, from 0.54 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GHYG.L vs. HYSD.L — Risk / Return Rank
GHYG.L
HYSD.L
GHYG.L vs. HYSD.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 iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (HYSD.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GHYG.L | HYSD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.28 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 2.26 | -0.24 |
| Martin ratioReturn relative to average drawdown | 8.42 | 9.94 | -1.52 |
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Drawdowns
GHYG.L vs. HYSD.L - Drawdown Comparison
The maximum GHYG.L drawdown since its inception was -23.08%, which is greater than HYSD.L's maximum drawdown of -9.53%. Use the drawdown chart below to compare losses from any high point for GHYG.L and HYSD.L.
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Drawdown Indicators
| GHYG.L | HYSD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.08% | -9.53% | -13.55% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -2.42% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -4.51% | -5.02% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -14.41% | — | — |
Current DrawdownCurrent decline from peak | -0.43% | -0.10% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -1.50% | -1.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 0.55% | +0.07% |
Volatility
GHYG.L vs. HYSD.L - Volatility Comparison
iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) has a higher volatility of 1.34% compared to iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (HYSD.L) at 0.91%. This indicates that GHYG.L's price experiences larger fluctuations and is considered to be riskier than HYSD.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 | HYSD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 0.91% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 3.47% | 3.13% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 3.88% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.05% | 6.08% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.95% | 6.08% | +1.87% |
GHYG.L vs. HYSD.L - Expense Ratio Comparison
GHYG.L has a 0.55% expense ratio, which is higher than HYSD.L's 0.22% expense ratio.
Dividends
GHYG.L vs. HYSD.L - Dividend Comparison
GHYG.L's dividend yield for the trailing twelve months is around 6.84%, less than HYSD.L's 7.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 6.84% | 5.34% | 5.26% | 4.70% | 4.14% | 3.73% | 4.55% | 1.78% |
HYSD.L iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 7.39% | 7.39% | 7.39% | 5.61% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GHYG.L and HYSD.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HYSD.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYSD.L is cheaper with a 0.22% expense ratio, compared with 0.55% for GHYG.L.
GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP, while HYSD.L tracks ICE BofA US High Yield Constrained Index. Their fees differ too: 0.55% for GHYG.L and 0.22% for HYSD.L.
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