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GHYG.L vs. IHYA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GHYG.L vs. IHYA.L

Last updated Jun 5, 2026

GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and IHYA.L (iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)) are both High Yield Bonds funds from iShares - GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP while IHYA.L tracks the Bloomberg US Corporate High Yield TR USD. Both are passively managed. Over the past 5 years, GHYG.L returned 3.46%/yr vs 5.11%/yr for IHYA.L. At a 0.32 correlation, their price movements are largely independent. GHYG.L charges 0.55%/yr vs 0.50%/yr for IHYA.L.

Performance

GHYG.L vs. IHYA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) and iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

GHYG.L is traded in GBP, while IHYA.L is traded in USD. To make them comparable, the IHYA.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GHYG.L achieves a 0.87% return, which is significantly lower than IHYA.L's 1.51% 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*
—

IHYA.L

1D
0.09%
1M
1.11%
YTD
1.51%
6M
1.04%
1Y
7.97%
3Y*
5.57%
5Y*
5.11%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GHYG.L vs. IHYA.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
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%
IHYA.L
iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)		1.51%1.69%8.85%5.11%1.97%4.70%1.98%2.57%

Correlation

The correlation between GHYG.L and IHYA.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

0.21

Correlation (5Y)
Calculated over the trailing 5-year period

0.26

Correlation (All Time)
Calculated using the full available price history since May 1, 2019

0.32

Over the past year, the correlation between GHYG.L and IHYA.L has dropped to 0.11 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

GHYG.L vs. IHYA.L - Sectors Allocation Comparison

Sectors
GHYG.L
IHYA.L

Utilities

92.7%
83.6%

Real Estate

7.3%
16.4%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

GHYG.L
92.7%
IHYA.L
83.6%

Real Estate

GHYG.L
7.3%
IHYA.L
16.4%

Basic Materials

GHYG.L

-

IHYA.L

-

Communication Services

GHYG.L

-

IHYA.L

-

Consumer Cyclical

GHYG.L

-

IHYA.L

-

Consumer Defensive

GHYG.L

-

IHYA.L

-

Energy

GHYG.L

-

IHYA.L

-

Financial Services

GHYG.L

-

IHYA.L

-

Healthcare

GHYG.L

-

IHYA.L

-

Industrials

GHYG.L

-

IHYA.L

-

Technology

GHYG.L

-

IHYA.L

-

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iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)

iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)

Often compared with GHYG.L:
GHYG.L vs. AGBP.LGHYG.L vs. HYGGHYG.L vs. VAGP.LGHYG.L vs. GHYS.LGHYG.L vs. UHYC.LGHYG.L vs. SDHA.LGHYG.L vs. DHYA.L
Often compared with IHYA.L:
IHYA.L vs. HYGIHYA.L vs. XUHY.LIHYA.L vs. BRHYXIHYA.L vs. DHYA.LIHYA.L vs. SLXX.LIHYA.L vs. IS0R.DEIHYA.L vs. QQQ

Return for Risk

GHYG.L vs. IHYA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GHYG.L
GHYG.L Risk / Return Rank: 4848
Overall Rank
GHYG.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
GHYG.L Sortino Ratio Rank: 5050
Sortino Ratio Rank
GHYG.L Omega Ratio Rank: 4949
Omega Ratio Rank
GHYG.L Calmar Ratio Rank: 4444
Calmar Ratio Rank
GHYG.L Martin Ratio Rank: 5454
Martin Ratio Rank
IHYA.L
IHYA.L Risk / Return Rank: 6161
Overall Rank
IHYA.L Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
IHYA.L Sortino Ratio Rank: 6767
Sortino Ratio Rank
IHYA.L Omega Ratio Rank: 6464
Omega Ratio Rank
IHYA.L Calmar Ratio Rank: 5050
Calmar Ratio Rank
IHYA.L Martin Ratio Rank: 6868
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GHYG.L vs. IHYA.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 USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.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.LIHYA.LDifference
Sharpe ratioReturn per unit of total volatility
1.52
1.21

+0.31

Sortino ratioReturn per unit of downside risk
2.40
1.75

+0.65

Omega ratioGain probability vs. loss probability

1.30

1.22

+0.09

Calmar ratioReturn relative to maximum drawdown

2.15

2.10

+0.05

Martin ratioReturn relative to average drawdown

9.23

6.56

+2.67

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GHYG.L vs. IHYA.L - Sharpe Ratio Comparison

The current GHYG.L Sharpe Ratio is 1.52, which is comparable to the IHYA.L Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of GHYG.L and IHYA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GHYG.LIHYA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.52

1.21

+0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

0.59

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.37

+0.09

Drawdowns

GHYG.L vs. IHYA.L - Drawdown Comparison

The maximum GHYG.L drawdown since its inception was -23.01%, which is greater than IHYA.L's maximum drawdown of -16.09%. Use the drawdown chart below to compare losses from any high point for GHYG.L and IHYA.L.

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Drawdown Indicators

GHYG.LIHYA.LDifference

Max Drawdown

Largest peak-to-trough decline

-23.01%

-16.09%

-6.92%

Max Drawdown (1Y)

Largest decline over 1 year

-2.54%

-3.79%

+1.25%

Max Drawdown (3Y)

Largest decline over 3 years

-4.57%

-8.92%

+4.35%

Max Drawdown (5Y)

Largest decline over 5 years

-14.45%

-10.81%

-3.64%

Current Drawdown

Current decline from peak

-0.48%

-0.60%

+0.12%

Average Drawdown

Average peak-to-trough decline

-2.99%

-3.74%

+0.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.59%

1.21%

-0.62%

Volatility

GHYG.L vs. IHYA.L - Volatility Comparison

The current volatility for iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) is 1.28%, while iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L) has a volatility of 2.04%. This indicates that GHYG.L experiences smaller price fluctuations and is considered to be less risky than IHYA.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.LIHYA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.28%

2.04%

-0.76%

Volatility (6M)

Calculated over the trailing 6-month period

3.00%

5.15%

-2.15%

Volatility (1Y)

Calculated over the trailing 1-year period

3.60%

6.58%

-2.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.87%

8.67%

-2.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.88%

9.78%

-1.90%

GHYG.L vs. IHYA.L - Expense Ratio Comparison

GHYG.L has a 0.55% expense ratio, which is higher than IHYA.L's 0.50% expense ratio.

Dividends

GHYG.L vs. IHYA.L - Dividend Comparison

GHYG.L's dividend yield for the trailing twelve months is around 5.38%, while IHYA.L has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019
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%
IHYA.L
iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

GHYG.L and IHYA.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, IHYA.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IHYA.L is cheaper with a 0.50% expense ratio, compared with 0.55% for GHYG.L.

GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP, while IHYA.L tracks Bloomberg US Corporate High Yield TR USD. Their fees differ too: 0.55% for GHYG.L and 0.50% for IHYA.L.

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