GHYG.L vs. JHYP.L
GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and JHYP.L (JPMorgan Global High Yield Corporate Bond Multi-Factor UCITS ETF - GBP Hedged (dist)) are both High Yield Bonds funds tracking the ICE BofA Gbl HY Constnd TR HGBP, from iShares and JPMorgan respectively. Both are passively managed. Over the past 5 years, GHYG.L returned 3.46%/yr vs 3.69%/yr for JHYP.L. Their correlation of 0.81 suggests significant overlap in exposure. GHYG.L charges 0.55%/yr vs 0.35%/yr for JHYP.L.
Performance
GHYG.L vs. JHYP.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 JHYP.L's 2.14% 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*
- —
JHYP.L
- 1D
- 0.13%
- 1M
- 0.65%
- YTD
- 2.14%
- 6M
- 2.89%
- 1Y
- 8.43%
- 3Y*
- 8.74%
- 5Y*
- 3.69%
- 10Y*
- —
GHYG.L vs. JHYP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
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% | 13.42% |
JHYP.L JPMorgan Global High Yield Corporate Bond Multi-Factor UCITS ETF - GBP Hedged (dist) | 2.14% | 9.26% | 7.69% | 9.79% | -10.02% | 2.97% | 14.80% |
Correlation
The correlation between GHYG.L and JHYP.L is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since May 1, 2020 | 0.81 |
The correlation between GHYG.L and JHYP.L shifts across timeframes, from 0.61 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GHYG.L vs. JHYP.L — Risk / Return Rank
GHYG.L
JHYP.L
GHYG.L vs. JHYP.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 JPMorgan Global High Yield Corporate Bond Multi-Factor UCITS ETF - GBP Hedged (dist) (JHYP.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 | JHYP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.38 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 3.41 | -1.26 |
| Martin ratioReturn relative to average drawdown | 9.23 | 14.15 | -4.92 |
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 | JHYP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.52 | 2.05 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.66 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 1.01 | -0.54 |
Drawdowns
GHYG.L vs. JHYP.L - Drawdown Comparison
The maximum GHYG.L drawdown since its inception was -23.01%, which is greater than JHYP.L's maximum drawdown of -15.44%. Use the drawdown chart below to compare losses from any high point for GHYG.L and JHYP.L.
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Drawdown Indicators
| GHYG.L | JHYP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.01% | -15.44% | -7.57% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -2.46% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -4.57% | -4.58% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -14.45% | -15.44% | +0.99% |
Current DrawdownCurrent decline from peak | -0.48% | -0.03% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -2.99% | -3.22% | +0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.59% | 0.00% |
Volatility
GHYG.L vs. JHYP.L - Volatility Comparison
iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) has a higher volatility of 1.28% compared to JPMorgan Global High Yield Corporate Bond Multi-Factor UCITS ETF - GBP Hedged (dist) (JHYP.L) at 1.06%. This indicates that GHYG.L's price experiences larger fluctuations and is considered to be riskier than JHYP.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 | JHYP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 1.06% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 3.00% | 2.73% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 4.10% | -0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.87% | 5.62% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 5.68% | +2.20% |
GHYG.L vs. JHYP.L - Expense Ratio Comparison
GHYG.L has a 0.55% expense ratio, which is higher than JHYP.L's 0.35% expense ratio.
Dividends
GHYG.L vs. JHYP.L - Dividend Comparison
GHYG.L's dividend yield for the trailing twelve months is around 5.38%, less than JHYP.L's 5.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
JHYP.L JPMorgan Global High Yield Corporate Bond Multi-Factor UCITS ETF - GBP Hedged (dist) | 5.97% | 6.58% | 5.96% | 8.55% | 5.62% | 4.37% | 0.69% | 0.00% |
Frequently Asked Questions
GHYG.L and JHYP.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JHYP.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JHYP.L is cheaper with a 0.35% expense ratio, compared with 0.55% for GHYG.L.
Both ETFs track ICE BofA Gbl HY Constnd TR HGBP. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.55% for GHYG.L and 0.35% for JHYP.L.
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