GHYG.L vs. SSHY.L
GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and SSHY.L (PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist) are both High Yield Bonds funds - GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP while SSHY.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 6.31%/yr for SSHY.L. At a 0.11 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.
Performance
GHYG.L vs. SSHY.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 SSHY.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*
- —
SSHY.L
- 1D
- 0.17%
- 1M
- 1.33%
- YTD
- 1.51%
- 6M
- 1.49%
- 1Y
- 8.19%
- 3Y*
- 5.91%
- 5Y*
- 6.31%
- 10Y*
- 6.28%
GHYG.L vs. SSHY.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% |
SSHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist | 1.51% | 1.40% | 10.17% | 5.51% | 6.56% | 5.70% | 0.33% | 1.48% |
Correlation
The correlation between GHYG.L and SSHY.L is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 1, 2019 | 0.11 |
The correlation between GHYG.L and SSHY.L shifts across timeframes, from -0.05 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GHYG.L vs. SSHY.L — Risk / Return Rank
GHYG.L
SSHY.L
GHYG.L vs. SSHY.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 PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.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 | SSHY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.26 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.25 | -0.10 |
| Martin ratioReturn relative to average drawdown | 9.23 | 6.90 | +2.33 |
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 | SSHY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.52 | 1.44 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.83 | -0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.60 | -0.14 |
Drawdowns
GHYG.L vs. SSHY.L - Drawdown Comparison
The maximum GHYG.L drawdown since its inception was -23.01%, which is greater than SSHY.L's maximum drawdown of -15.94%. Use the drawdown chart below to compare losses from any high point for GHYG.L and SSHY.L.
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Drawdown Indicators
| GHYG.L | SSHY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.01% | -15.94% | -7.07% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -3.63% | +1.09% |
Max Drawdown (3Y)Largest decline over 3 years | -4.57% | -9.91% | +5.34% |
Max Drawdown (5Y)Largest decline over 5 years | -14.45% | -10.24% | -4.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.94% | — |
Current DrawdownCurrent decline from peak | -0.48% | -0.89% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -2.99% | -4.30% | +1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 1.18% | -0.59% |
Volatility
GHYG.L vs. SSHY.L - Volatility Comparison
The current volatility for iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) is 1.28%, while PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.L) has a volatility of 1.59%. This indicates that GHYG.L experiences smaller price fluctuations and is considered to be less risky than SSHY.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 | SSHY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 1.59% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.00% | 4.03% | -1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 5.67% | -2.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.87% | 7.58% | -1.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 9.16% | -1.28% |
GHYG.L vs. SSHY.L - Expense Ratio Comparison
Both GHYG.L and SSHY.L have an expense ratio of 0.55%.
Dividends
GHYG.L vs. SSHY.L - Dividend Comparison
GHYG.L's dividend yield for the trailing twelve months is around 5.38%, less than SSHY.L's 7.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% | 0.00% |
SSHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist | 7.07% | 7.33% | 7.48% | 6.52% | 4.86% | 4.47% | 5.24% | 5.27% | 5.10% | 5.48% | 4.92% | 5.11% |
Frequently Asked Questions
GHYG.L and SSHY.L have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
GHYG.L and SSHY.L have the same expense ratio: 0.55% per year.
GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP, while SSHY.L tracks Bloomberg US Corporate High Yield TR USD. They also come from different issuers: iShares and PIMCO.
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