GHYG.L vs. STEA.L
GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and STEA.L (PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR Hedged (Acc)) are both High Yield Bonds funds - GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP while STEA.L tracks the ICE BofA 0-5 Year US High Yield Constrained Index. Both are passively managed. Over the past 5 years, GHYG.L returned 3.51%/yr vs 2.95%/yr for STEA.L. At a 0.40 correlation, their price movements are largely independent. GHYG.L charges 0.55%/yr vs 0.60%/yr for STEA.L.
Performance
GHYG.L vs. STEA.L - Performance Comparison
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Different Trading Currencies
GHYG.L is traded in GBP, while STEA.L is traded in EUR. To make them comparable, the STEA.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 1.85% return, which is significantly higher than STEA.L's -1.93% 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*
- —
STEA.L
- 1D
- 0.08%
- 1M
- -1.91%
- 6M
- -1.52%
- YTD
- -1.93%
- 1Y
- 2.12%
- 3Y*
- 5.68%
- 5Y*
- 2.95%
- 10Y*
- —
GHYG.L vs. STEA.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) | 1.85% | 7.85% | 7.10% | 10.89% | -9.48% | 3.58% | 2.27% | 4.47% |
STEA.L PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR Hedged (Acc) | -1.93% | 12.29% | 1.80% | 6.97% | -2.10% | -2.70% | 7.22% | -1.02% |
Correlation
The correlation between GHYG.L and STEA.L is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2019 | 0.40 |
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Return for Risk
GHYG.L vs. STEA.L — Risk / Return Rank
GHYG.L
STEA.L
GHYG.L vs. STEA.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 Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR Hedged (Acc) (STEA.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 | STEA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.07 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 0.79 | +1.23 |
| Martin ratioReturn relative to average drawdown | 8.42 | 2.06 | +6.35 |
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Drawdowns
GHYG.L vs. STEA.L - Drawdown Comparison
The maximum GHYG.L drawdown since its inception was -23.08%, which is greater than STEA.L's maximum drawdown of -21.02%. Use the drawdown chart below to compare losses from any high point for GHYG.L and STEA.L.
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Drawdown Indicators
| GHYG.L | STEA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.08% | -21.02% | -2.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -2.69% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -4.51% | -2.97% | -1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -14.41% | -10.92% | -3.49% |
Current DrawdownCurrent decline from peak | -0.43% | -2.42% | +1.99% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -3.74% | +0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 1.03% | -0.41% |
Volatility
GHYG.L vs. STEA.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 PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR Hedged (Acc) (STEA.L) at 1.20%. This indicates that GHYG.L's price experiences larger fluctuations and is considered to be riskier than STEA.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 | STEA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.20% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.47% | 3.78% | -0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 5.07% | -0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.05% | 7.04% | -0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.95% | 8.33% | -0.38% |
GHYG.L vs. STEA.L - Expense Ratio Comparison
GHYG.L has a 0.55% expense ratio, which is lower than STEA.L's 0.60% expense ratio.
Dividends
GHYG.L vs. STEA.L - Dividend Comparison
GHYG.L's dividend yield for the trailing twelve months is around 6.84%, while STEA.L has not paid dividends to shareholders.
| 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% |
STEA.L PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GHYG.L and STEA.L have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GHYG.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GHYG.L is cheaper with a 0.55% expense ratio, compared with 0.60% for STEA.L.
GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP, while STEA.L tracks ICE BofA 0-5 Year US High Yield Constrained Index. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.55% for GHYG.L and 0.60% for STEA.L.
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