GHYG.L vs. STHS.L
GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and STHS.L (PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF GBP Hedged (Dist)) are both High Yield Bonds funds - GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP while STHS.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 4.70%/yr for STHS.L. A 0.70 correlation means they provide meaningful diversification when combined. GHYG.L charges 0.55%/yr vs 0.60%/yr for STHS.L.
Performance
GHYG.L vs. STHS.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with GHYG.L having a 1.85% return and STHS.L slightly lower at 1.81%.
GHYG.L
- 1D
- 0.00%
- 1M
- -0.07%
- 6M
- 1.42%
- YTD
- 1.85%
- 1Y
- 5.20%
- 3Y*
- 7.77%
- 5Y*
- 3.51%
- 10Y*
- —
STHS.L
- 1D
- 0.11%
- 1M
- 0.30%
- 6M
- 1.41%
- YTD
- 1.81%
- 1Y
- 5.91%
- 3Y*
- 7.98%
- 5Y*
- 4.70%
- 10Y*
- 4.30%
GHYG.L vs. STHS.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% |
STHS.L PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF GBP Hedged (Dist) | 1.81% | 8.53% | 8.27% | 10.62% | -5.62% | 4.05% | 1.89% | 1.74% |
Correlation
The correlation between GHYG.L and STHS.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2019 | 0.70 |
Over the past year, the correlation between GHYG.L and STHS.L has dropped to 0.48 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.
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Return for Risk
GHYG.L vs. STHS.L — Risk / Return Rank
GHYG.L
STHS.L
GHYG.L vs. STHS.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 GBP Hedged (Dist) (STHS.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 | STHS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.33 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 3.21 | -1.18 |
| Martin ratioReturn relative to average drawdown | 8.42 | 13.19 | -4.78 |
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Drawdowns
GHYG.L vs. STHS.L - Drawdown Comparison
The maximum GHYG.L drawdown since its inception was -23.08%, roughly equal to the maximum STHS.L drawdown of -22.74%. Use the drawdown chart below to compare losses from any high point for GHYG.L and STHS.L.
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Drawdown Indicators
| GHYG.L | STHS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.08% | -22.74% | -0.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -1.84% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -4.51% | -5.34% | +0.83% |
Max Drawdown (5Y)Largest decline over 5 years | -14.41% | -9.53% | -4.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.74% | — |
Current DrawdownCurrent decline from peak | -0.43% | -0.04% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -1.66% | -1.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 0.45% | +0.17% |
Volatility
GHYG.L vs. STHS.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 GBP Hedged (Dist) (STHS.L) at 0.90%. This indicates that GHYG.L's price experiences larger fluctuations and is considered to be riskier than STHS.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 | STHS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 0.90% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 3.47% | 2.84% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.09% | 3.48% | +0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.05% | 6.32% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.95% | 6.73% | +1.22% |
GHYG.L vs. STHS.L - Expense Ratio Comparison
GHYG.L has a 0.55% expense ratio, which is lower than STHS.L's 0.60% expense ratio.
Dividends
GHYG.L vs. STHS.L - Dividend Comparison
GHYG.L's dividend yield for the trailing twelve months is around 6.84%, less than STHS.L's 6.96% 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) | 6.84% | 5.34% | 5.26% | 4.70% | 4.14% | 3.73% | 4.55% | 1.78% | 0.00% | 0.00% | 0.00% | 0.00% |
STHS.L PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF GBP Hedged (Dist) | 6.96% | 7.11% | 7.57% | 6.39% | 4.95% | 4.52% | 4.92% | 5.08% | 5.34% | 5.18% | 5.43% | 0.37% |
Frequently Asked Questions
GHYG.L and STHS.L have a correlation of 0.48, 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 STHS.L.
GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP, while STHS.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 STHS.L.
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