GHYG.L vs. STHY.L
GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and STHY.L (PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Income) are both High Yield Bonds funds - GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP while STHY.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 3.46%/yr vs 6.32%/yr for STHY.L. At a 0.19 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.
Performance
GHYG.L vs. STHY.L - Performance Comparison
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Different Trading Currencies
GHYG.L is traded in GBP, while STHY.L is traded in USD. To make them comparable, the STHY.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 STHY.L's 1.79% 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*
- —
STHY.L
- 1D
- -0.09%
- 1M
- 0.82%
- YTD
- 1.79%
- 6M
- 1.31%
- 1Y
- 8.09%
- 3Y*
- 5.96%
- 5Y*
- 6.32%
- 10Y*
- 6.28%
GHYG.L vs. STHY.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% |
STHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Income | 1.79% | 0.87% | 10.33% | 6.07% | 6.50% | 5.36% | 0.83% | 1.01% |
Correlation
The correlation between GHYG.L and STHY.L is 0.06, 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 | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since May 1, 2019 | 0.19 |
The correlation between GHYG.L and STHY.L shifts across timeframes, from 0.06 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GHYG.L vs. STHY.L — Risk / Return Rank
GHYG.L
STHY.L
GHYG.L vs. STHY.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 Income (STHY.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 | STHY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.21 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.06 | +0.09 |
| Martin ratioReturn relative to average drawdown | 9.23 | 6.07 | +3.16 |
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 | STHY.L | Difference | |
|---|---|---|---|
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 | 0.77 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.68 | -0.22 |
Drawdowns
GHYG.L vs. STHY.L - Drawdown Comparison
The maximum GHYG.L drawdown since its inception was -23.01%, which is greater than STHY.L's maximum drawdown of -15.87%. Use the drawdown chart below to compare losses from any high point for GHYG.L and STHY.L.
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Drawdown Indicators
| GHYG.L | STHY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.01% | -15.87% | -7.14% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -3.91% | +1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -4.57% | -9.54% | +4.97% |
Max Drawdown (5Y)Largest decline over 5 years | -14.45% | -10.96% | -3.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.87% | — |
Current DrawdownCurrent decline from peak | -0.48% | -0.91% | +0.43% |
Average DrawdownAverage peak-to-trough decline | -2.99% | -3.92% | +0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 1.33% | -0.74% |
Volatility
GHYG.L vs. STHY.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 Income (STHY.L) has a volatility of 2.07%. This indicates that GHYG.L experiences smaller price fluctuations and is considered to be less risky than STHY.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 | STHY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 2.07% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 3.00% | 5.18% | -2.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 6.69% | -3.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.87% | 8.23% | -2.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 9.76% | -1.88% |
GHYG.L vs. STHY.L - Expense Ratio Comparison
Both GHYG.L and STHY.L have an expense ratio of 0.55%.
Dividends
GHYG.L vs. STHY.L - Dividend Comparison
GHYG.L's dividend yield for the trailing twelve months is around 5.38%, less than STHY.L's 7.05% 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% |
STHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Income | 7.05% | 7.17% | 7.60% | 6.36% | 4.97% | 4.58% | 4.89% | 5.10% | 5.32% | 5.21% | 5.39% | 5.29% |
Frequently Asked Questions
GHYG.L and STHY.L have a correlation of 0.06, 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 STHY.L have the same expense ratio: 0.55% per year.
GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP, while STHY.L tracks ICE BofA 0-5 Year US High Yield Constrained Index. They also come from different issuers: iShares and PIMCO.
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