GHYG vs. ACWI
GHYG (iShares US & Intl High Yield Corp Bond ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - GHYG is a High Yield Bonds fund tracking the Markit iBoxx Global Developed Markets High Yield Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, GHYG returned 4.63%/yr vs 12.53%/yr for ACWI. Their 0.57 correlation means they have sometimes moved together and sometimes differently. GHYG charges 0.40%/yr vs 0.32%/yr for ACWI.
Performance
GHYG vs. ACWI - Performance Comparison
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Returns By Period
In the year-to-date period, GHYG achieves a 0.94% return, which is significantly lower than ACWI's 11.28% return. Over the past 10 years, GHYG has underperformed ACWI with an annualized return of 4.63%, while ACWI has yielded a comparatively higher 12.53% annualized return.
GHYG
- 1D
- 0.00%
- 1M
- 0.41%
- 6M
- 0.14%
- YTD
- 0.94%
- 1Y
- 4.30%
- 3Y*
- 8.24%
- 5Y*
- 3.34%
- 10Y*
- 4.63%
- ALL TIME*
- 4.55%
ACWI
- 1D
- 0.49%
- 1M
- 0.18%
- 6M
- 8.21%
- YTD
- 11.28%
- 1Y
- 23.78%
- 3Y*
- 18.53%
- 5Y*
- 10.82%
- 10Y*
- 12.53%
- ALL TIME*
- 8.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $420.02M | $465.87M | $510.46M | |
| $1.17M | $1.68M | $1.13M |
GHYG vs. ACWI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYG iShares US & Intl High Yield Corp Bond ETF | 0.94% | 11.28% | 5.85% | 13.29% | -12.15% | 1.62% | 6.68% | 13.47% | -3.79% | 8.97% |
ACWI iShares MSCI ACWI ETF | 11.28% | 22.41% | 17.45% | 22.27% | -18.39% | 18.66% | 16.34% | 26.59% | -9.19% | 24.33% |
Correlation
The correlation between GHYG and ACWI is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.66 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2012 | 0.57 |
The correlation between GHYG and ACWI shifts across timeframes, from 0.57 (all time) to 0.70 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GHYG vs. ACWI — Risk / Return Rank
GHYG
ACWI
GHYG vs. ACWI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares US & Intl High Yield Corp Bond ETF (GHYG) and iShares MSCI ACWI ETF (ACWI). 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 | ACWI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.29 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 2.29 | -1.16 |
| Martin ratioReturn relative to average drawdown | 4.10 | 9.58 | -5.48 |
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Drawdowns
GHYG vs. ACWI - Drawdown Comparison
The maximum GHYG drawdown since its inception was -27.36%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for GHYG and ACWI.
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Drawdown Indicators
| GHYG | ACWI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.36% | -56.00% | +28.64% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -9.73% | +5.89% |
Max Drawdown (3Y)Largest decline over 3 years | -4.15% | -16.55% | +12.40% |
Max Drawdown (5Y)Largest decline over 5 years | -20.44% | -26.42% | +5.98% |
Max Drawdown (10Y)Largest decline over 10 years | -27.36% | -33.53% | +6.17% |
Current DrawdownCurrent decline from peak | -0.42% | -1.58% | +1.16% |
Average DrawdownAverage peak-to-trough decline | -3.32% | -8.55% | +5.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 2.33% | -1.27% |
Volatility
GHYG vs. ACWI - Volatility Comparison
The current volatility for iShares US & Intl High Yield Corp Bond ETF (GHYG) is 0.94%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 4.03%. This indicates that GHYG experiences smaller price fluctuations and is considered to be less risky than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHYG | ACWI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 4.03% | -3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.82% | 11.71% | -7.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.64% | 14.01% | -9.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.62% | 16.23% | -8.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.71% | 17.06% | -8.35% |
GHYG vs. ACWI - Expense Ratio Comparison
GHYG has a 0.40% expense ratio, which is higher than ACWI's 0.32% expense ratio.
Dividends
GHYG vs. ACWI - Dividend Comparison
GHYG's dividend yield for the trailing twelve months is around 6.27%, more than ACWI's 1.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWI iShares MSCI ACWI ETF | 1.44% | 1.55% | 1.70% | 1.88% | 1.79% | 1.71% | 1.43% | 2.33% | 2.18% | 1.94% | 2.19% | 2.56% |
GHYG iShares US & Intl High Yield Corp Bond ETF | 5.72% | 6.03% | 6.11% | 5.60% | 4.64% | 4.57% | 4.36% | 4.61% | 5.62% | 4.60% | 4.61% | 4.79% |
Frequently Asked Questions
GHYG and ACWI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACWI has higher volatility (4.03%) compared to GHYG (0.94%). In terms of maximum drawdown, GHYG dropped -27.36% vs ACWI's -56.00%.
On 10-year performance, ACWI leads with 12.53% vs 4.63% for GHYG. On fees, ACWI is cheaper at 0.32% per year. On volatility, GHYG has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ACWI has performed better with a 12.53% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ACWI is cheaper with a 0.32% expense ratio, compared with 0.40% for GHYG.
GHYG has the higher dividend yield at 5.72%, compared with 1.44% for ACWI.
GHYG is categorized as High Yield Bonds, while ACWI is Global Equities. GHYG tracks Markit iBoxx Global Developed Markets High Yield Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.40% for GHYG and 0.32% for ACWI.
ACWI currently has the higher Sharpe Ratio (1.59 vs 0.94), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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