GHYG vs. EUHY
GHYG (iShares US & Intl High Yield Corp Bond ETF) and EUHY (iShares Euro High Yield Corporate Bond USD Hedged ETF) are both High Yield Bonds funds from iShares - GHYG tracks the Markit iBoxx Global Developed Markets High Yield Index while EUHY tracks the BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index. Both are passively managed. Over the past 10 years, GHYG returned 4.68%/yr vs 3.68%/yr for EUHY. A 0.52 correlation means they provide meaningful diversification when combined. GHYG charges 0.40%/yr vs 0.35%/yr for EUHY.
Performance
GHYG vs. EUHY - Performance Comparison
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Returns By Period
In the year-to-date period, GHYG achieves a 0.09% return, which is significantly lower than EUHY's 1.70% return. Over the past 10 years, GHYG has outperformed EUHY with an annualized return of 4.68%, while EUHY has yielded a comparatively lower 3.68% annualized return.
GHYG
- 1D
- -0.02%
- 1M
- -1.01%
- YTD
- 0.09%
- 6M
- 1.21%
- 1Y
- 5.72%
- 3Y*
- 8.59%
- 5Y*
- 3.16%
- 10Y*
- 4.68%
EUHY
- 1D
- -0.12%
- 1M
- 0.05%
- YTD
- 1.70%
- 6M
- 2.27%
- 1Y
- 5.47%
- 3Y*
- 9.44%
- 5Y*
- 1.82%
- 10Y*
- 3.68%
GHYG vs. EUHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYG iShares US & Intl High Yield Corp Bond ETF | 0.09% | 11.28% | 5.85% | 13.29% | -12.15% | 1.62% | 6.68% | 13.47% | -3.79% | 8.97% |
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 1.70% | 17.41% | -0.55% | 16.06% | -15.59% | -3.78% | 10.69% | 8.60% | -7.71% | 19.68% |
Correlation
The correlation between GHYG and EUHY is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2012 | 0.52 |
The correlation between GHYG and EUHY shifts across timeframes, from 0.52 (all time) to 0.74 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GHYG vs. EUHY — Risk / Return Rank
GHYG
EUHY
GHYG vs. EUHY - 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 Euro High Yield Corporate Bond USD Hedged ETF (EUHY). 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 | EUHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.19 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 1.57 | -0.07 |
| Martin ratioReturn relative to average drawdown | 5.56 | 3.75 | +1.81 |
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 | EUHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 1.00 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | 0.18 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.35 | +0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.34 | +0.20 |
Drawdowns
GHYG vs. EUHY - Drawdown Comparison
The maximum GHYG drawdown since its inception was -27.36%, smaller than the maximum EUHY drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for GHYG and EUHY.
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Drawdown Indicators
| GHYG | EUHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.36% | -32.45% | +5.09% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -3.50% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -4.46% | -8.23% | +3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -20.44% | -32.45% | +12.01% |
Max Drawdown (10Y)Largest decline over 10 years | -27.36% | -32.45% | +5.09% |
Current DrawdownCurrent decline from peak | -1.26% | -0.38% | -0.88% |
Average DrawdownAverage peak-to-trough decline | -3.35% | -8.58% | +5.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 1.46% | -0.43% |
Volatility
GHYG vs. EUHY - Volatility Comparison
iShares US & Intl High Yield Corp Bond ETF (GHYG) has a higher volatility of 1.85% compared to iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) at 1.03%. This indicates that GHYG's price experiences larger fluctuations and is considered to be riskier than EUHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHYG | EUHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 1.03% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 3.75% | 2.89% | +0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.72% | 5.51% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.64% | 10.00% | -2.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.77% | 10.42% | -1.65% |
GHYG vs. EUHY - Expense Ratio Comparison
GHYG has a 0.40% expense ratio, which is higher than EUHY's 0.35% expense ratio.
Dividends
GHYG vs. EUHY - Dividend Comparison
GHYG's dividend yield for the trailing twelve months is around 6.27%, more than EUHY's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 5.35% | 3.56% | 5.11% | 3.38% | 0.61% | 3.07% | 1.45% | 1.19% | 4.01% | 0.69% | 1.70% | 3.24% |
GHYG iShares US & Intl High Yield Corp Bond ETF | 6.27% | 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 EUHY have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHYG has higher volatility (1.85%) compared to EUHY (1.03%). In terms of maximum drawdown, GHYG dropped -27.36% vs EUHY's -32.45%.
On 10-year performance, GHYG leads with 4.68% vs 3.68% for EUHY. On fees, EUHY is cheaper at 0.35% per year. On volatility, EUHY has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GHYG has performed better with a 4.68% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUHY is cheaper with a 0.35% expense ratio, compared with 0.40% for GHYG.
GHYG has the higher dividend yield at 6.27%, compared with 5.35% for EUHY.
GHYG tracks Markit iBoxx Global Developed Markets High Yield Index, while EUHY tracks BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index. Their fees differ too: 0.40% for GHYG and 0.35% for EUHY.
GHYG currently has the higher Sharpe Ratio (1.22 vs 1.00), 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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