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GHYG vs. PREF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GHYG vs. PREF

Last updated Jun 4, 2026

GHYG (iShares US & Intl High Yield Corp Bond ETF) and PREF (Principal Spectrum Preferred Secs Active ETF) are both exchange-traded funds - GHYG is a High Yield Bonds fund tracking the Markit iBoxx Global Developed Markets High Yield Index, while PREF is a Preferred Stock/Convertible Bonds fund actively managed by Principal. GHYG is passively managed, while PREF is actively managed. Over the past 5 years, GHYG returned 3.28%/yr vs 3.07%/yr for PREF. At a 0.39 correlation, their price movements are largely independent. GHYG charges 0.40%/yr vs 0.55%/yr for PREF.

Performance

GHYG vs. PREF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares US & Intl High Yield Corp Bond ETF (GHYG) and Principal Spectrum Preferred Secs Active ETF (PREF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GHYG achieves a 0.62% return, which is significantly lower than PREF's 1.65% return.

GHYG

1D
-0.15%
1M
0.20%
YTD
0.62%
6M
0.87%
1Y
6.33%
3Y*
8.91%
5Y*
3.28%
10Y*
4.82%

PREF

1D
-0.13%
1M
0.52%
YTD
1.65%
6M
2.32%
1Y
6.65%
3Y*
9.25%
5Y*
3.07%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GHYG vs. PREF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GHYG
iShares US & Intl High Yield Corp Bond ETF		0.62%11.28%5.85%13.29%-12.15%1.62%6.68%13.47%-3.79%1.17%
PREF
Principal Spectrum Preferred Secs Active ETF		1.65%7.64%11.43%7.36%-11.80%2.08%7.52%17.32%-5.45%2.05%

Correlation

The correlation between GHYG and PREF is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.43

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (5Y)
Calculated over the trailing 5-year period

0.39

Correlation (All Time)
Calculated using the full available price history since Jul 27, 2017

0.39

GHYG vs. PREF - Sectors Allocation Comparison

Sectors
GHYG
PREF

Utilities

99.5%

-

Real Estate

0.5%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

100.0%

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

GHYG
99.5%
PREF

-

Real Estate

GHYG
0.5%
PREF

-

Basic Materials

GHYG

-

PREF

-

Communication Services

GHYG

-

PREF

-

Consumer Cyclical

GHYG

-

PREF

-

Consumer Defensive

GHYG

-

PREF

-

Energy

GHYG

-

PREF

-

Financial Services

GHYG

-

PREF
100.0%

Healthcare

GHYG

-

PREF

-

Industrials

GHYG

-

PREF

-

Technology

GHYG

-

PREF

-

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iShares US & Intl High Yield Corp Bond ETF

Principal Spectrum Preferred Secs Active ETF

Often compared with GHYG:
GHYG vs. HYGGHYG vs. SHYGGHYG vs. FLHYGHYG vs. USHYGHYG vs. EIFAXGHYG vs. ESHYGHYG vs. SCHD
Often compared with PREF:
PREF vs. PFFPREF vs. PFXFPREF vs. PFFDPREF vs. SPFFPREF vs. PFFAPREF vs. FPEPREF vs. COWZ

Return for Risk

GHYG vs. PREF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GHYG
GHYG Risk / Return Rank: 3737
Overall Rank
GHYG Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
GHYG Sortino Ratio Rank: 4040
Sortino Ratio Rank
GHYG Omega Ratio Rank: 3737
Omega Ratio Rank
GHYG Calmar Ratio Rank: 3434
Calmar Ratio Rank
GHYG Martin Ratio Rank: 3939
Martin Ratio Rank
PREF
PREF Risk / Return Rank: 6464
Overall Rank
PREF Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
PREF Sortino Ratio Rank: 6767
Sortino Ratio Rank
PREF Omega Ratio Rank: 7575
Omega Ratio Rank
PREF Calmar Ratio Rank: 4646
Calmar Ratio Rank
PREF Martin Ratio Rank: 6666
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GHYG vs. PREF - 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 Principal Spectrum Preferred Secs Active ETF (PREF). 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.

GHYGPREFDifference
Sharpe ratioReturn per unit of total volatility
1.36
2.16

-0.81

Sortino ratioReturn per unit of downside risk
2.06
3.10

-1.04

Omega ratioGain probability vs. loss probability

1.25

1.45

-0.20

Calmar ratioReturn relative to maximum drawdown

1.66

2.32

-0.66

Martin ratioReturn relative to average drawdown

6.19

12.09

-5.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GHYG vs. PREF - Sharpe Ratio Comparison

The current GHYG Sharpe Ratio is 1.36, which is lower than the PREF Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GHYG and PREF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GHYGPREFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.36

2.16

-0.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.63

-0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.66

-0.11

Drawdowns

GHYG vs. PREF - Drawdown Comparison

The maximum GHYG drawdown since its inception was -27.36%, which is greater than PREF's maximum drawdown of -22.99%. Use the drawdown chart below to compare losses from any high point for GHYG and PREF.

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Drawdown Indicators

GHYGPREFDifference

Max Drawdown

Largest peak-to-trough decline

-27.36%

-22.99%

-4.37%

Max Drawdown (1Y)

Largest decline over 1 year

-3.84%

-2.88%

-0.96%

Max Drawdown (3Y)

Largest decline over 3 years

-4.46%

-4.39%

-0.07%

Max Drawdown (5Y)

Largest decline over 5 years

-20.44%

-16.99%

-3.45%

Max Drawdown (10Y)

Largest decline over 10 years

-27.36%

—

—

Current Drawdown

Current decline from peak

-0.73%

-0.13%

-0.60%

Average Drawdown

Average peak-to-trough decline

-3.35%

-3.66%

+0.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.02%

0.55%

+0.47%

Volatility

GHYG vs. PREF - Volatility Comparison

iShares US & Intl High Yield Corp Bond ETF (GHYG) has a higher volatility of 1.91% compared to Principal Spectrum Preferred Secs Active ETF (PREF) at 0.69%. This indicates that GHYG's price experiences larger fluctuations and is considered to be riskier than PREF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GHYGPREFDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.91%

0.69%

+1.22%

Volatility (6M)

Calculated over the trailing 6-month period

3.84%

2.51%

+1.33%

Volatility (1Y)

Calculated over the trailing 1-year period

4.69%

3.09%

+1.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.64%

4.87%

+2.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.77%

6.30%

+2.47%

GHYG vs. PREF - Expense Ratio Comparison

GHYG has a 0.40% expense ratio, which is lower than PREF's 0.55% expense ratio.

Dividends

GHYG vs. PREF - Dividend Comparison

GHYG's dividend yield for the trailing twelve months is around 6.23%, more than PREF's 5.16% yield.

PositionTTM20252024202320222021202020192018201720162015
GHYG
iShares US & Intl High Yield Corp Bond ETF		6.23%6.03%6.11%5.60%4.64%4.57%4.36%4.61%5.62%4.60%4.61%4.79%
PREF
Principal Spectrum Preferred Secs Active ETF		5.16%4.87%4.65%4.67%4.63%4.07%4.35%4.67%5.49%2.35%0.00%0.00%

Frequently Asked Questions

GHYG and PREF have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GHYG has higher volatility (1.91%) compared to PREF (0.69%). In terms of maximum drawdown, GHYG dropped -27.36% vs PREF's -22.99%.

On 5-year performance, GHYG leads with 3.28% vs 3.07% for PREF. On fees, GHYG is cheaper at 0.40% per year. On volatility, PREF has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, GHYG has performed better with a 3.28% return vs 3.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GHYG is cheaper with a 0.40% expense ratio, compared with 0.55% for PREF.

GHYG has the higher dividend yield at 6.23%, compared with 5.16% for PREF.

GHYG is categorized as High Yield Bonds, while PREF is Preferred Stock/Convertible Bonds. They also come from different issuers: iShares and Principal. Their fees differ too: 0.40% for GHYG and 0.55% for PREF.

PREF currently has the higher Sharpe Ratio (2.16 vs 1.36), 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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