GHYS.L vs. GBHY.L
GHYS.L (iShares Global High Yield Corp Bond GBP Hedged UCITS ETF) and GBHY.L (Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist) are both High Yield Bonds funds - GHYS.L tracks the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index (GBP Hedged) while GBHY.L tracks the Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index. Both are passively managed. Over the past 3 years, GHYS.L returned 7.87%/yr vs 5.98%/yr for GBHY.L. At a 0.29 correlation, their price movements are largely independent. GHYS.L charges 0.55%/yr vs 0.25%/yr for GBHY.L.
Performance
GHYS.L vs. GBHY.L - Performance Comparison
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Different Trading Currencies
GHYS.L is traded in GBP, while GBHY.L is traded in USD. To make them comparable, the GBHY.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GHYS.L achieves a 1.32% return, which is significantly lower than GBHY.L's 1.56% return.
GHYS.L
- 1D
- 0.09%
- 1M
- -0.07%
- YTD
- 1.32%
- 6M
- 1.54%
- 1Y
- 5.54%
- 3Y*
- 7.87%
- 5Y*
- 3.51%
- 10Y*
- 4.09%
GBHY.L
- 1D
- 0.25%
- 1M
- 1.22%
- YTD
- 1.56%
- 6M
- 1.26%
- 1Y
- 7.38%
- 3Y*
- 5.98%
- 5Y*
- —
- 10Y*
- —
GHYS.L vs. GBHY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GHYS.L iShares Global High Yield Corp Bond GBP Hedged UCITS ETF | 1.32% | 7.56% | 6.95% | 8.17% |
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist | 1.53% | 2.56% | 7.79% | 3.22% |
Correlation
The correlation between GHYS.L and GBHY.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2023 | 0.29 |
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Return for Risk
GHYS.L vs. GBHY.L — Risk / Return Rank
GHYS.L
GBHY.L
GHYS.L vs. GBHY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.L) and Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.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.
| GHYS.L | GBHY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.21 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 2.35 | -0.47 |
| Martin ratioReturn relative to average drawdown | 8.55 | 6.94 | +1.61 |
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
| GHYS.L | GBHY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 1.17 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.65 | -0.06 |
Drawdowns
GHYS.L vs. GBHY.L - Drawdown Comparison
The maximum GHYS.L drawdown since its inception was -25.15%, which is greater than GBHY.L's maximum drawdown of -7.72%. Use the drawdown chart below to compare losses from any high point for GHYS.L and GBHY.L.
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Drawdown Indicators
| GHYS.L | GBHY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.15% | -7.72% | -17.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -3.12% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -7.03% | +2.49% |
Max Drawdown (5Y)Largest decline over 5 years | -14.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -25.15% | — | — |
Current DrawdownCurrent decline from peak | -0.34% | -0.01% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -2.28% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 1.06% | -0.41% |
Volatility
GHYS.L vs. GBHY.L - Volatility Comparison
The current volatility for iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.L) is 1.48%, while Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.L) has a volatility of 1.92%. This indicates that GHYS.L experiences smaller price fluctuations and is considered to be less risky than GBHY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHYS.L | GBHY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.92% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 3.79% | 4.87% | -1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 6.28% | -1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.98% | 6.89% | -0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.15% | 6.89% | +0.26% |
GHYS.L vs. GBHY.L - Expense Ratio Comparison
GHYS.L has a 0.55% expense ratio, which is higher than GBHY.L's 0.25% expense ratio.
Dividends
GHYS.L vs. GBHY.L - Dividend Comparison
GHYS.L's dividend yield for the trailing twelve months is around 5.73%, less than GBHY.L's 6.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist | 6.52% | 6.49% | 6.89% | 5.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GHYS.L iShares Global High Yield Corp Bond GBP Hedged UCITS ETF | 5.73% | 5.68% | 5.78% | 5.36% | 4.41% | 3.78% | 4.08% | 5.03% | 4.89% | 4.58% | 4.91% | 5.65% |
Frequently Asked Questions
GHYS.L and GBHY.L have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBHY.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBHY.L is cheaper with a 0.25% expense ratio, compared with 0.55% for GHYS.L.
GHYS.L tracks Markit iBoxx Global Developed Markets Liquid High Yield Capped Index (GBP Hedged), while GBHY.L tracks Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.55% for GHYS.L and 0.25% for GBHY.L.
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