GHYS.L vs. HYFA.L
GHYS.L (iShares Global High Yield Corp Bond GBP Hedged UCITS ETF) and HYFA.L (Invesco US High Yield Fallen Angels 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 HYFA.L tracks the FTSE Time-Weighted US Fallen Angel Bond Select Index. Both are passively managed. Over the past 5 years, GHYS.L returned 3.51%/yr vs 3.70%/yr for HYFA.L. At a 0.26 correlation, their price movements are largely independent. GHYS.L charges 0.55%/yr vs 0.45%/yr for HYFA.L.
Performance
GHYS.L vs. HYFA.L - Performance Comparison
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Different Trading Currencies
GHYS.L is traded in GBP, while HYFA.L is traded in USD. To make them comparable, the HYFA.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 higher than HYFA.L's 1.03% return.
GHYS.L
- 1D
- 0.09%
- 1M
- 0.42%
- YTD
- 1.32%
- 6M
- 1.62%
- 1Y
- 5.61%
- 3Y*
- 7.87%
- 5Y*
- 3.51%
- 10Y*
- 4.09%
HYFA.L
- 1D
- 0.21%
- 1M
- 1.32%
- YTD
- 1.03%
- 6M
- -0.25%
- 1Y
- 8.61%
- 3Y*
- 5.19%
- 5Y*
- 3.70%
- 10Y*
- —
GHYS.L vs. HYFA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHYS.L iShares Global High Yield Corp Bond GBP Hedged UCITS ETF | 1.32% | 7.56% | 6.95% | 11.60% | -9.89% | 3.60% | 2.71% | 11.10% | -3.20% | 4.61% |
HYFA.L Invesco US High Yield Fallen Angels UCITS ETF Dist | 1.03% | 1.79% | 7.04% | 4.70% | -3.59% | 6.51% | 5.77% | 8.16% | 0.51% | -0.44% |
Correlation
The correlation between GHYS.L and HYFA.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2016 | 0.26 |
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Return for Risk
GHYS.L vs. HYFA.L — Risk / Return Rank
GHYS.L
HYFA.L
GHYS.L vs. HYFA.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 US High Yield Fallen Angels UCITS ETF Dist (HYFA.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 | HYFA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.21 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 1.51 | +0.37 |
| Martin ratioReturn relative to average drawdown | 8.55 | 5.12 | +3.43 |
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 | HYFA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 1.15 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.41 | +0.18 |
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 | 0.41 | +0.18 |
Drawdowns
GHYS.L vs. HYFA.L - Drawdown Comparison
The maximum GHYS.L drawdown since its inception was -25.15%, roughly equal to the maximum HYFA.L drawdown of -24.29%. Use the drawdown chart below to compare losses from any high point for GHYS.L and HYFA.L.
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Drawdown Indicators
| GHYS.L | HYFA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.15% | -24.29% | -0.86% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -5.67% | +2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -9.66% | +5.12% |
Max Drawdown (5Y)Largest decline over 5 years | -14.70% | -12.31% | -2.39% |
Max Drawdown (10Y)Largest decline over 10 years | -25.15% | — | — |
Current DrawdownCurrent decline from peak | -0.34% | -0.99% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -4.33% | +2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 1.68% | -1.03% |
Volatility
GHYS.L vs. HYFA.L - Volatility Comparison
The current volatility for iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.L) is 1.48%, while Invesco US High Yield Fallen Angels UCITS ETF Dist (HYFA.L) has a volatility of 2.43%. This indicates that GHYS.L experiences smaller price fluctuations and is considered to be less risky than HYFA.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 | HYFA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 2.43% | -0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 3.79% | 6.17% | -2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 7.45% | -3.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.98% | 9.13% | -3.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.15% | 10.64% | -3.49% |
GHYS.L vs. HYFA.L - Expense Ratio Comparison
GHYS.L has a 0.55% expense ratio, which is higher than HYFA.L's 0.45% expense ratio.
Dividends
GHYS.L vs. HYFA.L - Dividend Comparison
GHYS.L's dividend yield for the trailing twelve months is around 5.73%, less than HYFA.L's 6.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
HYFA.L Invesco US High Yield Fallen Angels UCITS ETF Dist | 6.57% | 6.57% | 7.05% | 6.73% | 5.78% | 4.63% | 5.86% | 6.08% | 6.19% | 5.46% | 1.22% | 0.00% |
Frequently Asked Questions
GHYS.L and HYFA.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HYFA.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYFA.L is cheaper with a 0.45% 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 HYFA.L tracks FTSE Time-Weighted US Fallen Angel Bond Select Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.55% for GHYS.L and 0.45% for HYFA.L.
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