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GLCB.L vs. GHYS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GLCB.L vs. GHYS.L

Last updated Jun 5, 2026

GLCB.L (SPDR Refinitiv Global Convertible Bond UCITS ETF) and GHYS.L (iShares Global High Yield Corp Bond GBP Hedged UCITS ETF) are both exchange-traded funds - GLCB.L is a Convertible Bonds fund tracking the Refinitiv Global CB TR USD, while GHYS.L is a High Yield Bonds fund tracking the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index (GBP Hedged). Both are passively managed. Over the past 5 years, GLCB.L returned 96.80%/yr vs 3.51%/yr for GHYS.L. At a 0.31 correlation, their price movements are largely independent. GLCB.L charges 0.50%/yr vs 0.55%/yr for GHYS.L.

Performance

GLCB.L vs. GHYS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) and iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

GLCB.L is traded in GBp, while GHYS.L is traded in GBP. To make them comparable, the GHYS.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLCB.L achieves a 93.48% return, which is significantly higher than GHYS.L's 1.32% return.

GLCB.L

1D
-0.35%
1M
5.09%
YTD
93.48%
6M
94.58%
1Y
283.93%
3Y*
169.95%
5Y*
96.80%
10Y*
—

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GLCB.L vs. GHYS.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
GLCB.L
SPDR Refinitiv Global Convertible Bond UCITS ETF		93.48%269.52%123.23%45.30%18.17%18.45%117.36%92.24%26.06%
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%-2.71%

Correlation

The correlation between GLCB.L and GHYS.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.31

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

0.29

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

0.29

Correlation (All Time)
Calculated using the full available price history since May 25, 2018

0.31

GLCB.L vs. GHYS.L - Sectors Allocation Comparison

Sectors
GLCB.L
GHYS.L

Technology

23.8%

-

Consumer Cyclical

8.5%

-

Healthcare

6.0%

-

Industrials

4.7%

-

Financial Services

4.5%

-

Basic Materials

4.0%

-

Utilities

2.4%
91.7%

Communication Services

1.8%

-

Real Estate

1.6%
8.3%

Energy

1.4%

-

Consumer Defensive

0.6%

-

Technology

GLCB.L
23.8%
GHYS.L

-

Consumer Cyclical

GLCB.L
8.5%
GHYS.L

-

Healthcare

GLCB.L
6.0%
GHYS.L

-

Industrials

GLCB.L
4.7%
GHYS.L

-

Financial Services

GLCB.L
4.5%
GHYS.L

-

Basic Materials

GLCB.L
4.0%
GHYS.L

-

Utilities

GLCB.L
2.4%
GHYS.L
91.7%

Communication Services

GLCB.L
1.8%
GHYS.L

-

Real Estate

GLCB.L
1.6%
GHYS.L
8.3%

Energy

GLCB.L
1.4%
GHYS.L

-

Consumer Defensive

GLCB.L
0.6%
GHYS.L

-

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SPDR Refinitiv Global Convertible Bond UCITS ETF

iShares Global High Yield Corp Bond GBP Hedged UCITS ETF

Often compared with GLCB.L:
GLCB.L vs. FLOA.LGLCB.L vs. QQQYGLCB.L vs. SWLD.LGLCB.L vs. SWRD.LGLCB.L vs. ACWI.LGLCB.L vs. GCVG.LGLCB.L vs. SPY5.L
Often compared with GHYS.L:
GHYS.L vs. IS15.LGHYS.L vs. HYGWGHYS.L vs. VHYL.ASGHYS.L vs. TDGB.LGHYS.L vs. HYEA.LGHYS.L vs. GHYG.LGHYS.L vs. GFGB.L

Return for Risk

GLCB.L vs. GHYS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GLCB.L
GLCB.L Risk / Return Rank: 9797
Overall Rank
GLCB.L Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
GLCB.L Sortino Ratio Rank: 100100
Sortino Ratio Rank
GLCB.L Omega Ratio Rank: 9999
Omega Ratio Rank
GLCB.L Calmar Ratio Rank: 9999
Calmar Ratio Rank
GLCB.L Martin Ratio Rank: 9999
Martin Ratio Rank
GHYS.L
GHYS.L Risk / Return Rank: 4040
Overall Rank
GHYS.L Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
GHYS.L Sortino Ratio Rank: 3838
Sortino Ratio Rank
GHYS.L Omega Ratio Rank: 3838
Omega Ratio Rank
GHYS.L Calmar Ratio Rank: 3838
Calmar Ratio Rank
GHYS.L Martin Ratio Rank: 5252
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.

GLCB.L vs. GHYS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) and iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.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.

GLCB.LGHYS.LDifference
Sharpe ratioReturn per unit of total volatility
2.87
1.27

+1.60

Sortino ratioReturn per unit of downside risk
25.73
1.93

+23.79

Omega ratioGain probability vs. loss probability

4.59

1.24

+3.34

Calmar ratioReturn relative to maximum drawdown

55.06

1.88

+53.18

Martin ratioReturn relative to average drawdown

189.13

8.55

+180.57

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

GLCB.L vs. GHYS.L - Sharpe Ratio Comparison

The current GLCB.L Sharpe Ratio is 2.87, which is higher than the GHYS.L Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of GLCB.L and GHYS.L, 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

GLCB.LGHYS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.87

1.27

+1.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.44

0.59

+0.86

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.57

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.52

0.58

+0.94

Drawdowns

GLCB.L vs. GHYS.L - Drawdown Comparison

The maximum GLCB.L drawdown since its inception was -15.28%, smaller than the maximum GHYS.L drawdown of -25.15%. Use the drawdown chart below to compare losses from any high point for GLCB.L and GHYS.L.

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Drawdown Indicators

GLCB.LGHYS.LDifference

Max Drawdown

Largest peak-to-trough decline

-15.28%

-25.15%

+9.87%

Max Drawdown (1Y)

Largest decline over 1 year

-5.12%

-2.97%

-2.15%

Max Drawdown (3Y)

Largest decline over 3 years

-8.42%

-4.54%

-3.88%

Max Drawdown (5Y)

Largest decline over 5 years

-10.65%

-14.70%

+4.05%

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.15%

—

Current Drawdown

Current decline from peak

-0.35%

-0.34%

-0.01%

Average Drawdown

Average peak-to-trough decline

-2.53%

-2.29%

-0.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.49%

0.65%

+0.84%

Volatility

GLCB.L vs. GHYS.L - Volatility Comparison

SPDR Refinitiv Global Convertible Bond UCITS ETF (GLCB.L) has a higher volatility of 3.18% compared to iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.L) at 1.48%. This indicates that GLCB.L's price experiences larger fluctuations and is considered to be riskier than GHYS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GLCB.LGHYS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.18%

1.48%

+1.70%

Volatility (6M)

Calculated over the trailing 6-month period

52.08%

3.79%

+48.29%

Volatility (1Y)

Calculated over the trailing 1-year period

98.39%

4.40%

+93.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.00%

5.98%

+61.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

58.85%

7.15%

+51.70%

GLCB.L vs. GHYS.L - Expense Ratio Comparison

GLCB.L has a 0.50% expense ratio, which is lower than GHYS.L's 0.55% expense ratio.

Dividends

GLCB.L vs. GHYS.L - Dividend Comparison

GLCB.L's dividend yield for the trailing twelve months is around 65.48%, more than GHYS.L's 5.73% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
GLCB.L
SPDR Refinitiv Global Convertible Bond UCITS ETF		65.48%77.76%55.57%26.13%27.42%19.20%35.35%48.00%23.37%0.00%0.00%0.00%

Frequently Asked Questions

GLCB.L and GHYS.L have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, GLCB.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

GLCB.L is cheaper with a 0.50% expense ratio, compared with 0.55% for GHYS.L.

GLCB.L is categorized as Convertible Bonds, while GHYS.L is High Yield Bonds. GLCB.L tracks Refinitiv Global CB TR USD, while GHYS.L tracks Markit iBoxx Global Developed Markets Liquid High Yield Capped Index (GBP Hedged). They also come from different issuers: State Street and iShares. Their fees differ too: 0.50% for GLCB.L and 0.55% for GHYS.L.

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