GTOQ vs. HYGH
GTOQ (Invesco High Yield Systematic Bond ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both High Yield Bonds funds. Both are actively managed. Over the past 5 years, GTOQ returned 3.90%/yr vs 6.93%/yr for HYGH. A 0.58 correlation means they provide meaningful diversification when combined. GTOQ charges 0.39%/yr vs 0.53%/yr for HYGH.
Performance
GTOQ vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, GTOQ achieves a 1.16% return, which is significantly lower than HYGH's 2.76% return.
GTOQ
- 1D
- -0.41%
- 1M
- -0.06%
- YTD
- 1.16%
- 6M
- 1.67%
- 1Y
- 6.57%
- 3Y*
- 8.80%
- 5Y*
- 3.90%
- 10Y*
- —
HYGH
- 1D
- -0.17%
- 1M
- 0.61%
- YTD
- 2.76%
- 6M
- 3.17%
- 1Y
- 7.56%
- 3Y*
- 9.72%
- 5Y*
- 6.93%
- 10Y*
- 6.25%
GTOQ vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GTOQ Invesco High Yield Systematic Bond ETF | 1.16% | 8.04% | 8.13% | 14.17% | -12.17% | 5.37% | 0.38% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 2.76% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 1.18% |
Correlation
The correlation between GTOQ and HYGH is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.58 |
The correlation between GTOQ and HYGH has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
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Return for Risk
GTOQ vs. HYGH — Risk / Return Rank
GTOQ
HYGH
GTOQ vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Systematic Bond ETF (GTOQ) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| GTOQ | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.39 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 4.69 | -2.45 |
| Martin ratioReturn relative to average drawdown | 9.59 | 18.31 | -8.72 |
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
| GTOQ | HYGH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.82 | 2.08 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.68 | 0.98 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.75 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.56 | +0.21 |
Drawdowns
GTOQ vs. HYGH - Drawdown Comparison
The maximum GTOQ drawdown since its inception was -15.96%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for GTOQ and HYGH.
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Drawdown Indicators
| GTOQ | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.96% | -23.88% | +7.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.95% | -1.62% | -1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -5.25% | -8.06% | +2.81% |
Max Drawdown (5Y)Largest decline over 5 years | -15.96% | -8.24% | -7.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.88% | — |
Current DrawdownCurrent decline from peak | -0.55% | -0.31% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -3.30% | -2.23% | -1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.41% | +0.28% |
Volatility
GTOQ vs. HYGH - Volatility Comparison
Invesco High Yield Systematic Bond ETF (GTOQ) has a higher volatility of 1.04% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.62%. This indicates that GTOQ's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GTOQ | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 0.62% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.71% | 2.84% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.62% | 3.66% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.71% | 7.07% | -1.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.52% | 8.35% | -2.83% |
GTOQ vs. HYGH - Expense Ratio Comparison
GTOQ has a 0.39% expense ratio, which is lower than HYGH's 0.53% expense ratio.
Dividends
GTOQ vs. HYGH - Dividend Comparison
GTOQ's dividend yield for the trailing twelve months is around 6.83%, more than HYGH's 6.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GTOQ Invesco High Yield Systematic Bond ETF | 6.83% | 7.04% | 7.20% | 6.76% | 6.17% | 4.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.63% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
Frequently Asked Questions
GTOQ and HYGH have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GTOQ has higher volatility (1.04%) compared to HYGH (0.62%). In terms of maximum drawdown, GTOQ dropped -15.96% vs HYGH's -23.88%.
On 5-year performance, HYGH leads with 6.93% vs 3.90% for GTOQ. On fees, GTOQ is cheaper at 0.39% per year. On volatility, HYGH has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HYGH has performed better with a 6.93% return vs 3.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTOQ is cheaper with a 0.39% expense ratio, compared with 0.53% for HYGH.
GTOQ has the higher dividend yield at 6.83%, compared with 6.63% for HYGH.
They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for GTOQ and 0.53% for HYGH.
HYGH currently has the higher Sharpe Ratio (2.08 vs 1.82), 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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