GTOQ vs. USHY
GTOQ (Invesco High Yield Systematic Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds. GTOQ is actively managed, while USHY is passively managed. Over the past 5 years, GTOQ returned 3.76%/yr vs 4.04%/yr for USHY. Their 0.74 correlation means they have sometimes moved together and sometimes differently. GTOQ charges 0.39%/yr vs 0.15%/yr for USHY.
Performance
GTOQ vs. USHY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with GTOQ having a 1.80% return and USHY slightly lower at 1.77%.
GTOQ
- 1D
- -0.02%
- 1M
- -0.26%
- 6M
- 1.10%
- YTD
- 1.80%
- 1Y
- 5.40%
- 3Y*
- 8.14%
- 5Y*
- 3.76%
- 10Y*
- —
- ALL TIME*
- 4.19%
USHY
- 1D
- -0.03%
- 1M
- -0.30%
- 6M
- 1.11%
- YTD
- 1.77%
- 1Y
- 5.32%
- 3Y*
- 8.46%
- 5Y*
- 4.04%
- 10Y*
- —
- ALL TIME*
- 4.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $55.75K | $50.01K | $1.37M | |
| $442.06M | $387.27M | $388.84M |
GTOQ vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GTOQ Invesco High Yield Systematic Bond ETF | 1.80% | 8.04% | 8.13% | 14.17% | -12.17% | 5.37% | 0.38% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.77% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 1.58% |
Correlation
The correlation between GTOQ and USHY is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.74 |
The correlation between GTOQ and USHY shifts across timeframes, from 0.74 (all time) to 0.90 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GTOQ vs. USHY — Risk / Return Rank
GTOQ
USHY
GTOQ vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Systematic Bond ETF (GTOQ) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GTOQ | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.28 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 2.20 | -0.36 |
| Martin ratioReturn relative to average drawdown | 7.87 | 9.66 | -1.79 |
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Drawdowns
GTOQ vs. USHY - Drawdown Comparison
The maximum GTOQ drawdown since its inception was -15.96%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for GTOQ and USHY.
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Drawdown Indicators
| GTOQ | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.96% | -22.44% | +6.48% |
Max Drawdown (1Y)Largest decline over 1 year | -2.95% | -2.43% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -5.25% | -4.66% | -0.59% |
Max Drawdown (5Y)Largest decline over 5 years | -15.96% | -15.56% | -0.40% |
Current DrawdownCurrent decline from peak | -0.35% | -0.49% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -3.22% | -2.62% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.55% | +0.14% |
Volatility
GTOQ vs. USHY - Volatility Comparison
Invesco High Yield Systematic Bond ETF (GTOQ) and iShares Broad USD High Yield Corporate Bond ETF (USHY) have volatilities of 0.76% and 0.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GTOQ | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.77% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 3.02% | -0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.62% | 3.67% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.72% | 7.35% | -1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.46% | 8.18% | -2.72% |
GTOQ vs. USHY - Expense Ratio Comparison
GTOQ has a 0.39% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
GTOQ vs. USHY - Dividend Comparison
GTOQ's dividend yield for the trailing twelve months is around 6.88%, which matches USHY's 6.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GTOQ Invesco High Yield Systematic Bond ETF | 6.88% | 7.04% | 7.20% | 6.76% | 6.17% | 4.86% | 0.00% | 0.00% | 0.00% | 0.00% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.35% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
With a correlation of 0.90, GTOQ and USHY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
USHY has higher volatility (0.77%) compared to GTOQ (0.76%). In terms of maximum drawdown, GTOQ dropped -15.96% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.04% vs 3.76% for GTOQ. On fees, USHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USHY has performed better with a 4.04% return vs 3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.39% for GTOQ.
GTOQ has the higher dividend yield at 6.88%, compared with 6.35% for USHY.
They also come from different issuers: Invesco and iShares. Their fees differ too: 0.39% for GTOQ and 0.15% for USHY.
GTOQ currently has the higher Sharpe Ratio (1.51 vs 1.46), 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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