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 3.98%/yr vs 4.29%/yr for USHY. A 0.74 correlation means they provide meaningful diversification when combined. 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 investments are quite close, with GTOQ having a 1.57% return and USHY slightly higher at 1.64%.
GTOQ
- 1D
- 0.09%
- 1M
- 0.63%
- YTD
- 1.57%
- 6M
- 2.16%
- 1Y
- 6.99%
- 3Y*
- 9.02%
- 5Y*
- 3.98%
- 10Y*
- —
USHY
- 1D
- 0.22%
- 1M
- 0.46%
- YTD
- 1.64%
- 6M
- 1.98%
- 1Y
- 6.99%
- 3Y*
- 9.01%
- 5Y*
- 4.29%
- 10Y*
- —
GTOQ vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GTOQ Invesco High Yield Systematic Bond ETF | 1.57% | 8.04% | 8.13% | 14.17% | -12.17% | 5.37% | 0.38% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.64% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 1.60% |
Correlation
The correlation between GTOQ and USHY is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 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.
| GTOQ | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.89 | -0.51 |
| Martin ratioReturn relative to average drawdown | 10.21 | 12.99 | -2.77 |
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 | USHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 1.93 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.59 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.58 | +0.19 |
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 | -0.13% | -0.06% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -3.31% | -2.66% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.54% | +0.15% |
Volatility
GTOQ vs. USHY - Volatility Comparison
The current volatility for Invesco High Yield Systematic Bond ETF (GTOQ) is 0.97%, while iShares Broad USD High Yield Corporate Bond ETF (USHY) has a volatility of 1.14%. This indicates that GTOQ experiences smaller price fluctuations and is considered to be less risky than USHY based on this measure. 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 | 0.97% | 1.14% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 2.92% | -0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 3.65% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.71% | 7.34% | -1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.52% | 8.25% | -2.73% |
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 6.80%, less than USHY's 6.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GTOQ Invesco High Yield Systematic Bond ETF | 6.80% | 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 | 6.91% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
GTOQ and USHY have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (1.14%) compared to GTOQ (0.97%). In terms of maximum drawdown, GTOQ dropped -15.96% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.29% vs 3.98% for GTOQ. On fees, USHY is cheaper at 0.15% per year. On volatility, GTOQ has been the lower-risk option at 0.97%. 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 4.29% return vs 3.98%. 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.
USHY has the higher dividend yield at 6.91%, compared with 6.80% for GTOQ.
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 (1.95 vs 1.93), 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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