HIO vs. GHY
HIO (Western Asset High Income Opportunity Fund Inc) and GHY (PGIM Global High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, HIO returned 5.91%/yr vs 6.99%/yr for GHY. At a 0.46 correlation, their price movements are largely independent. HIO charges 0.01%/yr vs 0.03%/yr for GHY.
Performance
HIO vs. GHY - Performance Comparison
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Returns By Period
In the year-to-date period, HIO achieves a 2.95% return, which is significantly higher than GHY's -0.13% return. Over the past 10 years, HIO has underperformed GHY with an annualized return of 5.91%, while GHY has yielded a comparatively higher 6.99% annualized return.
HIO
- 1D
- 0.28%
- 1M
- 0.28%
- YTD
- 2.95%
- 6M
- 2.82%
- 1Y
- 3.61%
- 3Y*
- 9.61%
- 5Y*
- 2.74%
- 10Y*
- 5.91%
GHY
- 1D
- 0.25%
- 1M
- -0.29%
- YTD
- -0.13%
- 6M
- 0.56%
- 1Y
- -1.50%
- 3Y*
- 13.49%
- 5Y*
- 4.72%
- 10Y*
- 6.99%
HIO vs. GHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIO Western Asset High Income Opportunity Fund Inc | 2.95% | 5.33% | 13.58% | 8.07% | -17.09% | 12.80% | 6.07% | 24.23% | -7.60% | 8.97% |
GHY PGIM Global High Yield Fund | -0.13% | 10.46% | 20.25% | 17.29% | -20.04% | 12.73% | 6.33% | 26.51% | -3.54% | 4.38% |
Correlation
The correlation between HIO and GHY is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012 | 0.46 |
The correlation between HIO and GHY shifts across timeframes, from 0.40 (3 years) to 0.51 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HIO vs. GHY — Risk / Return Rank
HIO
GHY
HIO vs. GHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Income Opportunity Fund Inc (HIO) and PGIM Global High Yield Fund (GHY). 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.
| HIO | GHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.99 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | -0.13 | +0.67 |
| Martin ratioReturn relative to average drawdown | 1.16 | -0.31 | +1.47 |
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Drawdowns
HIO vs. GHY - Drawdown Comparison
The maximum HIO drawdown since its inception was -49.69%, which is greater than GHY's maximum drawdown of -41.35%. Use the drawdown chart below to compare losses from any high point for HIO and GHY.
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Drawdown Indicators
| HIO | GHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.69% | -41.35% | -8.34% |
Max Drawdown (1Y)Largest decline over 1 year | -6.70% | -11.94% | +5.24% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -16.36% | +3.07% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -29.50% | +3.32% |
Max Drawdown (10Y)Largest decline over 10 years | -40.57% | -41.35% | +0.78% |
Current DrawdownCurrent decline from peak | -1.89% | -5.31% | +3.42% |
Average DrawdownAverage peak-to-trough decline | -6.45% | -6.02% | -0.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 4.86% | -1.75% |
Volatility
HIO vs. GHY - Volatility Comparison
The current volatility for Western Asset High Income Opportunity Fund Inc (HIO) is 2.62%, while PGIM Global High Yield Fund (GHY) has a volatility of 3.08%. This indicates that HIO experiences smaller price fluctuations and is considered to be less risky than GHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIO | GHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.62% | 3.08% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 7.89% | 8.39% | -0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.34% | 10.82% | -0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.86% | 14.25% | -1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.96% | 15.34% | +0.62% |
HIO vs. GHY - Expense Ratio Comparison
HIO has a 0.02% expense ratio, which is lower than GHY's 0.03% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HIO vs. GHY - Dividend Comparison
HIO's dividend yield for the trailing twelve months is around 11.70%, more than GHY's 10.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHY PGIM Global High Yield Fund | 10.68% | 10.21% | 10.23% | 11.09% | 11.62% | 8.35% | 8.67% | 8.04% | 7.72% | 7.77% | 8.53% | 10.07% |
HIO Western Asset High Income Opportunity Fund Inc | 11.70% | 11.48% | 10.84% | 9.90% | 9.11% | 7.02% | 7.86% | 6.91% | 7.31% | 7.04% | 8.44% | 9.08% |
Frequently Asked Questions
HIO and GHY have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHY has higher volatility (3.08%) compared to HIO (2.62%). In terms of maximum drawdown, HIO dropped -49.69% vs GHY's -41.35%.
HIO currently has the higher Sharpe Ratio (0.35 vs -0.14), 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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