HYFA.L vs. IHYA.L
HYFA.L (Invesco US High Yield Fallen Angels UCITS ETF Dist) and IHYA.L (iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)) are both High Yield Bonds funds - HYFA.L tracks the FTSE Time-Weighted US Fallen Angel Bond Select Index while IHYA.L tracks the Bloomberg US Corporate High Yield TR USD. Both are passively managed. Over the past 5 years, HYFA.L returned 2.59%/yr vs 3.99%/yr for IHYA.L. A 0.76 correlation means they provide meaningful diversification when combined. HYFA.L charges 0.45%/yr vs 0.50%/yr for IHYA.L.
Performance
HYFA.L vs. IHYA.L - Performance Comparison
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Returns By Period
In the year-to-date period, HYFA.L achieves a 0.62% return, which is significantly lower than IHYA.L's 1.10% return.
HYFA.L
- 1D
- 0.21%
- 1M
- 0.39%
- YTD
- 0.62%
- 6M
- 0.45%
- 1Y
- 7.57%
- 3Y*
- 7.90%
- 5Y*
- 2.59%
- 10Y*
- —
IHYA.L
- 1D
- 0.09%
- 1M
- 0.19%
- YTD
- 1.10%
- 6M
- 1.75%
- 1Y
- 6.94%
- 3Y*
- 8.29%
- 5Y*
- 3.99%
- 10Y*
- —
HYFA.L vs. IHYA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYFA.L Invesco US High Yield Fallen Angels UCITS ETF Dist | 0.62% | 9.60% | 5.20% | 10.21% | -13.83% | 5.51% | 8.98% | 12.43% | -5.11% | 5.42% |
IHYA.L iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) | 1.10% | 9.49% | 6.98% | 10.64% | -8.87% | 3.72% | 5.07% | 12.63% | -1.30% | 2.90% |
Correlation
The correlation between HYFA.L and IHYA.L is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2017 | 0.76 |
The correlation between HYFA.L and IHYA.L shifts across timeframes, from 0.68 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYFA.L vs. IHYA.L — Risk / Return Rank
HYFA.L
IHYA.L
HYFA.L vs. IHYA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US High Yield Fallen Angels UCITS ETF Dist (HYFA.L) and iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.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.
| HYFA.L | IHYA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.38 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 2.45 | -1.03 |
| Martin ratioReturn relative to average drawdown | 6.03 | 12.30 | -6.27 |
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
| HYFA.L | IHYA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | 1.93 | -0.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.59 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.56 | -0.05 |
Drawdowns
HYFA.L vs. IHYA.L - Drawdown Comparison
The maximum HYFA.L drawdown since its inception was -29.37%, which is greater than IHYA.L's maximum drawdown of -22.58%. Use the drawdown chart below to compare losses from any high point for HYFA.L and IHYA.L.
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Drawdown Indicators
| HYFA.L | IHYA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.37% | -22.58% | -6.79% |
Max Drawdown (1Y)Largest decline over 1 year | -5.33% | -2.82% | -2.51% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -4.83% | -0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -17.97% | -13.68% | -4.29% |
Current DrawdownCurrent decline from peak | -0.73% | -0.31% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -3.98% | -2.23% | -1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 0.56% | +0.69% |
Volatility
HYFA.L vs. IHYA.L - Volatility Comparison
Invesco US High Yield Fallen Angels UCITS ETF Dist (HYFA.L) has a higher volatility of 2.14% compared to iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L) at 1.36%. This indicates that HYFA.L's price experiences larger fluctuations and is considered to be riskier than IHYA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYFA.L | IHYA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 1.36% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 4.55% | 2.87% | +1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.48% | 3.58% | +1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.44% | 6.81% | +0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.52% | 7.89% | +0.63% |
HYFA.L vs. IHYA.L - Expense Ratio Comparison
HYFA.L has a 0.45% expense ratio, which is lower than IHYA.L's 0.50% expense ratio.
Dividends
HYFA.L vs. IHYA.L - Dividend Comparison
HYFA.L's dividend yield for the trailing twelve months is around 6.57%, while IHYA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HYFA.L Invesco US High Yield Fallen Angels UCITS ETF Dist | 6.57% | 6.57% | 7.05% | 6.73% | 5.78% | 4.63% | 5.86% | 6.08% | 6.19% | 5.46% | 1.22% |
IHYA.L iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYFA.L and IHYA.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HYFA.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYFA.L is cheaper with a 0.45% expense ratio, compared with 0.50% for IHYA.L.
HYFA.L tracks FTSE Time-Weighted US Fallen Angel Bond Select Index, while IHYA.L tracks Bloomberg US Corporate High Yield TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.45% for HYFA.L and 0.50% for IHYA.L.
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