HYFC.L vs. SDHY.L

Last updated Jun 5, 2026

HYFC.L (Invesco US High Yield Fallen Angels UCITS ETF Acc) and SDHY.L ( iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist) are both High Yield Bonds funds - HYFC.L tracks the FTSE Time-Weighted US Fallen Angel Bond Select Index while SDHY.L tracks the Markit iBoxx USD Liquid High Yield 0-5 Capped Index. Both are passively managed. Over the past 3 years, HYFC.L returned 7.95%/yr vs 7.61%/yr for SDHY.L. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.45% expense ratio.

Performance

HYFC.L vs. SDHY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco US High Yield Fallen Angels UCITS ETF Acc (HYFC.L) and iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist (SDHY.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYFC.L achieves a 0.64% return, which is significantly lower than SDHY.L's 1.43% return.

HYFC.L

• 1D: 0.25%
• 1M: 0.57%
• YTD: 0.64%
• 6M: 0.47%
• 1Y: 7.82%
• 3Y*: 7.95%
• 5Y*: —
• 10Y*: —

SDHY.L

• 1D: 0.13%
• 1M: 0.17%
• YTD: 1.43%
• 6M: 2.10%
• 1Y: 7.19%
• 3Y*: 7.61%
• 5Y*: 4.61%
• 10Y*: 4.95%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HYFC.L vs. SDHY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYFC.L Invesco US High Yield Fallen Angels UCITS ETF Acc	0.64%	9.62%	5.17%	10.23%	-3.05%
SDHY.L iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist	1.43%	8.90%	6.50%	8.75%	-0.45%

Correlation

The correlation between HYFC.L and SDHY.L is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Aug 2, 2022	0.76

The correlation between HYFC.L and SDHY.L shifts across timeframes, from 0.64 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HYFC.L vs. SDHY.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYFC.L

HYFC.L Risk / Return Rank: 38
HYFC.L Sharpe Ratio Rank: 40
HYFC.L Sortino Ratio Rank: 42
HYFC.L Omega Ratio Rank: 48
HYFC.L Calmar Ratio Rank: 28
HYFC.L Martin Ratio Rank: 30

SDHY.L

SDHY.L Risk / Return Rank: 73
SDHY.L Sharpe Ratio Rank: 63
SDHY.L Sortino Ratio Rank: 72
SDHY.L Omega Ratio Rank: 66
SDHY.L Calmar Ratio Rank: 78
SDHY.L Martin Ratio Rank: 85

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HYFC.L vs. SDHY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US High Yield Fallen Angels UCITS ETF Acc (HYFC.L) and iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist (SDHY.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.

	HYFC.L	SDHY.L	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.09	-0.70
Sortino ratio: Return per unit of downside risk	2.10	3.19	-1.10
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	1.31	3.91	-2.60
Martin ratio: Return relative to average drawdown	4.28	17.14	-12.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYFC.L vs. SDHY.L - Sharpe Ratio Comparison

The current HYFC.L Sharpe Ratio is 1.39, which is lower than the SDHY.L Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of HYFC.L and SDHY.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYFC.L	SDHY.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	2.09	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.69	+0.15

Drawdowns

HYFC.L vs. SDHY.L - Drawdown Comparison

The maximum HYFC.L drawdown since its inception was -8.42%, smaller than the maximum SDHY.L drawdown of -18.94%. Use the drawdown chart below to compare losses from any high point for HYFC.L and SDHY.L.

Drawdown Indicators

	HYFC.L	SDHY.L	Difference
Max Drawdown Largest peak-to-trough decline	-8.42%	-18.94%	+10.52%
Max Drawdown (1Y) Largest decline over 1 year	-5.95%	-1.83%	-4.12%
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	-4.51%	-1.44%
Max Drawdown (5Y) Largest decline over 5 years	—	-8.41%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.94%	—
Current Drawdown Current decline from peak	-2.06%	-0.19%	-1.87%
Average Drawdown Average peak-to-trough decline	-1.69%	-1.28%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	0.42%	+1.41%

Volatility

HYFC.L vs. SDHY.L - Volatility Comparison

Invesco US High Yield Fallen Angels UCITS ETF Acc (HYFC.L) has a higher volatility of 1.89% compared to iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist (SDHY.L) at 1.16%. This indicates that HYFC.L's price experiences larger fluctuations and is considered to be riskier than SDHY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYFC.L	SDHY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.89%	1.16%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	4.83%	2.69%	+2.14%
Volatility (1Y) Calculated over the trailing 1-year period	5.61%	3.43%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	5.46%	+1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.90%	6.33%	+0.57%

HYFC.L vs. SDHY.L - Expense Ratio Comparison

Both HYFC.L and SDHY.L have an expense ratio of 0.45%.

Dividends

HYFC.L vs. SDHY.L - Dividend Comparison

HYFC.L has not paid dividends to shareholders, while SDHY.L's dividend yield for the trailing twelve months is around 8.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYFC.L Invesco US High Yield Fallen Angels UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SDHY.L iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist	8.31%	6.59%	6.41%	5.64%	4.31%	4.24%	4.80%	5.26%	5.48%	5.42%	5.68%	5.05%

Frequently Asked Questions

Can I hold both HYFC.L and SDHY.L in my portfolio?

HYFC.L and SDHY.L have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYFC.L or SDHY.L?

Both ETFs have the same 0.45% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYFC.L or SDHY.L?

HYFC.L and SDHY.L have the same expense ratio: 0.45% per year.

What is the main difference between HYFC.L and SDHY.L?

HYFC.L tracks FTSE Time-Weighted US Fallen Angel Bond Select Index, while SDHY.L tracks Markit iBoxx USD Liquid High Yield 0-5 Capped Index. They also come from different issuers: Invesco and iShares.