HYI vs. EHI
HYI (Western Asset High Yield Opportunity Fund Inc) and EHI (Western Asset Global High Income Fund Inc) are both High Yield Bonds funds from Franklin Templeton. Over the past 10 years, HYI returned 5.05%/yr vs 4.86%/yr for EHI. Their 0.43 correlation means their historical movements had little consistent relationship. Both charge a 0.01% expense ratio.
Performance
HYI vs. EHI - Performance Comparison
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Returns By Period
In the year-to-date period, HYI achieves a -0.41% return, which is significantly higher than EHI's -1.81% return. Both investments have delivered pretty close results over the past 10 years, with HYI having a 5.05% annualized return and EHI not far behind at 4.86%.
HYI
- 1D
- 0.58%
- 1M
- -0.61%
- 6M
- -1.25%
- YTD
- -0.41%
- 1Y
- -2.40%
- 3Y*
- 6.02%
- 5Y*
- 1.16%
- 10Y*
- 5.05%
- ALL TIME*
- 4.60%
EHI
- 1D
- 0.69%
- 1M
- -1.67%
- 6M
- -4.21%
- YTD
- -1.81%
- 1Y
- 0.68%
- 3Y*
- 6.64%
- 5Y*
- 0.34%
- 10Y*
- 4.86%
- ALL TIME*
- 6.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $546.17K | $510.41K | $547.28K | |
| $731.85K | $714.02K | $684.36K |
HYI vs. EHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYI Western Asset High Yield Opportunity Fund Inc | -0.41% | 4.09% | 7.58% | 6.72% | -13.48% | 10.04% | 6.78% | 27.90% | -6.36% | 8.57% |
EHI Western Asset Global High Income Fund Inc | -1.81% | 9.15% | 5.63% | 19.22% | -25.22% | 9.37% | 8.81% | 30.98% | -12.35% | 13.07% |
Correlation
The correlation between HYI and EHI is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2010 | 0.43 |
The correlation between HYI and EHI shifts across timeframes, from 0.41 (10 years) to 0.53 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HYI vs. EHI — Risk / Return Rank
HYI
EHI
HYI vs. EHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Yield Opportunity Fund Inc (HYI) and Western Asset Global High Income Fund Inc (EHI). 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.
| HYI | EHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.02 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 0.07 | -0.37 |
| Martin ratioReturn relative to average drawdown | -0.53 | 0.20 | -0.73 |
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Drawdowns
HYI vs. EHI - Drawdown Comparison
The maximum HYI drawdown since its inception was -36.06%, smaller than the maximum EHI drawdown of -58.50%. Use the drawdown chart below to compare losses from any high point for HYI and EHI.
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Drawdown Indicators
| HYI | EHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.06% | -58.50% | +22.44% |
Max Drawdown (1Y)Largest decline over 1 year | -8.19% | -9.14% | +0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -8.19% | -15.98% | +7.79% |
Max Drawdown (5Y)Largest decline over 5 years | -26.35% | -32.90% | +6.55% |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | -36.30% | +0.24% |
Current DrawdownCurrent decline from peak | -4.94% | -4.95% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -8.13% | +2.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.55% | 3.34% | +1.21% |
Volatility
HYI vs. EHI - Volatility Comparison
Western Asset High Yield Opportunity Fund Inc (HYI) has a higher volatility of 1.84% compared to Western Asset Global High Income Fund Inc (EHI) at 1.74%. This indicates that HYI's price experiences larger fluctuations and is considered to be riskier than EHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYI | EHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 1.74% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 5.55% | 6.86% | -1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.14% | 8.80% | -1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.23% | 13.86% | -2.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.90% | 14.37% | -1.47% |
HYI vs. EHI - Expense Ratio Comparison
Both HYI and EHI have an expense ratio of 0.02%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
HYI vs. EHI - Dividend Comparison
HYI's dividend yield for the trailing twelve months is around 10.91%, less than EHI's 14.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EHI Western Asset Global High Income Fund Inc | 14.46% | 13.10% | 12.37% | 11.12% | 11.82% | 7.95% | 8.02% | 7.52% | 8.91% | 8.32% | 11.58% | 13.25% |
HYI Western Asset High Yield Opportunity Fund Inc | 10.91% | 10.22% | 9.64% | 9.40% | 9.09% | 7.19% | 7.35% | 6.87% | 8.10% | 7.81% | 8.73% | 9.36% |
Frequently Asked Questions
HYI and EHI have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYI has higher volatility (1.84%) compared to EHI (1.74%). In terms of maximum drawdown, HYI dropped -36.06% vs EHI's -58.50%.
EHI currently has the higher Sharpe Ratio (0.08 vs -0.34), 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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