HYSD.L vs. FAGB.L
HYSD.L (iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and FAGB.L (Invesco US High Yield Fallen Angels UCITS ETF GBP Hedged (Acc)) are both High Yield Bonds funds - HYSD.L tracks the ICE BofA US High Yield Constrained Index while FAGB.L tracks the FTSE Time-Weighted US Fallen Angel Bond Select Index. Both are passively managed. Over the past 3 years, HYSD.L returned 7.99%/yr vs 6.70%/yr for FAGB.L. A 0.75 correlation means they provide meaningful diversification when combined. HYSD.L charges 0.22%/yr vs 0.50%/yr for FAGB.L.
Performance
HYSD.L vs. FAGB.L - Performance Comparison
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Different Trading Currencies
HYSD.L is traded in GBP, while FAGB.L is traded in GBp. To make them comparable, the FAGB.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, HYSD.L achieves a 1.97% return, which is significantly higher than FAGB.L's 1.09% return.
HYSD.L
- 1D
- 0.00%
- 1M
- 0.31%
- 6M
- 1.29%
- YTD
- 1.97%
- 1Y
- 5.49%
- 3Y*
- 7.99%
- 5Y*
- —
- 10Y*
- —
FAGB.L
- 1D
- -0.15%
- 1M
- 0.11%
- 6M
- 0.46%
- YTD
- 1.09%
- 1Y
- 5.50%
- 3Y*
- 6.70%
- 5Y*
- 1.50%
- 10Y*
- —
HYSD.L vs. FAGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYSD.L iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 1.97% | 8.24% | 7.60% | 11.75% | -3.60% |
FAGB.L Invesco US High Yield Fallen Angels UCITS ETF GBP Hedged (Acc) | 1.09% | 9.31% | 4.50% | 9.02% | -4.03% |
Correlation
The correlation between HYSD.L and FAGB.L is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2022 | 0.75 |
The correlation between HYSD.L and FAGB.L has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.
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Return for Risk
HYSD.L vs. FAGB.L — Risk / Return Rank
HYSD.L
FAGB.L
HYSD.L vs. FAGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (HYSD.L) and Invesco US High Yield Fallen Angels UCITS ETF GBP Hedged (Acc) (FAGB.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.
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.
| HYSD.L | FAGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.23 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 1.17 | +1.09 |
| Martin ratioReturn relative to average drawdown | 9.94 | 4.35 | +5.59 |
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Drawdowns
HYSD.L vs. FAGB.L - Drawdown Comparison
The maximum HYSD.L drawdown since its inception was -9.53%, smaller than the maximum FAGB.L drawdown of -30.30%. Use the drawdown chart below to compare losses from any high point for HYSD.L and FAGB.L.
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Drawdown Indicators
| HYSD.L | FAGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.53% | -30.30% | +20.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -4.75% | +2.33% |
Max Drawdown (3Y)Largest decline over 3 years | -5.02% | -5.31% | +0.29% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.92% | — |
Current DrawdownCurrent decline from peak | -0.10% | -0.62% | +0.52% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -5.39% | +3.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 1.29% | -0.74% |
Volatility
HYSD.L vs. FAGB.L - Volatility Comparison
The current volatility for iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (HYSD.L) is 0.91%, while Invesco US High Yield Fallen Angels UCITS ETF GBP Hedged (Acc) (FAGB.L) has a volatility of 1.19%. This indicates that HYSD.L experiences smaller price fluctuations and is considered to be less risky than FAGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYSD.L | FAGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 1.19% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 3.84% | -0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 4.65% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.08% | 7.13% | -1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.08% | 8.53% | -2.45% |
HYSD.L vs. FAGB.L - Expense Ratio Comparison
HYSD.L has a 0.22% expense ratio, which is lower than FAGB.L's 0.50% expense ratio.
Dividends
HYSD.L vs. FAGB.L - Dividend Comparison
HYSD.L's dividend yield for the trailing twelve months is around 7.39%, while FAGB.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FAGB.L Invesco US High Yield Fallen Angels UCITS ETF GBP Hedged (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.05% |
HYSD.L iShares Broad $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 7.39% | 7.39% | 7.39% | 5.61% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYSD.L and FAGB.L have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HYSD.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYSD.L is cheaper with a 0.22% expense ratio, compared with 0.50% for FAGB.L.
HYSD.L tracks ICE BofA US High Yield Constrained Index, while FAGB.L tracks FTSE Time-Weighted US Fallen Angel Bond Select Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.22% for HYSD.L and 0.50% for FAGB.L.
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