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HYUS.L vs. GHYS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYUS.L vs. GHYS.L

Last updated Jun 5, 2026

HYUS.L (iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist)) and GHYS.L (iShares Global High Yield Corp Bond GBP Hedged UCITS ETF) are both High Yield Bonds funds from iShares - HYUS.L tracks the Bloomberg US Corporate High Yield TR USD while GHYS.L tracks the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index (GBP Hedged). Both are passively managed. Over the past 3 years, HYUS.L returned 8.87%/yr vs 10.65%/yr for GHYS.L. A 0.54 correlation means they provide meaningful diversification when combined. HYUS.L charges 0.20%/yr vs 0.55%/yr for GHYS.L.

Performance

HYUS.L vs. GHYS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) (HYUS.L) and iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HYUS.L is traded in USD, while GHYS.L is traded in GBP. To make them comparable, the GHYS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HYUS.L achieves a 1.22% return, which is significantly higher than GHYS.L's 1.07% return.

HYUS.L

1D
-0.00%
1M
0.51%
YTD
1.22%
6M
2.18%
1Y
6.91%
3Y*
8.87%
5Y*
—
10Y*
—

GHYS.L

1D
0.14%
1M
-0.44%
YTD
1.07%
6M
2.37%
1Y
4.60%
3Y*
10.65%
5Y*
2.43%
10Y*
3.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYUS.L vs. GHYS.L - Yearly Performance Comparison

2026 (YTD)2025202420232022
HYUS.L
iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist)		1.22%8.62%8.28%12.85%-5.88%
GHYS.L
iShares Global High Yield Corp Bond GBP Hedged UCITS ETF		1.07%15.68%5.17%17.49%-11.98%

Correlation

The correlation between HYUS.L and GHYS.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Apr 8, 2022

0.54

The correlation between HYUS.L and GHYS.L has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

HYUS.L vs. GHYS.L - Sectors Allocation Comparison

Sectors
HYUS.L
GHYS.L

Real Estate

100.0%
8.3%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

-

91.7%

Real Estate

HYUS.L
100.0%
GHYS.L
8.3%

Basic Materials

HYUS.L

-

GHYS.L

-

Communication Services

HYUS.L

-

GHYS.L

-

Consumer Cyclical

HYUS.L

-

GHYS.L

-

Consumer Defensive

HYUS.L

-

GHYS.L

-

Energy

HYUS.L

-

GHYS.L

-

Financial Services

HYUS.L

-

GHYS.L

-

Healthcare

HYUS.L

-

GHYS.L

-

Industrials

HYUS.L

-

GHYS.L

-

Technology

HYUS.L

-

GHYS.L

-

Utilities

HYUS.L

-

GHYS.L
91.7%

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iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist)

iShares Global High Yield Corp Bond GBP Hedged UCITS ETF

Often compared with HYUS.L:
HYUS.L vs. SSHY.LHYUS.L vs. BRHYXHYUS.L vs. ^TNXHYUS.L vs. WINC.ASHYUS.L vs. QYLDHYUS.L vs. JHYU.LHYUS.L vs. XUHY.L
Often compared with GHYS.L:
GHYS.L vs. IS15.LGHYS.L vs. HYGWGHYS.L vs. VHYL.ASGHYS.L vs. TDGB.LGHYS.L vs. HYEA.LGHYS.L vs. GHYG.LGHYS.L vs. GFGB.L

Return for Risk

HYUS.L vs. GHYS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYUS.L
HYUS.L Risk / Return Rank: 6161
Overall Rank
HYUS.L Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
HYUS.L Sortino Ratio Rank: 6262
Sortino Ratio Rank
HYUS.L Omega Ratio Rank: 5757
Omega Ratio Rank
HYUS.L Calmar Ratio Rank: 6262
Calmar Ratio Rank
HYUS.L Martin Ratio Rank: 6868
Martin Ratio Rank
GHYS.L
GHYS.L Risk / Return Rank: 4040
Overall Rank
GHYS.L Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
GHYS.L Sortino Ratio Rank: 3838
Sortino Ratio Rank
GHYS.L Omega Ratio Rank: 3838
Omega Ratio Rank
GHYS.L Calmar Ratio Rank: 3838
Calmar Ratio Rank
GHYS.L Martin Ratio Rank: 5252
Martin Ratio Rank
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.

HYUS.L vs. GHYS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) (HYUS.L) and iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.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.

HYUS.LGHYS.LDifference
Sharpe ratioReturn per unit of total volatility
1.84
0.54

+1.29

Sortino ratioReturn per unit of downside risk
2.84
0.85

+1.99

Omega ratioGain probability vs. loss probability

1.35

1.10

+0.25

Calmar ratioReturn relative to maximum drawdown

3.01

0.69

+2.32

Martin ratioReturn relative to average drawdown

12.39

1.95

+10.44

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYUS.L vs. GHYS.L - Sharpe Ratio Comparison

The current HYUS.L Sharpe Ratio is 1.84, which is higher than the GHYS.L Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of HYUS.L and GHYS.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.

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Sharpe Ratios by Period

HYUS.LGHYS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.84

0.54

+1.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.20

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.25

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.87

0.24

+0.63

Drawdowns

HYUS.L vs. GHYS.L - Drawdown Comparison

The maximum HYUS.L drawdown since its inception was -10.49%, smaller than the maximum GHYS.L drawdown of -39.19%. Use the drawdown chart below to compare losses from any high point for HYUS.L and GHYS.L.

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Drawdown Indicators

HYUS.LGHYS.LDifference

Max Drawdown

Largest peak-to-trough decline

-10.49%

-39.19%

+28.70%

Max Drawdown (1Y)

Largest decline over 1 year

-2.29%

-6.63%

+4.34%

Max Drawdown (3Y)

Largest decline over 3 years

-5.06%

-9.20%

+4.14%

Max Drawdown (5Y)

Largest decline over 5 years

—

-34.08%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.65%

—

Current Drawdown

Current decline from peak

-0.13%

-2.42%

+2.29%

Average Drawdown

Average peak-to-trough decline

-1.67%

-11.07%

+9.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.56%

2.36%

-1.80%

Volatility

HYUS.L vs. GHYS.L - Volatility Comparison

The current volatility for iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist) (HYUS.L) is 1.39%, while iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.L) has a volatility of 2.34%. This indicates that HYUS.L experiences smaller price fluctuations and is considered to be less risky than GHYS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HYUS.LGHYS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.39%

2.34%

-0.95%

Volatility (6M)

Calculated over the trailing 6-month period

2.95%

6.55%

-3.60%

Volatility (1Y)

Calculated over the trailing 1-year period

3.75%

8.45%

-4.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.69%

11.93%

-5.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.69%

13.23%

-6.54%

HYUS.L vs. GHYS.L - Expense Ratio Comparison

HYUS.L has a 0.20% expense ratio, which is lower than GHYS.L's 0.55% expense ratio.

Dividends

HYUS.L vs. GHYS.L - Dividend Comparison

HYUS.L's dividend yield for the trailing twelve months is around 9.21%, more than GHYS.L's 5.73% yield.

PositionTTM20252024202320222021202020192018201720162015
GHYS.L
iShares Global High Yield Corp Bond GBP Hedged UCITS ETF		5.73%5.68%5.78%5.36%4.41%3.78%4.08%5.03%4.89%4.58%4.91%5.65%
HYUS.L
iShares Broad USD High Yield Corporate Bond UCITS ETF USD (Dist)		9.21%7.38%7.54%6.30%1.52%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HYUS.L and GHYS.L have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HYUS.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HYUS.L is cheaper with a 0.20% expense ratio, compared with 0.55% for GHYS.L.

HYUS.L tracks Bloomberg US Corporate High Yield TR USD, while GHYS.L tracks Markit iBoxx Global Developed Markets Liquid High Yield Capped Index (GBP Hedged). Their fees differ too: 0.20% for HYUS.L and 0.55% for GHYS.L.

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