HYZD vs. PGHY
Compare and contrast key facts about WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) and Invesco Global Short Term High Yield Bond ETF (PGHY).
HYZD and PGHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HYZD is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index. It was launched on Dec 18, 2013. PGHY is a passively managed fund by Invesco that tracks the performance of the DB Global Short Maturity High Yield Bond Index. It was launched on Jun 20, 2013. Both HYZD and PGHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: HYZD or PGHY.
Key characteristics
| HYZD | PGHY | |
|---|---|---|
| YTD Return | 9.77% | 9.18% |
| 1Y Return | 13.16% | 14.96% |
| 3Y Return (Ann) | 6.31% | 4.29% |
| 5Y Return (Ann) | 5.12% | 3.65% |
| 10Y Return (Ann) | 4.59% | 4.00% |
| Sharpe Ratio | 2.99 | 3.30 |
| Sortino Ratio | 4.60 | 5.16 |
| Omega Ratio | 1.58 | 1.67 |
| Calmar Ratio | 5.02 | 7.07 |
| Martin Ratio | 28.79 | 30.07 |
| Ulcer Index | 0.47% | 0.49% |
| Daily Std Dev | 4.49% | 4.45% |
| Max Drawdown | -25.66% | -20.50% |
| Current Drawdown | -0.13% | -0.28% |
Correlation
The correlation between HYZD and PGHY is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
HYZD vs. PGHY - Performance Comparison
In the year-to-date period, HYZD achieves a 9.77% return, which is significantly higher than PGHY's 9.18% return. Over the past 10 years, HYZD has outperformed PGHY with an annualized return of 4.59%, while PGHY has yielded a comparatively lower 4.00% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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HYZD vs. PGHY - Expense Ratio Comparison
HYZD has a 0.43% expense ratio, which is higher than PGHY's 0.35% expense ratio.
Risk-Adjusted Performance
HYZD vs. PGHY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) and Invesco Global Short Term High Yield Bond ETF (PGHY). 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.
Dividends
HYZD vs. PGHY - Dividend Comparison
HYZD's dividend yield for the trailing twelve months is around 6.06%, less than PGHY's 7.46% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 6.06% | 5.94% | 5.14% | 4.02% | 5.14% | 5.51% | 5.58% | 4.95% | 5.07% | 4.38% | 3.82% | 0.10% |
PGHY Invesco Global Short Term High Yield Bond ETF | 7.46% | 7.86% | 5.12% | 5.18% | 5.45% | 5.33% | 5.45% | 5.52% | 6.26% | 4.59% | 4.40% | 1.90% |
Drawdowns
HYZD vs. PGHY - Drawdown Comparison
The maximum HYZD drawdown since its inception was -25.66%, which is greater than PGHY's maximum drawdown of -20.50%. Use the drawdown chart below to compare losses from any high point for HYZD and PGHY. For additional features, visit the drawdowns tool.
Volatility
HYZD vs. PGHY - Volatility Comparison
WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) has a higher volatility of 1.22% compared to Invesco Global Short Term High Yield Bond ETF (PGHY) at 0.93%. This indicates that HYZD's price experiences larger fluctuations and is considered to be riskier than PGHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.