IBHL vs. PGHY
IBHL (iShares iBonds 2032 Term High Yield and Income ETF) and PGHY (Invesco Global Short Term High Yield Bond ETF) are both High Yield Bonds funds - IBHL tracks the Bloomberg 2032 Term High Yield and Income Index while PGHY tracks the DB Global Short Maturity High Yield Bond Index. Both are passively managed. Over the past year, IBHL returned 6.07% vs 7.36% for PGHY. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.
Performance
IBHL vs. PGHY - Performance Comparison
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Returns By Period
In the year-to-date period, IBHL achieves a 1.17% return, which is significantly lower than PGHY's 2.85% return.
IBHL
- 1D
- 0.08%
- 1M
- 0.68%
- YTD
- 1.17%
- 6M
- 1.25%
- 1Y
- 6.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PGHY
- 1D
- -0.02%
- 1M
- 0.91%
- YTD
- 2.85%
- 6M
- 2.56%
- 1Y
- 7.36%
- 3Y*
- 9.07%
- 5Y*
- 4.63%
- 10Y*
- 4.42%
IBHL vs. PGHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBHL iShares iBonds 2032 Term High Yield and Income ETF | 1.17% | 8.46% |
PGHY Invesco Global Short Term High Yield Bond ETF | 2.85% | 5.67% |
Correlation
The correlation between IBHL and PGHY is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025 | 0.49 |
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Return for Risk
IBHL vs. PGHY — Risk / Return Rank
IBHL
PGHY
IBHL vs. PGHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2032 Term High Yield and Income ETF (IBHL) 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.
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.
| IBHL | PGHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.25 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 2.43 | -0.42 |
| Martin ratioReturn relative to average drawdown | 8.81 | 9.30 | -0.49 |
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Drawdowns
IBHL vs. PGHY - Drawdown Comparison
The maximum IBHL drawdown since its inception was -3.70%, smaller than the maximum PGHY drawdown of -20.50%. Use the drawdown chart below to compare losses from any high point for IBHL and PGHY.
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Drawdown Indicators
| IBHL | PGHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.70% | -20.50% | +16.80% |
Max Drawdown (1Y)Largest decline over 1 year | -3.03% | -3.04% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.03% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.50% | — |
Current DrawdownCurrent decline from peak | -0.15% | -0.26% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -0.45% | -1.64% | +1.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.79% | -0.10% |
Volatility
IBHL vs. PGHY - Volatility Comparison
The current volatility for iShares iBonds 2032 Term High Yield and Income ETF (IBHL) is 1.15%, while Invesco Global Short Term High Yield Bond ETF (PGHY) has a volatility of 1.99%. This indicates that IBHL experiences smaller price fluctuations and is considered to be less risky than PGHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBHL | PGHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 1.99% | -0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 3.31% | 3.92% | -0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.15% | 5.17% | -1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.36% | 5.48% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.36% | 7.04% | -1.68% |
IBHL vs. PGHY - Expense Ratio Comparison
Both IBHL and PGHY have an expense ratio of 0.35%.
Dividends
IBHL vs. PGHY - Dividend Comparison
IBHL's dividend yield for the trailing twelve months is around 6.28%, less than PGHY's 7.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBHL iShares iBonds 2032 Term High Yield and Income ETF | 6.28% | 4.90% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PGHY Invesco Global Short Term High Yield Bond ETF | 7.11% | 7.24% | 7.49% | 7.87% | 5.12% | 5.17% | 5.45% | 5.32% | 5.45% | 5.52% | 6.26% | 4.60% |
Frequently Asked Questions
IBHL and PGHY have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGHY has higher volatility (1.99%) compared to IBHL (1.15%). In terms of maximum drawdown, IBHL dropped -3.70% vs PGHY's -20.50%.
On 1-year performance, PGHY leads with 7.36% vs 6.07% for IBHL. Both ETFs have the same 0.35% expense ratio. On volatility, IBHL has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PGHY has performed better with a 7.36% return vs 6.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBHL and PGHY have the same expense ratio: 0.35% per year.
PGHY has the higher dividend yield at 7.11%, compared with 6.28% for IBHL.
IBHL tracks Bloomberg 2032 Term High Yield and Income Index, while PGHY tracks DB Global Short Maturity High Yield Bond Index. They also come from different issuers: iShares and Invesco.
IBHL currently has the higher Sharpe Ratio (1.48 vs 1.43), 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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