IGHY.L vs. GBHY.L
IGHY.L (iShares Global High Yield Corporate Bond UCITS ETF) and GBHY.L (Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist) are both High Yield Bonds funds - IGHY.L tracks the ICE BofA Gbl HY Constnd TR USD while GBHY.L tracks the Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index. Both are passively managed. Over the past 3 years, IGHY.L returned 0.50%/yr vs 5.98%/yr for GBHY.L. A 0.62 correlation means they provide meaningful diversification when combined. IGHY.L charges 0.50%/yr vs 0.25%/yr for GBHY.L.
Performance
IGHY.L vs. GBHY.L - Performance Comparison
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Different Trading Currencies
IGHY.L is traded in GBP, while GBHY.L is traded in USD. To make them comparable, the GBHY.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IGHY.L achieves a -2.13% return, which is significantly lower than GBHY.L's 1.56% return.
IGHY.L
- 1D
- 0.16%
- 1M
- 0.92%
- YTD
- -2.13%
- 6M
- -2.10%
- 1Y
- 1.53%
- 3Y*
- 0.50%
- 5Y*
- -0.88%
- 10Y*
- 0.37%
GBHY.L
- 1D
- 0.25%
- 1M
- 1.22%
- YTD
- 1.56%
- 6M
- 1.26%
- 1Y
- 7.38%
- 3Y*
- 5.98%
- 5Y*
- —
- 10Y*
- —
IGHY.L vs. GBHY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IGHY.L iShares Global High Yield Corporate Bond UCITS ETF | -2.13% | 1.20% | -1.38% | -0.25% |
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist | 1.53% | 2.56% | 7.79% | 3.22% |
Correlation
The correlation between IGHY.L and GBHY.L is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2023 | 0.62 |
The correlation between IGHY.L and GBHY.L has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.
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Return for Risk
IGHY.L vs. GBHY.L — Risk / Return Rank
IGHY.L
GBHY.L
IGHY.L vs. GBHY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global High Yield Corporate Bond UCITS ETF (IGHY.L) and Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.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.
| IGHY.L | GBHY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.21 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | 2.35 | -2.10 |
| Martin ratioReturn relative to average drawdown | 0.64 | 6.94 | -6.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IGHY.L | GBHY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.21 | 1.17 | -0.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.04 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.19 | 0.65 | -0.84 |
Drawdowns
IGHY.L vs. GBHY.L - Drawdown Comparison
The maximum IGHY.L drawdown since its inception was -38.62%, which is greater than GBHY.L's maximum drawdown of -7.72%. Use the drawdown chart below to compare losses from any high point for IGHY.L and GBHY.L.
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Drawdown Indicators
| IGHY.L | GBHY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.62% | -7.72% | -30.90% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -3.12% | -2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -6.33% | -7.03% | +0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -11.28% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -20.95% | — | — |
Current DrawdownCurrent decline from peak | -29.35% | -0.01% | -29.34% |
Average DrawdownAverage peak-to-trough decline | -27.58% | -2.28% | -25.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 1.06% | +0.94% |
Volatility
IGHY.L vs. GBHY.L - Volatility Comparison
The current volatility for iShares Global High Yield Corporate Bond UCITS ETF (IGHY.L) is 1.33%, while Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.L) has a volatility of 1.92%. This indicates that IGHY.L experiences smaller price fluctuations and is considered to be less risky than GBHY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGHY.L | GBHY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 1.92% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 4.87% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 6.28% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.25% | 6.89% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.12% | 6.89% | +2.23% |
IGHY.L vs. GBHY.L - Expense Ratio Comparison
IGHY.L has a 0.50% expense ratio, which is higher than GBHY.L's 0.25% expense ratio.
Dividends
IGHY.L vs. GBHY.L - Dividend Comparison
IGHY.L's dividend yield for the trailing twelve months is around 0.06%, less than GBHY.L's 6.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist | 6.52% | 6.49% | 6.89% | 5.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IGHY.L iShares Global High Yield Corporate Bond UCITS ETF | 0.06% | 0.05% | 0.05% | 0.05% | 0.04% | 0.04% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
Frequently Asked Questions
IGHY.L and GBHY.L 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.
On fees, GBHY.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBHY.L is cheaper with a 0.25% expense ratio, compared with 0.50% for IGHY.L.
IGHY.L tracks ICE BofA Gbl HY Constnd TR USD, while GBHY.L tracks Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.50% for IGHY.L and 0.25% for GBHY.L.
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