IHHG.L vs. GFA.L
IHHG.L (iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and GFA.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc)) are both exchange-traded funds - IHHG.L is a Corporate Bonds fund tracking the iBoxx USD Liquid High Yield Capped (USD), while GFA.L is a Global High Yield Bonds fund tracking the ICE Global Fallen Angel High Yield 10% Constrained Index. Both are passively managed. Over the past 5 years, IHHG.L returned 3.11%/yr vs 3.45%/yr for GFA.L. At a 0.30 correlation, their price movements are largely independent. IHHG.L charges 0.55%/yr vs 0.40%/yr for GFA.L.
Performance
IHHG.L vs. GFA.L - Performance Comparison
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Different Trading Currencies
IHHG.L is traded in GBP, while GFA.L is traded in USD. To make them comparable, the GFA.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IHHG.L achieves a 1.59% return, which is significantly lower than GFA.L's 3.70% return.
IHHG.L
- 1D
- -0.23%
- 1M
- 0.23%
- 6M
- 1.12%
- YTD
- 1.59%
- 1Y
- 5.78%
- 3Y*
- 7.40%
- 5Y*
- 3.11%
- 10Y*
- —
GFA.L
- 1D
- 0.02%
- 1M
- -1.41%
- 6M
- 2.70%
- YTD
- 3.70%
- 1Y
- 6.62%
- 3Y*
- 7.02%
- 5Y*
- 3.45%
- 10Y*
- —
IHHG.L vs. GFA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IHHG.L iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 1.59% | 9.03% | 6.38% | 9.77% | -10.41% | 3.44% | 2.55% | 10.54% | -1.67% |
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) | 3.70% | 2.14% | 7.87% | 4.78% | -2.17% | 2.89% | 13.52% | 9.03% | 5.99% |
Correlation
The correlation between IHHG.L and GFA.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2018 | 0.30 |
The correlation between IHHG.L and GFA.L shifts across timeframes, from 0.17 (1 year) to 0.33 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IHHG.L vs. GFA.L — Risk / Return Rank
IHHG.L
GFA.L
IHHG.L vs. GFA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (IHHG.L) and VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.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.
| IHHG.L | GFA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.15 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 1.83 | +0.43 |
| Martin ratioReturn relative to average drawdown | 10.12 | 4.50 | +5.62 |
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Drawdowns
IHHG.L vs. GFA.L - Drawdown Comparison
The maximum IHHG.L drawdown since its inception was -23.51%, which is greater than GFA.L's maximum drawdown of -15.25%. Use the drawdown chart below to compare losses from any high point for IHHG.L and GFA.L.
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Drawdown Indicators
| IHHG.L | GFA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.51% | -15.25% | -8.26% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -3.60% | +1.06% |
Max Drawdown (3Y)Largest decline over 3 years | -4.38% | -7.13% | +2.75% |
Max Drawdown (5Y)Largest decline over 5 years | -14.78% | -10.60% | -4.18% |
Current DrawdownCurrent decline from peak | -0.23% | -2.60% | +2.37% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -2.58% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 1.47% | -0.90% |
Volatility
IHHG.L vs. GFA.L - Volatility Comparison
The current volatility for iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (IHHG.L) is 0.79%, while VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) (GFA.L) has a volatility of 1.87%. This indicates that IHHG.L experiences smaller price fluctuations and is considered to be less risky than GFA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IHHG.L | GFA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.87% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.83% | 7.32% | -4.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.75% | 8.31% | -4.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.70% | 8.95% | -2.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.01% | 9.40% | -1.39% |
IHHG.L vs. GFA.L - Expense Ratio Comparison
IHHG.L has a 0.55% expense ratio, which is higher than GFA.L's 0.40% expense ratio.
Dividends
IHHG.L vs. GFA.L - Dividend Comparison
IHHG.L's dividend yield for the trailing twelve months is around 6.15%, while GFA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IHHG.L iShares $ High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 6.15% | 6.06% | 6.23% | 5.55% | 5.21% | 4.25% | 4.89% | 5.47% | 3.58% |
Frequently Asked Questions
IHHG.L and GFA.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GFA.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GFA.L is cheaper with a 0.40% expense ratio, compared with 0.55% for IHHG.L.
IHHG.L is categorized as Corporate Bonds, while GFA.L is Global High Yield Bonds. IHHG.L tracks iBoxx USD Liquid High Yield Capped (USD), while GFA.L tracks ICE Global Fallen Angel High Yield 10% Constrained Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.55% for IHHG.L and 0.40% for GFA.L.
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