IHYA.L vs. GHYG.L
IHYA.L (iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)) and GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) are both High Yield Bonds funds from iShares - IHYA.L tracks the Bloomberg US Corporate High Yield TR USD while GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP. Both are passively managed. Over the past 5 years, IHYA.L returned 3.88%/yr vs 2.48%/yr for GHYG.L. A 0.57 correlation means they provide meaningful diversification when combined. IHYA.L charges 0.50%/yr vs 0.55%/yr for GHYG.L.
Performance
IHYA.L vs. GHYG.L - Performance Comparison
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Different Trading Currencies
IHYA.L is traded in USD, while GHYG.L is traded in GBP. To make them comparable, the GHYG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IHYA.L achieves a 1.36% return, which is significantly higher than GHYG.L's -0.35% return.
IHYA.L
- 1D
- 0.00%
- 1M
- 0.40%
- YTD
- 1.36%
- 6M
- 1.63%
- 1Y
- 6.10%
- 3Y*
- 8.48%
- 5Y*
- 3.88%
- 10Y*
- —
GHYG.L
- 1D
- 0.21%
- 1M
- -1.53%
- YTD
- -0.35%
- 6M
- -0.48%
- 1Y
- 2.24%
- 3Y*
- 9.54%
- 5Y*
- 2.48%
- 10Y*
- —
IHYA.L vs. GHYG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IHYA.L iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) | 1.36% | 9.50% | 6.98% | 10.62% | -8.87% | 3.72% | 5.07% | 4.62% |
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | -0.35% | 15.99% | 5.32% | 16.74% | -19.15% | 2.64% | 5.40% | 7.22% |
Correlation
The correlation between IHYA.L and GHYG.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2019 | 0.57 |
The correlation between IHYA.L and GHYG.L shifts across timeframes, from 0.40 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IHYA.L vs. GHYG.L — Risk / Return Rank
IHYA.L
GHYG.L
IHYA.L vs. GHYG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L) and iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.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.
| IHYA.L | GHYG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.05 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 0.35 | +1.81 |
| Martin ratioReturn relative to average drawdown | 10.53 | 0.92 | +9.61 |
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Drawdowns
IHYA.L vs. GHYG.L - Drawdown Comparison
The maximum IHYA.L drawdown since its inception was -22.58%, smaller than the maximum GHYG.L drawdown of -34.28%. Use the drawdown chart below to compare losses from any high point for IHYA.L and GHYG.L.
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Drawdown Indicators
| IHYA.L | GHYG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.58% | -34.28% | +11.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -6.39% | +3.57% |
Max Drawdown (3Y)Largest decline over 3 years | -4.93% | -9.08% | +4.15% |
Max Drawdown (5Y)Largest decline over 5 years | -13.68% | -33.62% | +19.94% |
Current DrawdownCurrent decline from peak | -0.27% | -3.54% | +3.27% |
Average DrawdownAverage peak-to-trough decline | -2.21% | -7.94% | +5.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 2.42% | -1.84% |
Volatility
IHYA.L vs. GHYG.L - Volatility Comparison
The current volatility for iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L) is 0.98%, while iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) has a volatility of 1.73%. This indicates that IHYA.L experiences smaller price fluctuations and is considered to be less risky than GHYG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IHYA.L | GHYG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.73% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 6.47% | -3.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.66% | 8.52% | -4.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.84% | 12.08% | -5.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 13.59% | -5.70% |
IHYA.L vs. GHYG.L - Expense Ratio Comparison
IHYA.L has a 0.50% expense ratio, which is lower than GHYG.L's 0.55% expense ratio.
Dividends
IHYA.L vs. GHYG.L - Dividend Comparison
IHYA.L has not paid dividends to shareholders, while GHYG.L's dividend yield for the trailing twelve months is around 6.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 6.86% | 5.34% | 5.26% | 4.70% | 4.14% | 3.73% | 4.55% | 1.78% |
IHYA.L iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IHYA.L and GHYG.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IHYA.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IHYA.L is cheaper with a 0.50% expense ratio, compared with 0.55% for GHYG.L.
IHYA.L tracks Bloomberg US Corporate High Yield TR USD, while GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP. Their fees differ too: 0.50% for IHYA.L and 0.55% for GHYG.L.
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