IHYA.L vs. GLAD.L
IHYA.L (iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)) and GLAD.L (SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc)) are both exchange-traded funds - IHYA.L is a High Yield Bonds fund tracking the Bloomberg US Corporate High Yield TR USD, while GLAD.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg USD. Both are passively managed. Over the past 5 years, IHYA.L returned 3.99%/yr vs 0.65%/yr for GLAD.L. At a 0.33 correlation, their price movements are largely independent. IHYA.L charges 0.50%/yr vs 0.10%/yr for GLAD.L.
Performance
IHYA.L vs. GLAD.L - Performance Comparison
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Returns By Period
In the year-to-date period, IHYA.L achieves a 1.10% return, which is significantly higher than GLAD.L's 0.54% return.
IHYA.L
- 1D
- 0.09%
- 1M
- -0.11%
- YTD
- 1.10%
- 6M
- 1.70%
- 1Y
- 6.95%
- 3Y*
- 8.29%
- 5Y*
- 3.99%
- 10Y*
- —
GLAD.L
- 1D
- 0.15%
- 1M
- 0.03%
- YTD
- 0.54%
- 6M
- 0.71%
- 1Y
- 3.51%
- 3Y*
- 4.15%
- 5Y*
- 0.65%
- 10Y*
- —
IHYA.L vs. GLAD.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) | 1.10% | 9.49% | 6.98% | 10.64% | -8.87% | 3.72% | 5.07% | 2.24% |
GLAD.L SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) | 0.54% | 4.72% | 3.23% | 6.73% | -11.24% | -1.59% | 5.21% | -0.04% |
Correlation
The correlation between IHYA.L and GLAD.L is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2019 | 0.33 |
Over the past year, IHYA.L and GLAD.L have become more correlated (0.55) than their long-term average of 0.33, meaning their price movements have been converging.
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Return for Risk
IHYA.L vs. GLAD.L — Risk / Return Rank
IHYA.L
GLAD.L
IHYA.L vs. GLAD.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 SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.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.
| IHYA.L | GLAD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.20 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 1.51 | +0.94 |
| Martin ratioReturn relative to average drawdown | 12.30 | 4.60 | +7.70 |
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
| IHYA.L | GLAD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.93 | 1.09 | +0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.15 | +0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.23 | +0.34 |
Drawdowns
IHYA.L vs. GLAD.L - Drawdown Comparison
The maximum IHYA.L drawdown since its inception was -22.58%, which is greater than GLAD.L's maximum drawdown of -15.20%. Use the drawdown chart below to compare losses from any high point for IHYA.L and GLAD.L.
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Drawdown Indicators
| IHYA.L | GLAD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.58% | -15.20% | -7.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -2.30% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -4.83% | -3.78% | -1.05% |
Max Drawdown (5Y)Largest decline over 5 years | -13.68% | -15.05% | +1.37% |
Current DrawdownCurrent decline from peak | -0.31% | -1.01% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -4.55% | +2.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 0.76% | -0.20% |
Volatility
IHYA.L vs. GLAD.L - Volatility Comparison
iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L) and SPDR Bloomberg Global Aggregate Bond UCITS ETF USD Hedged (Acc) (GLAD.L) have volatilities of 1.36% and 1.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IHYA.L | GLAD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.38% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 2.63% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.58% | 3.19% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.81% | 4.48% | +2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 4.27% | +3.62% |
IHYA.L vs. GLAD.L - Expense Ratio Comparison
IHYA.L has a 0.50% expense ratio, which is higher than GLAD.L's 0.10% expense ratio.
Dividends
IHYA.L vs. GLAD.L - Dividend Comparison
Neither IHYA.L nor GLAD.L has paid dividends to shareholders.
Frequently Asked Questions
IHYA.L and GLAD.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLAD.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLAD.L is cheaper with a 0.10% expense ratio, compared with 0.50% for IHYA.L.
IHYA.L is categorized as High Yield Bonds, while GLAD.L is Global Bonds. IHYA.L tracks Bloomberg US Corporate High Yield TR USD, while GLAD.L tracks Bloomberg Global Aggregate TR Hdg USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for IHYA.L and 0.10% for GLAD.L.
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