IHYE.L vs. STEA.L

Last updated Jul 16, 2026

IHYE.L (iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist)) and STEA.L (PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc) are both High Yield Bonds funds - IHYE.L tracks the iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) while STEA.L tracks the PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc. Both are passively managed. Over the past 5 years, IHYE.L returned 1.67%/yr vs 3.11%/yr for STEA.L. Their correlation of 0.81 suggests significant overlap in exposure.

Performance

IHYE.L vs. STEA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IHYE.L) and PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc (STEA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IHYE.L achieves a 1.01% return, which is significantly higher than STEA.L's 0.53% return.

IHYE.L

• 1D: 0.03%
• 1M: 0.03%
• 6M: 0.50%
• YTD: 1.01%
• 1Y: 4.16%
• 3Y*: 5.96%
• 5Y*: 1.67%
• 10Y*: —

STEA.L

• 1D: -0.15%
• 1M: -0.21%
• 6M: 0.45%
• YTD: 0.53%
• 1Y: 4.04%
• 3Y*: 6.23%
• 5Y*: 3.11%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IHYE.L vs. STEA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IHYE.L iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist)	1.01%	6.77%	5.11%	8.05%	-11.60%	2.86%	3.05%	9.11%	-3.03%
STEA.L PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc	0.53%	6.59%	6.65%	9.15%	-6.91%	3.43%	1.48%	6.80%	-3.12%

Correlation

The correlation between IHYE.L and STEA.L is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Mar 6, 2018	0.81

The correlation between IHYE.L and STEA.L shifts across timeframes, from 0.63 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IHYE.L vs. STEA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IHYE.L

IHYE.L Risk / Return Rank: 42
IHYE.L Sharpe Ratio Rank: 39
IHYE.L Sortino Ratio Rank: 42
IHYE.L Omega Ratio Rank: 43
IHYE.L Calmar Ratio Rank: 37
IHYE.L Martin Ratio Rank: 48

STEA.L

STEA.L Risk / Return Rank: 45
STEA.L Sharpe Ratio Rank: 40
STEA.L Sortino Ratio Rank: 42
STEA.L Omega Ratio Rank: 40
STEA.L Calmar Ratio Rank: 45
STEA.L Martin Ratio Rank: 56

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IHYE.L vs. STEA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IHYE.L) and PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc (STEA.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.

	IHYE.L	STEA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.18	-0.01
Sortino ratio: Return per unit of downside risk	1.81	1.81	0.00
Omega ratio: Gain probability vs. loss probability	1.23	1.22	+0.01
Calmar ratio: Return relative to maximum drawdown	1.59	1.89	-0.31
Martin ratio: Return relative to average drawdown	6.44	7.74	-1.30

IHYE.L vs. STEA.L - Sharpe Ratio Comparison

The current IHYE.L Sharpe Ratio is 1.17, which is comparable to the STEA.L Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of IHYE.L and STEA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IHYE.L vs. STEA.L - Drawdown Comparison

The maximum IHYE.L drawdown since its inception was -22.54%, roughly equal to the maximum STEA.L drawdown of -22.62%. Use the drawdown chart below to compare losses from any high point for IHYE.L and STEA.L.

Drawdown Indicators

	IHYE.L	STEA.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.54%	-22.62%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-2.10%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-4.70%	-4.85%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-15.54%	-10.29%	-5.25%
Current Drawdown Current decline from peak	0.00%	-0.21%	+0.21%
Average Drawdown Average peak-to-trough decline	-3.47%	-2.17%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.52%	+0.16%

Volatility

IHYE.L vs. STEA.L - Volatility Comparison

iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist) (IHYE.L) has a higher volatility of 0.79% compared to PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc (STEA.L) at 0.58%. This indicates that IHYE.L's price experiences larger fluctuations and is considered to be riskier than STEA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHYE.L	STEA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.58%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	2.70%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	3.78%	3.36%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.81%	5.30%	+1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.12%	6.55%	+1.57%

Dividends

IHYE.L vs. STEA.L - Dividend Comparison

IHYE.L's dividend yield for the trailing twelve months is around 6.19%, while STEA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IHYE.L iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist)	6.19%	6.07%	6.32%	5.59%	5.13%	4.35%	4.82%	5.59%	3.88%
STEA.L PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IHYE.L and STEA.L in my portfolio?

IHYE.L and STEA.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between IHYE.L and STEA.L?

IHYE.L tracks iShares $ High Yield Corp Bond UCITS ETF EUR Hedged (Dist), while STEA.L tracks PIMCO Advantage US Short-Term High Yield Corporate Bond UCITS ETF EUR (Hedged) Acc. They also come from different issuers: iShares and PIMCO.