KIO vs. GHY
KIO (KKR Income Opportunities Fund) and GHY (PGIM Global High Yield Fund) are both mutual funds - KIO is a Multisector Bonds fund managed by KKR Asset Management, while GHY is a High Yield Bonds fund managed by PGIM. Over the past 10 years, KIO returned 7.65%/yr vs 7.03%/yr for GHY. At a 0.47 correlation, their price movements are largely independent. KIO charges 0.04%/yr vs 0.03%/yr for GHY.
Performance
KIO vs. GHY - Performance Comparison
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Returns By Period
In the year-to-date period, KIO achieves a 4.73% return, which is significantly higher than GHY's 1.61% return. Over the past 10 years, KIO has outperformed GHY with an annualized return of 7.65%, while GHY has yielded a comparatively lower 7.03% annualized return.
KIO
- 1D
- 0.18%
- 1M
- 1.89%
- 6M
- 3.57%
- YTD
- 4.73%
- 1Y
- 2.20%
- 3Y*
- 11.09%
- 5Y*
- 3.87%
- 10Y*
- 7.65%
GHY
- 1D
- 0.76%
- 1M
- 1.74%
- 6M
- -0.88%
- YTD
- 1.61%
- 1Y
- -2.10%
- 3Y*
- 13.18%
- 5Y*
- 5.02%
- 10Y*
- 7.03%
KIO vs. GHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 4.73% | -2.49% | 18.45% | 31.53% | -28.25% | 26.82% | 2.04% | 21.92% | -2.53% | 9.68% |
GHY PGIM Global High Yield Fund | 1.61% | 10.46% | 20.25% | 17.29% | -20.04% | 12.73% | 6.33% | 26.51% | -3.54% | 4.38% |
Correlation
The correlation between KIO and GHY is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2013 | 0.47 |
The correlation between KIO and GHY has been stable across timeframes, ranging from 0.46 to 0.54 - a consistent structural relationship.
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Return for Risk
KIO vs. GHY — Risk / Return Rank
KIO
GHY
KIO vs. GHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KKR Income Opportunities Fund (KIO) and PGIM Global High Yield Fund (GHY). 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.
| KIO | GHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.98 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.20 | -0.18 | +0.38 |
| Martin ratioReturn relative to average drawdown | 0.43 | -0.46 | +0.89 |
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Drawdowns
KIO vs. GHY - Drawdown Comparison
The maximum KIO drawdown since its inception was -43.87%, which is greater than GHY's maximum drawdown of -41.35%. Use the drawdown chart below to compare losses from any high point for KIO and GHY.
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Drawdown Indicators
| KIO | GHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.87% | -41.35% | -2.52% |
Max Drawdown (1Y)Largest decline over 1 year | -11.01% | -11.94% | +0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -22.85% | -16.36% | -6.49% |
Max Drawdown (5Y)Largest decline over 5 years | -31.87% | -29.50% | -2.37% |
Max Drawdown (10Y)Largest decline over 10 years | -43.87% | -41.35% | -2.52% |
Current DrawdownCurrent decline from peak | -6.77% | -3.66% | -3.11% |
Average DrawdownAverage peak-to-trough decline | -8.08% | -6.01% | -2.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.09% | 4.62% | +0.47% |
Volatility
KIO vs. GHY - Volatility Comparison
The current volatility for KKR Income Opportunities Fund (KIO) is 2.19%, while PGIM Global High Yield Fund (GHY) has a volatility of 3.35%. This indicates that KIO experiences smaller price fluctuations and is considered to be less risky than GHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KIO | GHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.19% | 3.35% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 7.82% | 8.66% | -0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.15% | 11.04% | -0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.19% | 14.28% | -1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.34% | 15.34% | +1.00% |
KIO vs. GHY - Expense Ratio Comparison
KIO has a 0.04% expense ratio, which is higher than GHY's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
KIO vs. GHY - Dividend Comparison
KIO's dividend yield for the trailing twelve months is around 12.95%, more than GHY's 10.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHY PGIM Global High Yield Fund | 10.59% | 10.21% | 10.23% | 11.09% | 11.62% | 8.35% | 8.67% | 8.04% | 7.72% | 7.77% | 8.53% | 10.07% |
KIO KKR Income Opportunities Fund | 12.95% | 12.58% | 10.90% | 11.32% | 11.44% | 7.45% | 10.12% | 9.51% | 10.53% | 9.66% | 9.92% | 10.81% |
Frequently Asked Questions
KIO and GHY have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHY has higher volatility (3.35%) compared to KIO (2.19%). In terms of maximum drawdown, KIO dropped -43.87% vs GHY's -41.35%.
KIO currently has the higher Sharpe Ratio (0.22 vs -0.19), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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