PGHY vs. AGGY
PGHY (Invesco Global Short Term High Yield Bond ETF) and AGGY (WisdomTree Yield Enhanced U.S. Aggregate Bond Fund) are both exchange-traded funds - PGHY is a High Yield Bonds fund tracking the DB Global Short Maturity High Yield Bond Index, while AGGY is a Intermediate Core Bond fund tracking the Bloomberg US Aggregate Yield Enhanced. Both are passively managed. Over the past 10 years, PGHY returned 4.14%/yr vs 1.41%/yr for AGGY. Their 0.20 correlation means their historical movements had little consistent relationship. PGHY charges 0.35%/yr vs 0.12%/yr for AGGY.
Performance
PGHY vs. AGGY - Performance Comparison
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Returns By Period
In the year-to-date period, PGHY achieves a 2.42% return, which is significantly higher than AGGY's -0.77% return. Over the past 10 years, PGHY has outperformed AGGY with an annualized return of 4.14%, while AGGY has yielded a comparatively lower 1.41% annualized return.
PGHY
- 1D
- -0.15%
- 1M
- -0.54%
- 6M
- 1.38%
- YTD
- 2.42%
- 1Y
- 5.54%
- 3Y*
- 8.37%
- 5Y*
- 4.66%
- 10Y*
- 4.14%
- ALL TIME*
- 4.14%
AGGY
- 1D
- -0.20%
- 1M
- -1.65%
- 6M
- -0.95%
- YTD
- -0.77%
- 1Y
- 1.88%
- 3Y*
- 4.38%
- 5Y*
- -0.54%
- 10Y*
- 1.41%
- ALL TIME*
- 1.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.13M | $5.22M | $4.97M | |
| $921.90K | $935.56K | $975.15K |
PGHY vs. AGGY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 2.42% | 8.88% | 8.39% | 10.15% | -5.50% | 1.22% | 3.04% | 5.87% | 0.38% | 2.97% |
AGGY WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | -0.77% | 7.38% | 1.82% | 7.29% | -15.26% | -1.72% | 5.87% | 11.77% | -1.70% | 5.20% |
Correlation
The correlation between PGHY and AGGY is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2015 | 0.20 |
Over the past year, PGHY and AGGY have become more correlated (0.41) than their long-term average of 0.20, meaning their price movements have been converging.
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Return for Risk
PGHY vs. AGGY — Risk / Return Rank
PGHY
AGGY
PGHY vs. AGGY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Short Term High Yield Bond ETF (PGHY) and WisdomTree Yield Enhanced U.S. Aggregate Bond Fund (AGGY). 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.
| PGHY | AGGY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.11 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 0.98 | +0.91 |
| Martin ratioReturn relative to average drawdown | 7.15 | 2.44 | +4.71 |
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Drawdowns
PGHY vs. AGGY - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, roughly equal to the maximum AGGY drawdown of -20.98%. Use the drawdown chart below to compare losses from any high point for PGHY and AGGY.
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Drawdown Indicators
| PGHY | AGGY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -20.98% | +0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -2.81% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -5.03% | -4.78% | -0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -9.38% | -20.60% | +11.22% |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | -20.98% | +0.48% |
Current DrawdownCurrent decline from peak | -0.67% | -3.48% | +2.81% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -4.99% | +3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 1.12% | -0.32% |
Volatility
PGHY vs. AGGY - Volatility Comparison
The current volatility for Invesco Global Short Term High Yield Bond ETF (PGHY) is 0.63%, while WisdomTree Yield Enhanced U.S. Aggregate Bond Fund (AGGY) has a volatility of 1.14%. This indicates that PGHY experiences smaller price fluctuations and is considered to be less risky than AGGY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGHY | AGGY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 1.14% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 3.86% | 3.27% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 4.16% | +0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 6.08% | -0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 5.50% | +1.50% |
PGHY vs. AGGY - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is higher than AGGY's 0.12% expense ratio.
Dividends
PGHY vs. AGGY - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.16%, more than AGGY's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGGY WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | 4.59% | 4.48% | 4.38% | 3.78% | 2.77% | 2.10% | 2.96% | 3.02% | 3.36% | 2.78% | 3.19% | 1.27% |
PGHY Invesco Global Short Term High Yield Bond ETF | 7.16% | 7.24% | 7.49% | 7.87% | 5.12% | 5.17% | 5.45% | 5.32% | 5.45% | 5.52% | 6.26% | 4.60% |
Frequently Asked Questions
PGHY and AGGY have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AGGY has higher volatility (1.14%) compared to PGHY (0.63%). In terms of maximum drawdown, PGHY dropped -20.50% vs AGGY's -20.98%.
On 10-year performance, PGHY leads with 4.14% vs 1.41% for AGGY. On fees, AGGY is cheaper at 0.12% per year. On volatility, PGHY has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PGHY has performed better with a 4.14% return vs 1.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGGY is cheaper with a 0.12% expense ratio, compared with 0.35% for PGHY.
PGHY has the higher dividend yield at 7.16%, compared with 4.59% for AGGY.
PGHY is categorized as High Yield Bonds, while AGGY is Intermediate Core Bond. PGHY tracks DB Global Short Maturity High Yield Bond Index, while AGGY tracks Bloomberg US Aggregate Yield Enhanced. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.35% for PGHY and 0.12% for AGGY.
PGHY currently has the higher Sharpe Ratio (1.15 vs 0.66), 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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