PGHY vs. DINDX

Last updated Aug 4, 2026

PGHY (Invesco Global Short Term High Yield Bond ETF) and DINDX (Morgan Stanley Global Fixed Income Opportunities Fund) are both funds - PGHY is a High Yield Bonds fund tracking the DB Global Short Maturity High Yield Bond Index, while DINDX is a Multisector Bonds fund actively managed by Morgan Stanley. PGHY is passively managed, while DINDX is actively managed. Their 0.24 correlation means their historical movements had little consistent relationship. PGHY charges 0.35%/yr vs 0.56%/yr for DINDX.

Performance

PGHY vs. DINDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Short Term High Yield Bond ETF (PGHY) and Morgan Stanley Global Fixed Income Opportunities Fund (DINDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PGHY

• 1D: 0.39%
• 1M: -0.15%
• 6M: 1.68%
• YTD: 2.82%
• 1Y: 5.95%
• 3Y*: 8.39%
• 5Y*: 4.72%
• 10Y*: 4.15%
• ALL TIME*: 4.17%

DINDX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PGHY Invesco Global Short Term High Yield Bond ETF	$929.08K	$902.87K	$974.93K

PGHY vs. DINDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGHY Invesco Global Short Term High Yield Bond ETF	2.82%	8.88%	8.39%	10.15%	-5.50%	1.22%	3.04%	5.87%	0.38%	2.97%
DINDX Morgan Stanley Global Fixed Income Opportunities Fund	0.00%	8.28%	6.76%	8.49%	-7.06%	0.01%	5.10%	9.59%	-1.28%	7.54%

Correlation

The correlation between PGHY and DINDX is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.33
Correlation (5Y) Shows whether the relationship held over a longer period.	0.32
Correlation (10Y) Provides a long-term view across more market conditions.	0.26
Correlation (All Time) Calculated using the full available price history since Jun 21, 2013	0.24

The correlation between PGHY and DINDX shifts across timeframes, from 0.18 (1 year) to 0.33 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PGHY vs. DINDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PGHY

PGHY Risk / Return Rank: 51
PGHY Sharpe Ratio Rank: 47
PGHY Sortino Ratio Rank: 50
PGHY Omega Ratio Rank: 45
PGHY Calmar Ratio Rank: 53
PGHY Martin Ratio Rank: 60

DINDX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PGHY vs. DINDX - 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 Morgan Stanley Global Fixed Income Opportunities Fund (DINDX). 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	DINDX	Difference
Sharpe ratio: Return per unit of total volatility	1.20	—	—
Sortino ratio: Return per unit of downside risk	1.85	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.97	—	—
Martin ratio: Return relative to average drawdown	7.47	—	—

Drawdowns

Drawdown Indicators

	PGHY	DINDX	Difference
Max Drawdown Largest peak-to-trough decline	-20.50%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.03%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.50%	—	—
Current Drawdown Current decline from peak	-0.28%	—	—
Average Drawdown Average peak-to-trough decline	-1.63%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	—	—

Volatility

Volatility by Period

	PGHY	DINDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.00%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.49%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.00%	—	—

PGHY vs. DINDX - Expense Ratio Comparison

PGHY has a 0.35% expense ratio, which is lower than DINDX's 0.56% expense ratio.

Dividends

PGHY vs. DINDX - Dividend Comparison

PGHY's dividend yield for the trailing twelve months is around 7.14%, while DINDX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DINDX Morgan Stanley Global Fixed Income Opportunities Fund	1.81%	4.69%	5.36%	4.69%	5.82%	3.52%	2.98%	3.43%	3.68%	3.13%	6.24%	4.80%
PGHY Invesco Global Short Term High Yield Bond ETF	7.14%	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

Can I hold both PGHY and DINDX in my portfolio?

PGHY and DINDX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.