PGHY vs. EMCB
PGHY (Invesco Global Short Term High Yield Bond ETF) and EMCB (WisdomTree Emerging Markets Corporate 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 EMCB is a Emerging Markets Bonds fund actively managed by WisdomTree. PGHY is passively managed, while EMCB is actively managed. Over the past 10 years, PGHY returned 4.42%/yr vs 4.25%/yr for EMCB. At a 0.22 correlation, their price movements are largely independent. PGHY charges 0.35%/yr vs 0.60%/yr for EMCB.
Performance
PGHY vs. EMCB - Performance Comparison
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Returns By Period
In the year-to-date period, PGHY achieves a 2.86% return, which is significantly higher than EMCB's 2.12% return. Both investments have delivered pretty close results over the past 10 years, with PGHY having a 4.42% annualized return and EMCB not far behind at 4.25%.
PGHY
- 1D
- 0.40%
- 1M
- 0.93%
- YTD
- 2.86%
- 6M
- 2.84%
- 1Y
- 7.48%
- 3Y*
- 9.08%
- 5Y*
- 4.63%
- 10Y*
- 4.42%
EMCB
- 1D
- -0.17%
- 1M
- 1.01%
- YTD
- 2.12%
- 6M
- 1.71%
- 1Y
- 6.40%
- 3Y*
- 7.72%
- 5Y*
- 2.13%
- 10Y*
- 4.25%
PGHY vs. EMCB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 2.86% | 8.88% | 8.39% | 10.15% | -5.50% | 1.22% | 3.04% | 5.87% | 0.38% | 2.97% |
EMCB WisdomTree Emerging Markets Corporate Bond Fund | 2.12% | 8.19% | 7.11% | 8.76% | -12.98% | -0.62% | 8.60% | 13.43% | -3.07% | 9.47% |
Correlation
The correlation between PGHY and EMCB is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2013 | 0.22 |
The correlation between PGHY and EMCB shifts across timeframes, from 0.22 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PGHY vs. EMCB — Risk / Return Rank
PGHY
EMCB
PGHY vs. EMCB - 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 Emerging Markets Corporate Bond Fund (EMCB). 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 | EMCB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.33 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 2.10 | +0.38 |
| Martin ratioReturn relative to average drawdown | 9.46 | 7.40 | +2.06 |
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Drawdowns
PGHY vs. EMCB - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, smaller than the maximum EMCB drawdown of -22.81%. Use the drawdown chart below to compare losses from any high point for PGHY and EMCB.
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Drawdown Indicators
| PGHY | EMCB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -22.81% | +2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -3.07% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.03% | -4.20% | -0.83% |
Max Drawdown (5Y)Largest decline over 5 years | -9.42% | -21.50% | +12.08% |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | -22.81% | +2.31% |
Current DrawdownCurrent decline from peak | -0.24% | -0.55% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -1.64% | -4.22% | +2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.87% | -0.08% |
Volatility
PGHY vs. EMCB - Volatility Comparison
Invesco Global Short Term High Yield Bond ETF (PGHY) has a higher volatility of 1.99% compared to WisdomTree Emerging Markets Corporate Bond Fund (EMCB) at 1.47%. This indicates that PGHY's price experiences larger fluctuations and is considered to be riskier than EMCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGHY | EMCB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 1.47% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 3.92% | 3.06% | +0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.19% | 3.79% | +1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.48% | 6.93% | -1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.04% | 8.46% | -1.42% |
PGHY vs. EMCB - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is lower than EMCB's 0.60% expense ratio.
Dividends
PGHY vs. EMCB - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.11%, more than EMCB's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMCB WisdomTree Emerging Markets Corporate Bond Fund | 5.35% | 5.47% | 5.29% | 5.09% | 4.04% | 3.43% | 3.85% | 4.17% | 4.20% | 4.04% | 4.08% | 5.09% |
PGHY Invesco Global Short Term High Yield Bond ETF | 7.11% | 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 EMCB have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGHY has higher volatility (1.99%) compared to EMCB (1.47%). In terms of maximum drawdown, PGHY dropped -20.50% vs EMCB's -22.81%.
On 10-year performance, PGHY leads with 4.42% vs 4.25% for EMCB. On fees, PGHY is cheaper at 0.35% per year. On volatility, EMCB has been the lower-risk option at 1.47%. 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 4.42% return vs 4.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGHY is cheaper with a 0.35% expense ratio, compared with 0.60% for EMCB.
PGHY has the higher dividend yield at 7.11%, compared with 5.35% for EMCB.
PGHY is categorized as High Yield Bonds, while EMCB is Emerging Markets Bonds. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.35% for PGHY and 0.60% for EMCB.
EMCB currently has the higher Sharpe Ratio (1.70 vs 1.45), 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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