PGHY vs. EMHY
Compare and contrast key facts about Invesco Global Short Term High Yield Bond ETF (PGHY) and iShares J.P. Morgan EM High Yield Bond ETF (EMHY).
PGHY and EMHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PGHY is a passively managed fund by Invesco that tracks the performance of the DB Global Short Maturity High Yield Bond Index. It was launched on Jun 20, 2013. EMHY is a passively managed fund by iShares that tracks the performance of the J.P. Morgan USD Emerging Markets High Yield Bond Index. It was launched on Apr 3, 2012. Both PGHY and EMHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PGHY or EMHY.
Key characteristics
| PGHY | EMHY | |
|---|---|---|
| YTD Return | 3.26% | 5.34% |
| 1Y Return | 11.71% | 18.83% |
| 3Y Return (Ann) | 2.33% | 0.03% |
| 5Y Return (Ann) | 2.67% | 2.15% |
| 10Y Return (Ann) | 3.26% | 2.96% |
| Sharpe Ratio | 2.25 | 2.44 |
| Daily Std Dev | 5.30% | 7.52% |
| Max Drawdown | -20.50% | -30.11% |
| Current Drawdown | -0.20% | -1.94% |
Correlation
The correlation between PGHY and EMHY is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
PGHY vs. EMHY - Performance Comparison
In the year-to-date period, PGHY achieves a 3.26% return, which is significantly lower than EMHY's 5.34% return. Over the past 10 years, PGHY has outperformed EMHY with an annualized return of 3.26%, while EMHY has yielded a comparatively lower 2.96% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PGHY vs. EMHY - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is lower than EMHY's 0.50% expense ratio.
Risk-Adjusted Performance
PGHY vs. EMHY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Short Term High Yield Bond ETF (PGHY) and iShares J.P. Morgan EM High Yield Bond ETF (EMHY). 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.
Dividends
PGHY vs. EMHY - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 8.22%, more than EMHY's 6.50% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 8.22% | 7.87% | 5.12% | 5.18% | 5.45% | 5.32% | 5.45% | 5.52% | 6.26% | 4.60% | 4.41% | 1.90% |
EMHY iShares J.P. Morgan EM High Yield Bond ETF | 6.50% | 6.73% | 7.08% | 5.58% | 5.44% | 5.72% | 6.79% | 5.59% | 6.43% | 6.99% | 6.36% | 6.03% |
Drawdowns
PGHY vs. EMHY - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, smaller than the maximum EMHY drawdown of -30.11%. Use the drawdown chart below to compare losses from any high point for PGHY and EMHY. For additional features, visit the drawdowns tool.
Volatility
PGHY vs. EMHY - Volatility Comparison
The current volatility for Invesco Global Short Term High Yield Bond ETF (PGHY) is 1.50%, while iShares J.P. Morgan EM High Yield Bond ETF (EMHY) has a volatility of 1.99%. This indicates that PGHY experiences smaller price fluctuations and is considered to be less risky than EMHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.