PGHY vs. FIVFX

Last updated Jun 9, 2026

PGHY (Invesco Global Short Term High Yield Bond ETF) and FIVFX (Fidelity International Capital Appreciation Fund) are both funds - PGHY is a High Yield Bonds fund tracking the DB Global Short Maturity High Yield Bond Index, while FIVFX is a Foreign Large Cap Equities fund managed by Fidelity. At a 0.28 correlation, their price movements are largely independent. PGHY charges 0.35%/yr vs 1.00%/yr for FIVFX.

Performance

PGHY vs. FIVFX - 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 Fidelity International Capital Appreciation Fund (FIVFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PGHY

• 1D: 0.25%
• 1M: -0.40%
• YTD: 2.18%
• 6M: 2.62%
• 1Y: 7.49%
• 3Y*: 8.64%
• 5Y*: 4.49%
• 10Y*: 4.32%

FIVFX

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

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

PGHY vs. FIVFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGHY Invesco Global Short Term High Yield Bond ETF	2.18%	8.88%	8.39%	10.15%	-5.50%	1.22%	3.04%	5.87%	0.38%	2.97%
FIVFX Fidelity International Capital Appreciation Fund	0.00%	19.54%	8.05%	27.58%	-26.48%	12.14%	22.32%	33.05%	-12.87%	35.81%

Correlation

The correlation between PGHY and FIVFX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jun 21, 2013	0.28

The correlation between PGHY and FIVFX shifts across timeframes, from 0.12 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PGHY vs. FIVFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PGHY

PGHY Risk / Return Rank: 52
PGHY Sharpe Ratio Rank: 48
PGHY Sortino Ratio Rank: 52
PGHY Omega Ratio Rank: 46
PGHY Calmar Ratio Rank: 55
PGHY Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PGHY vs. FIVFX - 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 Fidelity International Capital Appreciation Fund (FIVFX). 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.

	PGHY	FIVFX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	—	—
Sortino ratio: Return per unit of downside risk	2.26	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.48	—	—
Martin ratio: Return relative to average drawdown	9.56	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PGHY	FIVFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	—	—

Drawdowns

Drawdown Indicators

	PGHY	FIVFX	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	-9.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.50%	—	—
Current Drawdown Current decline from peak	-0.80%	—	—
Average Drawdown Average peak-to-trough decline	-1.64%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	—	—

Volatility

Volatility by Period

	PGHY	FIVFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.06%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.45%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	—	—

PGHY vs. FIVFX - Expense Ratio Comparison

PGHY has a 0.35% expense ratio, which is lower than FIVFX's 1.00% expense ratio.

Dividends

PGHY vs. FIVFX - Dividend Comparison

PGHY's dividend yield for the trailing twelve months is around 7.11%, while FIVFX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIVFX Fidelity International Capital Appreciation Fund	10.67%	10.67%	4.19%	0.38%	0.05%	9.08%	1.28%	3.29%	3.00%	2.99%	0.68%	1.57%
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

Can I hold both PGHY and FIVFX in my portfolio?

PGHY and FIVFX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.