PGHY vs. FSMD
PGHY (Invesco Global Short Term High Yield Bond ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - PGHY is a High Yield Bonds fund tracking the DB Global Short Maturity High Yield Bond Index, while FSMD is a Small Cap Blend Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, PGHY returned 4.58%/yr vs 10.07%/yr for FSMD. At a 0.36 correlation, their price movements are largely independent. PGHY charges 0.35%/yr vs 0.15%/yr for FSMD.
Performance
PGHY vs. FSMD - Performance Comparison
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Returns By Period
In the year-to-date period, PGHY achieves a 2.68% return, which is significantly lower than FSMD's 15.30% return.
PGHY
- 1D
- 0.02%
- 1M
- -0.26%
- 6M
- 2.02%
- YTD
- 2.68%
- 1Y
- 6.65%
- 3Y*
- 8.41%
- 5Y*
- 4.58%
- 10Y*
- 4.14%
- ALL TIME*
- 4.17%
FSMD
- 1D
- -0.47%
- 1M
- -2.04%
- 6M
- 9.94%
- YTD
- 15.30%
- 1Y
- 22.01%
- 3Y*
- 15.26%
- 5Y*
- 10.07%
- 10Y*
- —
- ALL TIME*
- 11.63%
PGHY vs. FSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 2.68% | 8.88% | 8.39% | 10.15% | -5.50% | 1.22% | 3.04% | 2.95% |
FSMD Fidelity Small-Mid Multifactor ETF | 15.30% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
Correlation
The correlation between PGHY and FSMD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | 0.36 |
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Return for Risk
PGHY vs. FSMD — Risk / Return Rank
PGHY
FSMD
PGHY vs. FSMD - 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 Small-Mid Multifactor ETF (FSMD). 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 | FSMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.25 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 2.62 | -0.42 |
| Martin ratioReturn relative to average drawdown | 8.38 | 9.08 | -0.70 |
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Drawdowns
PGHY vs. FSMD - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for PGHY and FSMD.
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Drawdown Indicators
| PGHY | FSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -40.67% | +20.17% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -8.44% | +5.40% |
Max Drawdown (3Y)Largest decline over 3 years | -5.03% | -22.16% | +17.13% |
Max Drawdown (5Y)Largest decline over 5 years | -9.38% | -22.16% | +12.78% |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | — | — |
Current DrawdownCurrent decline from peak | -0.41% | -4.41% | +4.00% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -5.93% | +4.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 2.43% | -1.64% |
Volatility
PGHY vs. FSMD - Volatility Comparison
The current volatility for Invesco Global Short Term High Yield Bond ETF (PGHY) is 0.88%, while Fidelity Small-Mid Multifactor ETF (FSMD) has a volatility of 4.36%. This indicates that PGHY experiences smaller price fluctuations and is considered to be less risky than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGHY | FSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 4.36% | -3.48% |
Volatility (6M)Calculated over the trailing 6-month period | 3.86% | 12.30% | -8.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.09% | 15.77% | -10.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 18.53% | -13.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.01% | 21.35% | -14.34% |
PGHY vs. FSMD - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is higher than FSMD's 0.15% expense ratio.
Dividends
PGHY vs. FSMD - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.74%, more than FSMD's 1.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 1.26% | 1.33% | 1.29% | 1.37% | 1.54% | 1.18% | 1.32% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
PGHY Invesco Global Short Term High Yield Bond ETF | 7.74% | 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 FSMD have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSMD has higher volatility (4.36%) compared to PGHY (0.88%). In terms of maximum drawdown, PGHY dropped -20.50% vs FSMD's -40.67%.
On 5-year performance, FSMD leads with 10.07% vs 4.58% for PGHY. On fees, FSMD is cheaper at 0.15% per year. On volatility, PGHY has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FSMD has performed better with a 10.07% return vs 4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FSMD is cheaper with a 0.15% expense ratio, compared with 0.35% for PGHY.
PGHY has the higher dividend yield at 7.74%, compared with 1.26% for FSMD.
PGHY is categorized as High Yield Bonds, while FSMD is Small Cap Blend Equities. PGHY tracks DB Global Short Maturity High Yield Bond Index, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.35% for PGHY and 0.15% for FSMD.
FSMD currently has the higher Sharpe Ratio (1.41 vs 1.31), 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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