PGHY vs. HYDB
PGHY (Invesco Global Short Term High Yield Bond ETF) and HYDB (iShares High Yield Bond Factor ETF) are both High Yield Bonds funds - PGHY tracks the DB Global Short Maturity High Yield Bond Index while HYDB tracks the BlackRock High Yield Defensive Bond Index. Both are passively managed. Over the past 5 years, PGHY returned 4.63%/yr vs 4.57%/yr for HYDB. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.
Performance
PGHY vs. HYDB - 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 HYDB's 1.47% return.
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%
HYDB
- 1D
- -0.11%
- 1M
- 0.41%
- YTD
- 1.47%
- 6M
- 1.60%
- 1Y
- 6.31%
- 3Y*
- 9.35%
- 5Y*
- 4.57%
- 10Y*
- —
PGHY vs. HYDB - 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% | 0.26% |
HYDB iShares High Yield Bond Factor ETF | 1.47% | 8.10% | 9.11% | 14.02% | -9.99% | 5.14% | 7.39% | 16.13% | -3.18% | 3.38% |
Correlation
The correlation between PGHY and HYDB is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2017 | 0.43 |
The correlation between PGHY and HYDB shifts across timeframes, from 0.43 (all time) to 0.56 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PGHY vs. HYDB — Risk / Return Rank
PGHY
HYDB
PGHY vs. HYDB - 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 iShares High Yield Bond Factor ETF (HYDB). 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 | HYDB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.32 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 2.24 | +0.23 |
| Martin ratioReturn relative to average drawdown | 9.46 | 9.85 | -0.39 |
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Drawdowns
PGHY vs. HYDB - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, smaller than the maximum HYDB drawdown of -21.58%. Use the drawdown chart below to compare losses from any high point for PGHY and HYDB.
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Drawdown Indicators
| PGHY | HYDB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -21.58% | +1.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -2.83% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -5.03% | -5.58% | +0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -9.42% | -14.28% | +4.86% |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | — | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.31% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -1.64% | -2.38% | +0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.64% | +0.15% |
Volatility
PGHY vs. HYDB - Volatility Comparison
Invesco Global Short Term High Yield Bond ETF (PGHY) has a higher volatility of 1.99% compared to iShares High Yield Bond Factor ETF (HYDB) at 1.06%. This indicates that PGHY's price experiences larger fluctuations and is considered to be riskier than HYDB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGHY | HYDB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 1.06% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 3.92% | 3.02% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.19% | 3.84% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.48% | 7.05% | -1.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.04% | 7.74% | -0.70% |
PGHY vs. HYDB - Expense Ratio Comparison
Both PGHY and HYDB have an expense ratio of 0.35%.
Dividends
PGHY vs. HYDB - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.11%, more than HYDB's 6.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Bond Factor ETF | 6.99% | 7.04% | 6.95% | 7.00% | 6.30% | 4.70% | 5.81% | 5.68% | 6.16% | 2.70% | 0.00% | 0.00% |
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 HYDB have a correlation of 0.49, 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 HYDB (1.06%). In terms of maximum drawdown, PGHY dropped -20.50% vs HYDB's -21.58%.
On 5-year performance, PGHY leads with 4.63% vs 4.57% for HYDB. Both ETFs have the same 0.35% expense ratio. On volatility, HYDB has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PGHY has performed better with a 4.63% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGHY and HYDB have the same expense ratio: 0.35% per year.
PGHY has the higher dividend yield at 7.11%, compared with 6.99% for HYDB.
PGHY tracks DB Global Short Maturity High Yield Bond Index, while HYDB tracks BlackRock High Yield Defensive Bond Index. They also come from different issuers: Invesco and iShares.
HYDB currently has the higher Sharpe Ratio (1.65 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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