PGHY vs. HYDB
PGHY (Invesco Global Short Term High Yield Bond ETF) and HYDB (iShares High Yield Systematic Bond 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 4.66%/yr vs 4.44%/yr for HYDB. Their 0.42 correlation means their historical movements had little consistent relationship. 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 2.42% return, which is significantly higher than HYDB's 1.34% return.
PGHY
- 1D
- -0.15%
- 1M
- -0.54%
- 6M
- 1.38%
- YTD
- 2.42%
- 1Y
- 5.54%
- 3Y*
- 8.37%
- 5Y*
- 4.66%
- 10Y*
- 4.14%
- ALL TIME*
- 4.14%
HYDB
- 1D
- 0.00%
- 1M
- -0.41%
- 6M
- 0.57%
- YTD
- 1.34%
- 1Y
- 4.88%
- 3Y*
- 8.47%
- 5Y*
- 4.44%
- 10Y*
- —
- ALL TIME*
- 5.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.23M | $7.91M | $8.88M | |
| $921.90K | $935.56K | $975.15K |
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 | 2.42% | 8.88% | 8.39% | 10.15% | -5.50% | 1.22% | 3.04% | 5.87% | 0.38% | 0.26% |
HYDB iShares High Yield Systematic Bond ETF | 1.34% | 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 historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2017 | 0.42 |
The correlation between PGHY and HYDB shifts across timeframes, from 0.42 (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 Systematic Bond 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 | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.24 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 1.73 | +0.15 |
| Martin ratioReturn relative to average drawdown | 7.15 | 7.48 | -0.33 |
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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 | -9.38% | -14.28% | +4.90% |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | — | — |
Current DrawdownCurrent decline from peak | -0.67% | -0.51% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -2.35% | +0.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.65% | +0.15% |
Volatility
PGHY vs. HYDB - Volatility Comparison
The current volatility for Invesco Global Short Term High Yield Bond ETF (PGHY) is 0.63%, while iShares High Yield Systematic Bond ETF (HYDB) has a volatility of 0.76%. This indicates that PGHY experiences smaller price fluctuations and is considered to be less risky 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 | 0.63% | 0.76% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.86% | 3.07% | +0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 3.81% | +1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 7.05% | -1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 7.70% | -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 7.16%, more than HYDB's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Systematic Bond ETF | 6.40% | 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 | 7.16% | 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.
HYDB has higher volatility (0.76%) compared to PGHY (0.63%). In terms of maximum drawdown, PGHY dropped -20.50% vs HYDB's -21.58%.
On 5-year performance, PGHY leads with 4.66% vs 4.44% for HYDB. Both ETFs have the same 0.35% expense ratio. On volatility, PGHY has been the lower-risk option at 0.63%. 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 4.66% return vs 4.44%. 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 7.16%, compared with 6.40% 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 (1.28 vs 1.15), 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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