PGHY vs. HYHG
PGHY (Invesco Global Short Term High Yield Bond ETF) and HYHG (ProShares High Yield-Interest Rate Hedged) are both High Yield Bonds funds - PGHY tracks the DB Global Short Maturity High Yield Bond Index while HYHG tracks the FTSE High Yield (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, PGHY returned 4.15%/yr vs 5.97%/yr for HYHG. Their 0.24 correlation means their historical movements had little consistent relationship. PGHY charges 0.35%/yr vs 0.50%/yr for HYHG.
Performance
PGHY vs. HYHG - Performance Comparison
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Returns By Period
In the year-to-date period, PGHY achieves a 2.82% return, which is significantly lower than HYHG's 4.39% return. Over the past 10 years, PGHY has underperformed HYHG with an annualized return of 4.15%, while HYHG has yielded a comparatively higher 5.97% annualized return.
PGHY
- 1D
- 0.39%
- 1M
- -0.15%
- 6M
- 1.68%
- YTD
- 2.82%
- 1Y
- 5.95%
- 3Y*
- 8.39%
- 5Y*
- 4.72%
- 10Y*
- 4.15%
- ALL TIME*
- 4.17%
HYHG
- 1D
- 0.31%
- 1M
- 0.56%
- 6M
- 3.29%
- YTD
- 4.39%
- 1Y
- 8.03%
- 3Y*
- 9.07%
- 5Y*
- 7.34%
- 10Y*
- 5.97%
- ALL TIME*
- 4.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.24M | $1.63M | $1.20M | |
| $929.08K | $902.87K | $974.93K |
PGHY vs. HYHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 2.82% | 8.88% | 8.39% | 10.15% | -5.50% | 1.22% | 3.04% | 5.87% | 0.38% | 2.97% |
HYHG ProShares High Yield-Interest Rate Hedged | 4.39% | 5.31% | 11.41% | 14.69% | -1.71% | 5.75% | 0.16% | 12.02% | -1.95% | 3.76% |
Correlation
The correlation between PGHY and HYHG is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.31 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2013 | 0.24 |
The correlation between PGHY and HYHG shifts across timeframes, from 0.09 (1 year) to 0.31 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PGHY vs. HYHG — Risk / Return Rank
PGHY
HYHG
PGHY vs. HYHG - 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 ProShares High Yield-Interest Rate Hedged (HYHG). 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 | HYHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.26 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 3.99 | -2.03 |
| Martin ratioReturn relative to average drawdown | 7.47 | 13.34 | -5.87 |
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Drawdowns
PGHY vs. HYHG - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, smaller than the maximum HYHG drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for PGHY and HYHG.
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Drawdown Indicators
| PGHY | HYHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -25.71% | +5.21% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -2.02% | -1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -5.03% | -7.47% | +2.44% |
Max Drawdown (5Y)Largest decline over 5 years | -9.38% | -9.21% | -0.17% |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | -25.71% | +5.21% |
Current DrawdownCurrent decline from peak | -0.28% | 0.00% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -3.01% | +1.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.60% | +0.20% |
Volatility
PGHY vs. HYHG - Volatility Comparison
The current volatility for Invesco Global Short Term High Yield Bond ETF (PGHY) is 0.74%, while ProShares High Yield-Interest Rate Hedged (HYHG) has a volatility of 1.33%. This indicates that PGHY experiences smaller price fluctuations and is considered to be less risky than HYHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGHY | HYHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 1.33% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.88% | 3.96% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.00% | 5.59% | -0.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 8.17% | -2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 9.07% | -2.07% |
PGHY vs. HYHG - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is lower than HYHG's 0.50% expense ratio.
Dividends
PGHY vs. HYHG - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.14%, more than HYHG's 6.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYHG ProShares High Yield-Interest Rate Hedged | 6.67% | 6.97% | 6.57% | 6.07% | 5.58% | 4.54% | 5.21% | 6.06% | 6.45% | 5.57% | 5.37% | 6.37% |
PGHY Invesco Global Short Term High Yield Bond ETF | 7.14% | 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 HYHG have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYHG has higher volatility (1.33%) compared to PGHY (0.74%). In terms of maximum drawdown, PGHY dropped -20.50% vs HYHG's -25.71%.
On 10-year performance, HYHG leads with 5.97% vs 4.15% for PGHY. On fees, PGHY is cheaper at 0.35% per year. On volatility, PGHY has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYHG has performed better with a 5.97% return vs 4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PGHY is cheaper with a 0.35% expense ratio, compared with 0.50% for HYHG.
PGHY has the higher dividend yield at 7.14%, compared with 6.67% for HYHG.
PGHY tracks DB Global Short Maturity High Yield Bond Index, while HYHG tracks FTSE High Yield (Treasury Rate-Hedged) Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.35% for PGHY and 0.50% for HYHG.
HYHG currently has the higher Sharpe Ratio (1.45 vs 1.20), 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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