PGHY vs. IBHG

Last updated Jun 4, 2026

PGHY (Invesco Global Short Term High Yield Bond ETF) and IBHG (iShares iBonds 2027 Term High Yield and Income ETF) are both High Yield Bonds funds - PGHY tracks the DB Global Short Maturity High Yield Bond Index while IBHG tracks the Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, PGHY returned 8.94%/yr vs 7.37%/yr for IBHG. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

PGHY vs. IBHG - 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 iShares iBonds 2027 Term High Yield and Income ETF (IBHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGHY achieves a 2.49% return, which is significantly higher than IBHG's 0.96% return.

PGHY

• 1D: -0.30%
• 1M: 0.76%
• YTD: 2.49%
• 6M: 2.62%
• 1Y: 8.04%
• 3Y*: 8.94%
• 5Y*: 4.59%
• 10Y*: 4.43%

IBHG

• 1D: -0.09%
• 1M: 0.21%
• YTD: 0.96%
• 6M: 1.46%
• 1Y: 4.61%
• 3Y*: 7.37%
• 5Y*: —
• 10Y*: —

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

PGHY vs. IBHG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PGHY Invesco Global Short Term High Yield Bond ETF	2.49%	8.88%	8.39%	10.15%	-5.50%	-0.85%
IBHG iShares iBonds 2027 Term High Yield and Income ETF	0.96%	6.90%	7.42%	11.27%	-8.88%	1.07%

Correlation

The correlation between PGHY and IBHG 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	0.45
Correlation (All Time) Calculated using the full available price history since Jul 12, 2021	0.47

The correlation between PGHY and IBHG shifts across timeframes, from 0.33 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PGHY vs. IBHG — Risk / Return Rank

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

PGHY

PGHY Risk / Return Rank: 51
PGHY Sharpe Ratio Rank: 45
PGHY Sortino Ratio Rank: 50
PGHY Omega Ratio Rank: 45
PGHY Calmar Ratio Rank: 54
PGHY Martin Ratio Rank: 58

IBHG

IBHG Risk / Return Rank: 79
IBHG Sharpe Ratio Rank: 66
IBHG Sortino Ratio Rank: 76
IBHG Omega Ratio Rank: 70
IBHG Calmar Ratio Rank: 92
IBHG Martin Ratio Rank: 92

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. IBHG - 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 iBonds 2027 Term High Yield and Income ETF (IBHG). 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	IBHG	Difference
Sharpe ratio Return per unit of total volatility	1.61	2.20	-0.58
Sortino ratio Return per unit of downside risk	2.47	3.42	-0.96
Omega ratio Gain probability vs. loss probability	1.29	1.42	-0.13
Calmar ratio Return relative to maximum drawdown	2.66	6.38	-3.72
Martin ratio Return relative to average drawdown	10.32	23.30	-12.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGHY vs. IBHG - Sharpe Ratio Comparison

The current PGHY Sharpe Ratio is 1.61, which is comparable to the IBHG Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of PGHY and IBHG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PGHY	IBHG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	2.20	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.56	+0.04

Drawdowns

PGHY vs. IBHG - Drawdown Comparison

The maximum PGHY drawdown since its inception was -20.50%, which is greater than IBHG's maximum drawdown of -13.85%. Use the drawdown chart below to compare losses from any high point for PGHY and IBHG.

Drawdown Indicators

	PGHY	IBHG	Difference
Max Drawdown Largest peak-to-trough decline	-20.50%	-13.85%	-6.65%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-0.73%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-5.03%	-3.39%	-1.64%
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	-0.50%	-0.22%	-0.28%
Average Drawdown Average peak-to-trough decline	-1.64%	-2.67%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.20%	+0.58%

Volatility

PGHY vs. IBHG - Volatility Comparison

Invesco Global Short Term High Yield Bond ETF (PGHY) has a higher volatility of 1.92% compared to iShares iBonds 2027 Term High Yield and Income ETF (IBHG) at 0.58%. This indicates that PGHY's price experiences larger fluctuations and is considered to be riskier than IBHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGHY	IBHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	0.58%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	1.53%	+2.14%
Volatility (1Y) Calculated over the trailing 1-year period	5.01%	2.11%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	6.37%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	6.37%	+0.67%

PGHY vs. IBHG - Expense Ratio Comparison

Both PGHY and IBHG have an expense ratio of 0.35%.

Dividends

PGHY vs. IBHG - Dividend Comparison

PGHY's dividend yield for the trailing twelve months is around 7.09%, more than IBHG's 6.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBHG iShares iBonds 2027 Term High Yield and Income ETF	6.08%	6.33%	7.02%	6.66%	5.62%	2.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PGHY Invesco Global Short Term High Yield Bond ETF	7.09%	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 IBHG in my portfolio?

PGHY and IBHG 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.

Which is riskier, PGHY or IBHG?

PGHY has higher volatility (1.92%) compared to IBHG (0.58%). In terms of maximum drawdown, PGHY dropped -20.50% vs IBHG's -13.85%.

Which ETF is better, PGHY or IBHG?

On 3-year performance, PGHY leads with 8.94% vs 7.37% for IBHG. Both ETFs have the same 0.35% expense ratio. On volatility, IBHG has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGHY or IBHG?

Over the 3-year period, PGHY has performed better with a 8.94% return vs 7.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGHY or IBHG?

PGHY and IBHG have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, PGHY or IBHG?

PGHY has the higher dividend yield at 7.09%, compared with 6.08% for IBHG.

What is the main difference between PGHY and IBHG?

PGHY tracks DB Global Short Maturity High Yield Bond Index, while IBHG tracks Bloomberg 2027 Term High Yield and Income Index - Benchmark TR Gross. They also come from different issuers: Invesco and iShares.

Which has better risk-adjusted returns?

IBHG currently has the higher Sharpe Ratio (2.20 vs 1.61), 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.