PGHY vs. IIGD
Compare and contrast key facts about Invesco Global Short Term High Yield Bond ETF (PGHY) and Invesco Investment Grade Defensive ETF (IIGD).
PGHY and IIGD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PGHY is a passively managed fund by Invesco that tracks the performance of the DB Global Short Maturity High Yield Bond Index. It was launched on Jun 20, 2013. IIGD is a passively managed fund by Invesco that tracks the performance of the Invesco Investment Grade Defensive Index. It was launched on Jul 25, 2018. Both PGHY and IIGD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PGHY vs. IIGD - Performance Comparison
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PGHY vs. IIGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 0.48% | 8.88% | 8.39% | 10.15% | -5.50% | 1.22% | 3.04% | 5.87% | -0.75% |
IIGD Invesco Investment Grade Defensive ETF | 0.21% | 7.11% | 3.90% | 5.71% | -7.27% | -1.42% | 6.30% | 7.40% | 0.86% |
Returns By Period
In the year-to-date period, PGHY achieves a 0.48% return, which is significantly higher than IIGD's 0.21% return.
PGHY
- 1D
- 0.51%
- 1M
- -0.39%
- YTD
- 0.48%
- 6M
- 1.92%
- 1Y
- 6.66%
- 3Y*
- 8.72%
- 5Y*
- 4.34%
- 10Y*
- 4.55%
IIGD
- 1D
- 0.14%
- 1M
- -0.60%
- YTD
- 0.21%
- 6M
- 1.14%
- 1Y
- 4.84%
- 3Y*
- 4.76%
- 5Y*
- 1.79%
- 10Y*
- —
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PGHY vs. IIGD - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is higher than IIGD's 0.13% expense ratio.
Return for Risk
PGHY vs. IIGD — Risk / Return Rank
PGHY
IIGD
PGHY vs. IIGD - 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 Invesco Investment Grade Defensive ETF (IIGD). 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 | IIGD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.11 | 1.77 | -0.66 |
Sortino ratioReturn per unit of downside risk | 1.64 | 2.62 | -0.98 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.35 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | 1.51 | 2.90 | -1.39 |
Martin ratioReturn relative to average drawdown | 6.65 | 11.21 | -4.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PGHY | IIGD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.11 | 1.77 | -0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | 0.49 | +0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.78 | -0.19 |
Correlation
The correlation between PGHY and IIGD is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PGHY vs. IIGD - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.16%, more than IIGD's 4.27% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IIGD Invesco Investment Grade Defensive ETF | 4.27% | 4.25% | 4.13% | 3.74% | 1.73% | 1.77% | 3.21% | 2.44% | 1.23% | 0.00% | 0.00% | 0.00% |
Drawdowns
PGHY vs. IIGD - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, which is greater than IIGD's maximum drawdown of -11.43%. Use the drawdown chart below to compare losses from any high point for PGHY and IIGD.
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Drawdown Indicators
| PGHY | IIGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -11.43% | -9.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.57% | -1.67% | -1.90% |
Max Drawdown (5Y)Largest decline over 5 years | -9.42% | -11.43% | +2.01% |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | — | — |
Current DrawdownCurrent decline from peak | -1.33% | -0.84% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -1.66% | -2.46% | +0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.43% | +0.55% |
Volatility
PGHY vs. IIGD - Volatility Comparison
Invesco Global Short Term High Yield Bond ETF (PGHY) has a higher volatility of 2.08% compared to Invesco Investment Grade Defensive ETF (IIGD) at 1.11%. This indicates that PGHY's price experiences larger fluctuations and is considered to be riskier than IIGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGHY | IIGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.08% | 1.11% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 1.52% | +1.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.01% | 2.74% | +3.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.33% | 3.64% | +1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.03% | 3.72% | +3.31% |