PGHY vs. ILCG

Last updated Jun 9, 2026

PGHY (Invesco Global Short Term High Yield Bond ETF) and ILCG (iShares Morningstar Growth ETF) are both exchange-traded funds - PGHY is a High Yield Bonds fund tracking the DB Global Short Maturity High Yield Bond Index, while ILCG is a Large Cap Growth Equities fund tracking the Morningstar US Large-Mid Cap Broad Growth Index Gross. Both are passively managed. Over the past 10 years, PGHY returned 4.32%/yr vs 17.83%/yr for ILCG. At a 0.27 correlation, their price movements are largely independent. PGHY charges 0.35%/yr vs 0.04%/yr for ILCG.

Performance

PGHY vs. ILCG - 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 Morningstar Growth ETF (ILCG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGHY achieves a 2.18% return, which is significantly lower than ILCG's 10.48% return. Over the past 10 years, PGHY has underperformed ILCG with an annualized return of 4.32%, while ILCG has yielded a comparatively higher 17.83% annualized return.

PGHY

• 1D: 0.25%
• 1M: -0.40%
• YTD: 2.18%
• 6M: 2.62%
• 1Y: 7.49%
• 3Y*: 8.64%
• 5Y*: 4.49%
• 10Y*: 4.32%

ILCG

• 1D: 0.76%
• 1M: 0.01%
• YTD: 10.48%
• 6M: 9.79%
• 1Y: 24.11%
• 3Y*: 25.09%
• 5Y*: 14.03%
• 10Y*: 17.83%

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

PGHY vs. ILCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGHY Invesco Global Short Term High Yield Bond ETF	2.18%	8.88%	8.39%	10.15%	-5.50%	1.22%	3.04%	5.87%	0.38%	2.97%
ILCG iShares Morningstar Growth ETF	10.48%	16.71%	32.82%	40.41%	-31.75%	24.33%	38.56%	33.22%	2.06%	30.57%

Correlation

The correlation between PGHY and ILCG is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 21, 2013	0.27

The correlation between PGHY and ILCG shifts across timeframes, from 0.27 (all time) to 0.39 (5 years), reflecting how their relationship changes across market environments.

PGHY vs. ILCG - Sectors Allocation Comparison

Sectors	PGHY	ILCG
Financial Services	7.9%	6.0%
Communication Services	6.6%	14.5%
Basic Materials	5.8%	1.1%
Consumer Cyclical	5.7%	10.6%
Energy	3.6%	0.5%
Industrials	3.5%	8.3%
Healthcare	2.5%	5.3%
Utilities	1.7%	0.8%
Consumer Defensive	1.4%	1.6%
Technology	1.2%	49.8%
Real Estate	0.5%	1.4%

Return for Risk

PGHY vs. ILCG — Risk / Return Rank

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

PGHY

PGHY Risk / Return Rank: 52
PGHY Sharpe Ratio Rank: 48
PGHY Sortino Ratio Rank: 52
PGHY Omega Ratio Rank: 46
PGHY Calmar Ratio Rank: 55
PGHY Martin Ratio Rank: 59

ILCG

ILCG Risk / Return Rank: 41
ILCG Sharpe Ratio Rank: 45
ILCG Sortino Ratio Rank: 43
ILCG Omega Ratio Rank: 45
ILCG Calmar Ratio Rank: 34
ILCG Martin Ratio Rank: 38

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. ILCG - 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 Morningstar Growth ETF (ILCG). 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	ILCG	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.44	+0.05
Sortino ratio: Return per unit of downside risk	2.26	1.94	+0.32
Omega ratio: Gain probability vs. loss probability	1.27	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	2.48	1.55	+0.93
Martin ratio: Return relative to average drawdown	9.56	5.43	+4.13
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. ILCG - Sharpe Ratio Comparison

The current PGHY Sharpe Ratio is 1.49, which is comparable to the ILCG Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PGHY and ILCG, 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	ILCG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.44	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.64	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.83	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.58	+0.02

Drawdowns

PGHY vs. ILCG - Drawdown Comparison

The maximum PGHY drawdown since its inception was -20.50%, smaller than the maximum ILCG drawdown of -52.98%. Use the drawdown chart below to compare losses from any high point for PGHY and ILCG.

Drawdown Indicators

	PGHY	ILCG	Difference
Max Drawdown Largest peak-to-trough decline	-20.50%	-52.98%	+32.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-15.65%	+12.61%
Max Drawdown (3Y) Largest decline over 3 years	-5.03%	-23.10%	+18.07%
Max Drawdown (5Y) Largest decline over 5 years	-9.42%	-35.38%	+25.96%
Max Drawdown (10Y) Largest decline over 10 years	-20.50%	-35.38%	+14.88%
Current Drawdown Current decline from peak	-0.80%	-4.48%	+3.68%
Average Drawdown Average peak-to-trough decline	-1.64%	-8.22%	+6.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	4.45%	-3.66%

Volatility

PGHY vs. ILCG - Volatility Comparison

The current volatility for Invesco Global Short Term High Yield Bond ETF (PGHY) is 2.00%, while iShares Morningstar Growth ETF (ILCG) has a volatility of 6.01%. This indicates that PGHY experiences smaller price fluctuations and is considered to be less risky than ILCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGHY	ILCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	6.01%	-4.01%
Volatility (6M) Calculated over the trailing 6-month period	3.73%	13.55%	-9.82%
Volatility (1Y) Calculated over the trailing 1-year period	5.06%	16.85%	-11.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.45%	22.08%	-16.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	21.58%	-14.54%

PGHY vs. ILCG - Expense Ratio Comparison

PGHY has a 0.35% expense ratio, which is higher than ILCG's 0.04% expense ratio.

Dividends

PGHY vs. ILCG - Dividend Comparison

PGHY's dividend yield for the trailing twelve months is around 7.11%, more than ILCG's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCG iShares Morningstar Growth ETF	0.42%	0.47%	0.50%	0.69%	0.75%	0.34%	0.28%	0.54%	0.81%	0.89%	0.95%	0.99%
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

Can I hold both PGHY and ILCG in my portfolio?

PGHY and ILCG have a correlation of 0.38, 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 ILCG?

ILCG has higher volatility (6.01%) compared to PGHY (2.00%). In terms of maximum drawdown, PGHY dropped -20.50% vs ILCG's -52.98%.

Which ETF is better, PGHY or ILCG?

On 10-year performance, ILCG leads with 17.83% vs 4.32% for PGHY. On fees, ILCG is cheaper at 0.04% per year. On volatility, PGHY has been the lower-risk option at 2.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGHY or ILCG?

Over the 10-year period, ILCG has performed better with a 17.83% return vs 4.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGHY or ILCG?

ILCG is cheaper with a 0.04% expense ratio, compared with 0.35% for PGHY.

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

PGHY has the higher dividend yield at 7.11%, compared with 0.42% for ILCG.

What is the main difference between PGHY and ILCG?

PGHY is categorized as High Yield Bonds, while ILCG is Large Cap Growth Equities. PGHY tracks DB Global Short Maturity High Yield Bond Index, while ILCG tracks Morningstar US Large-Mid Cap Broad Growth Index Gross. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for PGHY and 0.04% for ILCG.

Which has better risk-adjusted returns?

PGHY currently has the higher Sharpe Ratio (1.49 vs 1.44), 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.