PGHY vs. JPMB
PGHY (Invesco Global Short Term High Yield Bond ETF) and JPMB (JPMorgan USD Emerging Markets Sovereign Bond ETF) are both exchange-traded funds - PGHY is a High Yield Bonds fund tracking the DB Global Short Maturity High Yield Bond Index, while JPMB is a Emerging Markets Bonds fund tracking the J.P. Morgan Emerging Markets Risk-Aware Bond Index. Both are passively managed. Over the past 5 years, PGHY returned 4.63%/yr vs 1.51%/yr for JPMB. At a 0.44 correlation, their price movements are largely independent. PGHY charges 0.35%/yr vs 0.39%/yr for JPMB.
Performance
PGHY vs. JPMB - Performance Comparison
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Returns By Period
In the year-to-date period, PGHY achieves a 2.85% return, which is significantly higher than JPMB's 2.23% return.
PGHY
- 1D
- -0.02%
- 1M
- 0.91%
- YTD
- 2.85%
- 6M
- 2.56%
- 1Y
- 7.36%
- 3Y*
- 9.07%
- 5Y*
- 4.63%
- 10Y*
- 4.42%
JPMB
- 1D
- 0.27%
- 1M
- 2.04%
- YTD
- 2.23%
- 6M
- 2.00%
- 1Y
- 10.24%
- 3Y*
- 7.87%
- 5Y*
- 1.51%
- 10Y*
- —
PGHY vs. JPMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 2.85% | 8.88% | 8.39% | 10.15% | -5.50% | 1.22% | 3.04% | 5.87% | -0.04% |
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 2.23% | 13.73% | 1.46% | 9.48% | -16.05% | -2.26% | 5.36% | 17.71% | -4.74% |
Correlation
The correlation between PGHY and JPMB is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2018 | 0.44 |
The correlation between PGHY and JPMB shifts across timeframes, from 0.44 (all time) to 0.54 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PGHY vs. JPMB — Risk / Return Rank
PGHY
JPMB
PGHY vs. JPMB - 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 JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB). 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 | JPMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.37 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 2.23 | +0.20 |
| Martin ratioReturn relative to average drawdown | 9.30 | 9.47 | -0.17 |
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Drawdowns
PGHY vs. JPMB - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, smaller than the maximum JPMB drawdown of -26.33%. Use the drawdown chart below to compare losses from any high point for PGHY and JPMB.
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Drawdown Indicators
| PGHY | JPMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -26.33% | +5.83% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -4.61% | +1.57% |
Max Drawdown (3Y)Largest decline over 3 years | -5.03% | -7.53% | +2.50% |
Max Drawdown (5Y)Largest decline over 5 years | -9.42% | -26.16% | +16.74% |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | — | — |
Current DrawdownCurrent decline from peak | -0.26% | -0.26% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.64% | -7.02% | +5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 1.08% | -0.29% |
Volatility
PGHY vs. JPMB - Volatility Comparison
Invesco Global Short Term High Yield Bond ETF (PGHY) has a higher volatility of 1.99% compared to JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) at 1.80%. This indicates that PGHY's price experiences larger fluctuations and is considered to be riskier than JPMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGHY | JPMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 1.80% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 3.92% | 4.54% | -0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.17% | 5.43% | -0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.48% | 8.94% | -3.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.04% | 9.63% | -2.59% |
PGHY vs. JPMB - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is lower than JPMB's 0.39% expense ratio.
Dividends
PGHY vs. JPMB - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.11%, more than JPMB's 5.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 5.76% | 6.71% | 6.32% | 5.99% | 4.94% | 4.29% | 4.29% | 4.51% | 4.58% | 0.00% | 0.00% | 0.00% |
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
PGHY and JPMB have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGHY has higher volatility (1.99%) compared to JPMB (1.80%). In terms of maximum drawdown, PGHY dropped -20.50% vs JPMB's -26.33%.
On 5-year performance, PGHY leads with 4.63% vs 1.51% for JPMB. On fees, PGHY is cheaper at 0.35% per year. On volatility, JPMB has been the lower-risk option at 1.80%. 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 4.63% return vs 1.51%. 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 0.39% for JPMB.
PGHY has the higher dividend yield at 7.11%, compared with 5.76% for JPMB.
PGHY is categorized as High Yield Bonds, while JPMB is Emerging Markets Bonds. PGHY tracks DB Global Short Maturity High Yield Bond Index, while JPMB tracks J.P. Morgan Emerging Markets Risk-Aware Bond Index. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.35% for PGHY and 0.39% for JPMB.
JPMB currently has the higher Sharpe Ratio (1.90 vs 1.43), 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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