PGHY vs. MHY
PGHY (Invesco Global Short Term High Yield Bond ETF) and MHY (Man Active High Yield ETF) are both High Yield Bonds funds. PGHY is passively managed, while MHY is actively managed. At a 0.44 correlation, their price movements are largely independent. PGHY charges 0.35%/yr vs 0.69%/yr for MHY.
Performance
PGHY vs. MHY - Performance Comparison
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Returns By Period
In the year-to-date period, PGHY achieves a 2.85% return, which is significantly lower than MHY's 4.09% 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%
MHY
- 1D
- -0.04%
- 1M
- 1.72%
- YTD
- 4.09%
- 6M
- 4.14%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PGHY vs. MHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 2.85% | 0.69% |
MHY Man Active High Yield ETF | 4.09% | 1.54% |
Correlation
The correlation between PGHY and MHY is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025 | 0.44 |
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Return for Risk
PGHY vs. MHY — Risk / Return Rank
PGHY
MHY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PGHY vs. MHY - 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 Man Active High Yield ETF (MHY). 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 | MHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.25 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | — | — |
| Martin ratioReturn relative to average drawdown | 9.30 | — | — |
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Drawdowns
PGHY vs. MHY - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, which is greater than MHY's maximum drawdown of -1.58%. Use the drawdown chart below to compare losses from any high point for PGHY and MHY.
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Drawdown Indicators
| PGHY | MHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -1.58% | -18.92% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.03% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -9.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | — | — |
Current DrawdownCurrent decline from peak | -0.26% | -0.04% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -1.64% | -0.29% | -1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | — | — |
Volatility
PGHY vs. MHY - Volatility Comparison
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Volatility by Period
| PGHY | MHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.92% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.17% | 2.99% | +2.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.48% | 2.99% | +2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.04% | 2.99% | +4.05% |
PGHY vs. MHY - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is lower than MHY's 0.69% expense ratio.
Dividends
PGHY vs. MHY - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.11%, more than MHY's 3.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MHY Man Active High Yield ETF | 3.55% | 3.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 MHY have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PGHY is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PGHY is cheaper with a 0.35% expense ratio, compared with 0.69% for MHY.
PGHY has the higher dividend yield at 7.11%, compared with 3.55% for MHY.
They also come from different issuers: Invesco and Man Group. Their fees differ too: 0.35% for PGHY and 0.69% for MHY.
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