PGHY vs. NHYB
PGHY (Invesco Global Short Term High Yield Bond ETF) and NHYB (Nuveen High Yield Corporate Bond ETF) are both High Yield Bonds funds - PGHY tracks the DB Global Short Maturity High Yield Bond Index while NHYB tracks the ICE BofA BB-B US Cash Pay High Yield Constrained Index. Both are passively managed. A 0.50 correlation means they provide meaningful diversification when combined. PGHY charges 0.35%/yr vs 0.08%/yr for NHYB.
Performance
PGHY vs. NHYB - 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 NHYB's 1.91% 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%
NHYB
- 1D
- -0.04%
- 1M
- 0.52%
- YTD
- 1.91%
- 6M
- 1.99%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PGHY vs. NHYB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 2.85% | 0.93% |
NHYB Nuveen High Yield Corporate Bond ETF | 1.91% | 1.24% |
Correlation
The correlation between PGHY and NHYB 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 (All Time) Calculated using the full available price history since Sep 24, 2025 | 0.50 |
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Return for Risk
PGHY vs. NHYB — Risk / Return Rank
PGHY
NHYB
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PGHY vs. NHYB - 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 Nuveen High Yield Corporate Bond ETF (NHYB). 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 | NHYB | 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. NHYB - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, which is greater than NHYB's maximum drawdown of -2.40%. Use the drawdown chart below to compare losses from any high point for PGHY and NHYB.
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Drawdown Indicators
| PGHY | NHYB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -2.40% | -18.10% |
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% | -0.20% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -1.64% | -0.36% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | — | — |
Volatility
PGHY vs. NHYB - Volatility Comparison
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Volatility by Period
| PGHY | NHYB | 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% | 3.64% | +1.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.48% | 3.64% | +1.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.04% | 3.64% | +3.40% |
PGHY vs. NHYB - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is higher than NHYB's 0.08% expense ratio.
Dividends
PGHY vs. NHYB - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.11%, more than NHYB's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NHYB Nuveen High Yield Corporate Bond ETF | 4.25% | 1.28% | 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 NHYB 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.
On fees, NHYB is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NHYB is cheaper with a 0.08% expense ratio, compared with 0.35% for PGHY.
PGHY has the higher dividend yield at 7.11%, compared with 4.25% for NHYB.
PGHY tracks DB Global Short Maturity High Yield Bond Index, while NHYB tracks ICE BofA BB-B US Cash Pay High Yield Constrained Index. They also come from different issuers: Invesco and Nuveen. Their fees differ too: 0.35% for PGHY and 0.08% for NHYB.
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