PGHY vs. PFIG

Last updated Jun 4, 2026

PGHY (Invesco Global Short Term High Yield Bond ETF) and PFIG (Invesco Fundamental Investment Grade Corporate 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 PFIG is a Corporate Bonds fund tracking the RAFI Bonds US Investment Grade 1-10 Index. Both are passively managed. Over the past 10 years, PGHY returned 4.43%/yr vs 2.44%/yr for PFIG. At a 0.18 correlation, their price movements are largely independent. PGHY charges 0.35%/yr vs 0.22%/yr for PFIG.

Performance

PGHY vs. PFIG - 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 Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGHY achieves a 2.49% return, which is significantly higher than PFIG's 0.19% return. Over the past 10 years, PGHY has outperformed PFIG with an annualized return of 4.43%, while PFIG has yielded a comparatively lower 2.44% annualized return.

PGHY

• 1D: -0.30%
• 1M: 0.76%
• YTD: 2.49%
• 6M: 2.62%
• 1Y: 8.04%
• 3Y*: 8.94%
• 5Y*: 4.59%
• 10Y*: 4.43%

PFIG

• 1D: -0.19%
• 1M: 0.10%
• YTD: 0.19%
• 6M: 0.30%
• 1Y: 4.83%
• 3Y*: 5.21%
• 5Y*: 1.35%
• 10Y*: 2.44%

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

PGHY vs. PFIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGHY Invesco Global Short Term High Yield Bond ETF	2.49%	8.88%	8.39%	10.15%	-5.50%	1.22%	3.04%	5.87%	0.38%	2.97%
PFIG Invesco Fundamental Investment Grade Corporate Bond ETF	0.19%	7.87%	3.13%	6.93%	-9.96%	-1.43%	7.72%	9.69%	-0.82%	4.00%

Correlation

The correlation between PGHY and PFIG is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013	0.18

The correlation between PGHY and PFIG shifts across timeframes, from 0.18 (all time) to 0.41 (3 years), reflecting how their relationship changes across market environments.

PGHY vs. PFIG - Sectors Allocation Comparison

Sectors	PGHY	PFIG
Financial Services	8.8%	15.2%
Communication Services	6.2%	4.4%
Consumer Cyclical	5.7%	7.7%
Basic Materials	5.6%	3.0%
Energy	3.6%	5.6%
Industrials	3.5%	11.1%
Healthcare	2.5%	10.9%
Technology	1.7%	10.7%
Utilities	1.5%	4.5%
Consumer Defensive	1.4%	6.3%
Real Estate	0.5%	4.2%

Return for Risk

PGHY vs. PFIG — Risk / Return Rank

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

PGHY

PGHY Risk / Return Rank: 51
PGHY Sharpe Ratio Rank: 45
PGHY Sortino Ratio Rank: 50
PGHY Omega Ratio Rank: 45
PGHY Calmar Ratio Rank: 54
PGHY Martin Ratio Rank: 58

PFIG

PFIG Risk / Return Rank: 48
PFIG Sharpe Ratio Rank: 46
PFIG Sortino Ratio Rank: 49
PFIG Omega Ratio Rank: 44
PFIG Calmar Ratio Rank: 50
PFIG Martin Ratio Rank: 49

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. PFIG - 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 Fundamental Investment Grade Corporate Bond ETF (PFIG). 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	PFIG	Difference
Sharpe ratio Return per unit of total volatility	1.61	1.58	+0.03
Sortino ratio Return per unit of downside risk	2.47	2.38	+0.09
Omega ratio Gain probability vs. loss probability	1.29	1.28	+0.01
Calmar ratio Return relative to maximum drawdown	2.66	2.49	+0.16
Martin ratio Return relative to average drawdown	10.32	8.20	+2.12
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. PFIG - Sharpe Ratio Comparison

The current PGHY Sharpe Ratio is 1.61, which is comparable to the PFIG Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of PGHY and PFIG, 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	PFIG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.58	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.28	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.47	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.53	+0.08

Drawdowns

PGHY vs. PFIG - Drawdown Comparison

The maximum PGHY drawdown since its inception was -20.50%, which is greater than PFIG's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for PGHY and PFIG.

Drawdown Indicators

	PGHY	PFIG	Difference
Max Drawdown Largest peak-to-trough decline	-20.50%	-15.58%	-4.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-1.94%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-5.03%	-3.52%	-1.51%
Max Drawdown (5Y) Largest decline over 5 years	-9.42%	-15.58%	+6.16%
Max Drawdown (10Y) Largest decline over 10 years	-20.50%	-15.58%	-4.92%
Current Drawdown Current decline from peak	-0.50%	-0.98%	+0.48%
Average Drawdown Average peak-to-trough decline	-1.64%	-2.46%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.59%	+0.19%

Volatility

PGHY vs. PFIG - Volatility Comparison

Invesco Global Short Term High Yield Bond ETF (PGHY) has a higher volatility of 1.92% compared to Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) at 0.92%. This indicates that PGHY's price experiences larger fluctuations and is considered to be riskier than PFIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGHY	PFIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	0.92%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	2.19%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	5.01%	3.07%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.44%	4.92%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	5.24%	+1.80%

PGHY vs. PFIG - Expense Ratio Comparison

PGHY has a 0.35% expense ratio, which is higher than PFIG's 0.22% expense ratio.

Dividends

PGHY vs. PFIG - Dividend Comparison

PGHY's dividend yield for the trailing twelve months is around 7.09%, more than PFIG's 4.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFIG Invesco Fundamental Investment Grade Corporate Bond ETF	4.40%	4.15%	4.12%	3.54%	2.58%	3.34%	2.81%	2.92%	2.88%	2.54%	2.58%	2.57%
PGHY Invesco Global Short Term High Yield Bond ETF	7.09%	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 PFIG in my portfolio?

PGHY and PFIG have a correlation of 0.36, 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 PFIG?

PGHY has higher volatility (1.92%) compared to PFIG (0.92%). In terms of maximum drawdown, PGHY dropped -20.50% vs PFIG's -15.58%.

Which ETF is better, PGHY or PFIG?

On 10-year performance, PGHY leads with 4.43% vs 2.44% for PFIG. On fees, PFIG is cheaper at 0.22% per year. On volatility, PFIG has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGHY or PFIG?

Over the 10-year period, PGHY has performed better with a 4.43% return vs 2.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGHY or PFIG?

PFIG is cheaper with a 0.22% expense ratio, compared with 0.35% for PGHY.

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

PGHY has the higher dividend yield at 7.09%, compared with 4.40% for PFIG.

What is the main difference between PGHY and PFIG?

PGHY is categorized as High Yield Bonds, while PFIG is Corporate Bonds. PGHY tracks DB Global Short Maturity High Yield Bond Index, while PFIG tracks RAFI Bonds US Investment Grade 1-10 Index. Their fees differ too: 0.35% for PGHY and 0.22% for PFIG.

Which has better risk-adjusted returns?

PGHY currently has the higher Sharpe Ratio (1.61 vs 1.58), 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.