PGHY vs. SCHG

Last updated Jun 9, 2026

PGHY (Invesco Global Short Term High Yield Bond ETF) and SCHG (Schwab U.S. Large-Cap 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 SCHG is a Large Cap Growth Equities fund tracking the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. Both are passively managed. Over the past 10 years, PGHY returned 4.32%/yr vs 18.53%/yr for SCHG. At a 0.27 correlation, their price movements are largely independent. PGHY charges 0.35%/yr vs 0.04%/yr for SCHG.

Performance

PGHY vs. SCHG - 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 Schwab U.S. Large-Cap Growth ETF (SCHG). 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 SCHG's 3.75% return. Over the past 10 years, PGHY has underperformed SCHG with an annualized return of 4.32%, while SCHG has yielded a comparatively higher 18.53% 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%

SCHG

• 1D: 0.15%
• 1M: -0.94%
• YTD: 3.75%
• 6M: 2.93%
• 1Y: 20.82%
• 3Y*: 24.03%
• 5Y*: 14.90%
• 10Y*: 18.53%

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

PGHY vs. SCHG - 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%
SCHG Schwab U.S. Large-Cap Growth ETF	3.75%	17.50%	34.95%	50.10%	-31.80%	28.11%	39.14%	36.02%	-1.36%	28.05%

Correlation

The correlation between PGHY and SCHG is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013	0.27

The correlation between PGHY and SCHG shifts across timeframes, from 0.27 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

PGHY vs. SCHG - Sectors Allocation Comparison

Sectors	PGHY	SCHG
Financial Services	7.9%	6.7%
Communication Services	6.6%	16.0%
Basic Materials	5.8%	1.4%
Consumer Cyclical	5.7%	12.7%
Energy	3.6%	0.8%
Industrials	3.5%	5.8%
Healthcare	2.5%	7.7%
Utilities	1.7%	0.4%
Consumer Defensive	1.4%	1.7%
Technology	1.2%	46.3%
Real Estate	0.5%	0.5%

Return for Risk

PGHY vs. SCHG — 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

SCHG

SCHG Risk / Return Rank: 36
SCHG Sharpe Ratio Rank: 42
SCHG Sortino Ratio Rank: 39
SCHG Omega Ratio Rank: 40
SCHG Calmar Ratio Rank: 29
SCHG Martin Ratio Rank: 32

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. SCHG - 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 Schwab U.S. Large-Cap Growth ETF (SCHG). 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	SCHG	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.33	+0.16
Sortino ratio: Return per unit of downside risk	2.26	1.82	+0.44
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.03
Calmar ratio: Return relative to maximum drawdown	2.48	1.27	+1.20
Martin ratio: Return relative to average drawdown	9.56	4.25	+5.31
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. SCHG - Sharpe Ratio Comparison

The current PGHY Sharpe Ratio is 1.49, which is comparable to the SCHG Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of PGHY and SCHG, 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	SCHG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	1.33	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.67	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.86	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.83	-0.23

Drawdowns

PGHY vs. SCHG - Drawdown Comparison

The maximum PGHY drawdown since its inception was -20.50%, smaller than the maximum SCHG drawdown of -34.59%. Use the drawdown chart below to compare losses from any high point for PGHY and SCHG.

Drawdown Indicators

	PGHY	SCHG	Difference
Max Drawdown Largest peak-to-trough decline	-20.50%	-34.59%	+14.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-16.41%	+13.37%
Max Drawdown (3Y) Largest decline over 3 years	-5.03%	-23.39%	+18.36%
Max Drawdown (5Y) Largest decline over 5 years	-9.42%	-34.59%	+25.17%
Max Drawdown (10Y) Largest decline over 10 years	-20.50%	-34.59%	+14.09%
Current Drawdown Current decline from peak	-0.80%	-4.25%	+3.45%
Average Drawdown Average peak-to-trough decline	-1.64%	-5.20%	+3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	4.91%	-4.12%

Volatility

PGHY vs. SCHG - Volatility Comparison

The current volatility for Invesco Global Short Term High Yield Bond ETF (PGHY) is 2.00%, while Schwab U.S. Large-Cap Growth ETF (SCHG) has a volatility of 4.52%. This indicates that PGHY experiences smaller price fluctuations and is considered to be less risky than SCHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGHY	SCHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	4.52%	-2.52%
Volatility (6M) Calculated over the trailing 6-month period	3.73%	12.02%	-8.29%
Volatility (1Y) Calculated over the trailing 1-year period	5.06%	15.77%	-10.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.45%	22.31%	-16.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	21.58%	-14.54%

PGHY vs. SCHG - Expense Ratio Comparison

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

Dividends

PGHY vs. SCHG - Dividend Comparison

PGHY's dividend yield for the trailing twelve months is around 7.11%, more than SCHG's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SCHG Schwab U.S. Large-Cap Growth ETF	0.37%	0.36%	0.39%	0.46%	0.55%	0.42%	0.52%	0.82%	1.27%	1.01%	1.04%	1.22%

Frequently Asked Questions

Can I hold both PGHY and SCHG in my portfolio?

PGHY and SCHG have a correlation of 0.39, 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 SCHG?

SCHG has higher volatility (4.52%) compared to PGHY (2.00%). In terms of maximum drawdown, PGHY dropped -20.50% vs SCHG's -34.59%.

Which ETF is better, PGHY or SCHG?

On 10-year performance, SCHG leads with 18.53% vs 4.32% for PGHY. On fees, SCHG 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 SCHG?

Over the 10-year period, SCHG has performed better with a 18.53% 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 SCHG?

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

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

PGHY has the higher dividend yield at 7.11%, compared with 0.37% for SCHG.

What is the main difference between PGHY and SCHG?

PGHY is categorized as High Yield Bonds, while SCHG is Large Cap Growth Equities. PGHY tracks DB Global Short Maturity High Yield Bond Index, while SCHG tracks Dow Jones U.S. Large-Cap Growth Total Stock Market Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.35% for PGHY and 0.04% for SCHG.

Which has better risk-adjusted returns?

PGHY currently has the higher Sharpe Ratio (1.49 vs 1.33), 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.