PGHY vs. SCYB
PGHY (Invesco Global Short Term High Yield Bond ETF) and SCYB (Schwab High Yield Bond ETF) are both High Yield Bonds funds - PGHY tracks the DB Global Short Maturity High Yield Bond Index while SCYB tracks the ICE BofA US Cash Pay High Yield Constrained Index. Both are passively managed. Over the past 3 years, PGHY returned 8.39%/yr vs 8.33%/yr for SCYB. Their 0.56 correlation means they have sometimes moved together and sometimes differently. PGHY charges 0.35%/yr vs 0.03%/yr for SCYB.
Performance
PGHY vs. SCYB - Performance Comparison
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Returns By Period
In the year-to-date period, PGHY achieves a 2.82% return, which is significantly higher than SCYB's 2.09% return.
PGHY
- 1D
- 0.39%
- 1M
- -0.15%
- 6M
- 1.68%
- YTD
- 2.82%
- 1Y
- 5.95%
- 3Y*
- 8.39%
- 5Y*
- 4.72%
- 10Y*
- 4.15%
- ALL TIME*
- 4.17%
SCYB
- 1D
- 0.21%
- 1M
- -0.06%
- 6M
- 1.26%
- YTD
- 2.09%
- 1Y
- 5.64%
- 3Y*
- 8.33%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $929.08K | $902.87K | $974.93K | |
| $26.62M | $28.32M | $31.29M |
PGHY vs. SCYB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 2.82% | 8.88% | 8.39% | 5.74% |
SCYB Schwab High Yield Bond ETF | 2.09% | 8.33% | 8.15% | 7.29% |
Correlation
The correlation between PGHY and SCYB is 0.48, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.48 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | 0.56 |
The correlation between PGHY and SCYB has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.
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Return for Risk
PGHY vs. SCYB — Risk / Return Rank
PGHY
SCYB
PGHY vs. SCYB - 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 High Yield Bond ETF (SCYB). 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 | SCYB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.29 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | 2.32 | -0.35 |
| Martin ratioReturn relative to average drawdown | 7.47 | 10.11 | -2.64 |
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Drawdowns
PGHY vs. SCYB - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, which is greater than SCYB's maximum drawdown of -4.92%. Use the drawdown chart below to compare losses from any high point for PGHY and SCYB.
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Drawdown Indicators
| PGHY | SCYB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -4.92% | -15.58% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -2.44% | -0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -5.03% | -4.92% | -0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -9.38% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | — | — |
Current DrawdownCurrent decline from peak | -0.28% | -0.25% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -0.50% | -1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.56% | +0.24% |
Volatility
PGHY vs. SCYB - Volatility Comparison
Invesco Global Short Term High Yield Bond ETF (PGHY) and Schwab High Yield Bond ETF (SCYB) have volatilities of 0.74% and 0.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGHY | SCYB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.76% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 3.88% | 3.04% | +0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.00% | 3.76% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 5.04% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 5.04% | +1.96% |
PGHY vs. SCYB - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is higher than SCYB's 0.03% expense ratio.
Dividends
PGHY vs. SCYB - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.14%, more than SCYB's 6.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGHY Invesco Global Short Term High Yield Bond ETF | 7.14% | 7.24% | 7.49% | 7.87% | 5.12% | 5.17% | 5.45% | 5.32% | 5.45% | 5.52% | 6.26% | 4.60% |
SCYB Schwab High Yield Bond ETF | 6.93% | 6.99% | 7.06% | 3.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PGHY and SCYB have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCYB has higher volatility (0.76%) compared to PGHY (0.74%). In terms of maximum drawdown, PGHY dropped -20.50% vs SCYB's -4.92%.
On 3-year performance, PGHY leads with 8.39% vs 8.33% for SCYB. On fees, SCYB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PGHY has performed better with a 8.39% return vs 8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCYB is cheaper with a 0.03% expense ratio, compared with 0.35% for PGHY.
PGHY has the higher dividend yield at 7.14%, compared with 6.93% for SCYB.
PGHY tracks DB Global Short Maturity High Yield Bond Index, while SCYB tracks ICE BofA US Cash Pay High Yield Constrained Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.35% for PGHY and 0.03% for SCYB.
SCYB currently has the higher Sharpe Ratio (1.51 vs 1.20), 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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