PGHY vs. SCYB

Last updated Jun 25, 2026

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 year, PGHY returned 7.36% vs 6.12% for SCYB. A 0.56 correlation means they provide meaningful diversification when combined. PGHY charges 0.35%/yr vs 0.03%/yr for SCYB.

Performance

PGHY vs. SCYB - 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 High Yield Bond ETF (SCYB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGHY achieves a 2.85% return, which is significantly higher than SCYB's 1.80% 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%

SCYB

• 1D: -0.04%
• 1M: 0.38%
• YTD: 1.80%
• 6M: 1.73%
• 1Y: 6.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PGHY vs. SCYB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PGHY Invesco Global Short Term High Yield Bond ETF	2.85%	8.88%	8.39%	5.74%
SCYB Schwab High Yield Bond ETF	1.80%	8.33%	8.15%	7.29%

Correlation

The correlation between PGHY and SCYB is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
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 0.47 to 0.56 - a consistent structural relationship.

Return for Risk

PGHY vs. SCYB — Risk / Return Rank

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

PGHY

PGHY Risk / Return Rank: 50
PGHY Sharpe Ratio Rank: 45
PGHY Sortino Ratio Rank: 50
PGHY Omega Ratio Rank: 43
PGHY Calmar Ratio Rank: 55
PGHY Martin Ratio Rank: 58

SCYB

SCYB Risk / Return Rank: 58
SCYB Sharpe Ratio Rank: 53
SCYB Sortino Ratio Rank: 57
SCYB Omega Ratio Rank: 56
SCYB Calmar Ratio Rank: 57
SCYB Martin Ratio Rank: 68

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. 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 ratio: Return per unit of total volatility	1.43	1.63	-0.20
Sortino ratio: Return per unit of downside risk	2.19	2.44	-0.25
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	2.43	2.52	-0.09
Martin ratio: Return relative to average drawdown	9.30	11.18	-1.88

PGHY vs. SCYB - Sharpe Ratio Comparison

The current PGHY Sharpe Ratio is 1.43, which is comparable to the SCYB Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of PGHY and SCYB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	PGHY	SCYB	Difference
Max Drawdown Largest 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%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.50%	—	—
Current Drawdown Current decline from peak	-0.26%	-0.27%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.64%	-0.51%	-1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.55%	+0.24%

Volatility

PGHY vs. SCYB - Volatility Comparison

Invesco Global Short Term High Yield Bond ETF (PGHY) has a higher volatility of 1.99% compared to Schwab High Yield Bond ETF (SCYB) at 0.99%. This indicates that PGHY's price experiences larger fluctuations and is considered to be riskier than SCYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGHY	SCYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	0.99%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	3.92%	3.01%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	5.17%	3.78%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.48%	5.11%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	5.11%	+1.93%

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 7.11%, more than SCYB's 6.92% 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%
SCYB Schwab High Yield Bond ETF	6.92%	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

Can I hold both PGHY and SCYB in my portfolio?

PGHY and SCYB have a correlation of 0.47, 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 SCYB?

PGHY has higher volatility (1.99%) compared to SCYB (0.99%). In terms of maximum drawdown, PGHY dropped -20.50% vs SCYB's -4.92%.

Which ETF is better, PGHY or SCYB?

On 1-year performance, PGHY leads with 7.36% vs 6.12% for SCYB. On fees, SCYB is cheaper at 0.03% per year. On volatility, SCYB has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PGHY or SCYB?

Over the 1-year period, PGHY has performed better with a 7.36% return vs 6.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PGHY or SCYB?

SCYB is cheaper with a 0.03% expense ratio, compared with 0.35% for PGHY.

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

PGHY has the higher dividend yield at 7.11%, compared with 6.92% for SCYB.

What is the main difference between PGHY and 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.

Which has better risk-adjusted returns?

SCYB currently has the higher Sharpe Ratio (1.63 vs 1.43), 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.