PGHY vs. SHY
PGHY (Invesco Global Short Term High Yield Bond ETF) and SHY (iShares 1-3 Year Treasury 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 SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, PGHY returned 4.39%/yr vs 1.65%/yr for SHY. At a 0.13 correlation, their price movements are largely independent. PGHY charges 0.35%/yr vs 0.15%/yr for SHY.
Performance
PGHY vs. SHY - Performance Comparison
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Returns By Period
In the year-to-date period, PGHY achieves a 2.49% return, which is significantly higher than SHY's 0.55% return. Over the past 10 years, PGHY has outperformed SHY with an annualized return of 4.39%, while SHY has yielded a comparatively lower 1.65% annualized return.
PGHY
- 1D
- -0.15%
- 1M
- 0.18%
- YTD
- 2.49%
- 6M
- 2.88%
- 1Y
- 7.65%
- 3Y*
- 8.84%
- 5Y*
- 4.53%
- 10Y*
- 4.39%
SHY
- 1D
- -0.02%
- 1M
- 0.19%
- YTD
- 0.55%
- 6M
- 0.80%
- 1Y
- 3.29%
- 3Y*
- 4.15%
- 5Y*
- 1.74%
- 10Y*
- 1.65%
PGHY vs. SHY - 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% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.55% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
Correlation
The correlation between PGHY and SHY is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2013 | 0.13 |
Over the past year, PGHY and SHY have become more correlated (0.34) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
PGHY vs. SHY — Risk / Return Rank
PGHY
SHY
PGHY vs. SHY - 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 iShares 1-3 Year Treasury Bond ETF (SHY). 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 | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.50 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 3.64 | -1.18 |
| Martin ratioReturn relative to average drawdown | 9.42 | 14.45 | -5.03 |
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Drawdowns
PGHY vs. SHY - Drawdown Comparison
The maximum PGHY drawdown since its inception was -20.50%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for PGHY and SHY.
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Drawdown Indicators
| PGHY | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.50% | -5.71% | -14.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -0.89% | -2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -5.03% | -0.97% | -4.06% |
Max Drawdown (5Y)Largest decline over 5 years | -9.42% | -5.71% | -3.71% |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | -5.71% | -14.79% |
Current DrawdownCurrent decline from peak | -0.50% | -0.18% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -1.64% | -0.52% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.22% | +0.57% |
Volatility
PGHY vs. SHY - Volatility Comparison
Invesco Global Short Term High Yield Bond ETF (PGHY) has a higher volatility of 2.06% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.40%. This indicates that PGHY's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGHY | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.06% | 0.40% | +1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 3.81% | 0.95% | +2.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.11% | 1.33% | +3.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 1.99% | +3.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.04% | 1.57% | +5.47% |
PGHY vs. SHY - Expense Ratio Comparison
PGHY has a 0.35% expense ratio, which is higher than SHY's 0.15% expense ratio.
Dividends
PGHY vs. SHY - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.09%, more than SHY's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
PGHY and SHY have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PGHY has higher volatility (2.06%) compared to SHY (0.40%). In terms of maximum drawdown, PGHY dropped -20.50% vs SHY's -5.71%.
On 10-year performance, PGHY leads with 4.39% vs 1.65% for SHY. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PGHY has performed better with a 4.39% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHY is cheaper with a 0.15% expense ratio, compared with 0.35% for PGHY.
PGHY has the higher dividend yield at 7.09%, compared with 3.68% for SHY.
PGHY is categorized as High Yield Bonds, while SHY is Government Bonds. PGHY tracks DB Global Short Maturity High Yield Bond Index, while SHY tracks ICE US Treasury 1-3 Year Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for PGHY and 0.15% for SHY.
SHY currently has the higher Sharpe Ratio (2.43 vs 1.46), 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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