PGHY vs. TSI

Last updated Jun 25, 2026

PGHY (Invesco Global Short Term High Yield Bond ETF) and TSI (TCW Strategic Income Fund Inc.) are both funds - PGHY is a High Yield Bonds fund tracking the DB Global Short Maturity High Yield Bond Index, while TSI is a Multisector Bonds fund managed by TCW. Over the past 10 years, PGHY returned 4.42%/yr vs 5.03%/yr for TSI. At a 0.11 correlation, their price movements are largely independent.

Performance

PGHY vs. TSI - 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 TCW Strategic Income Fund Inc. (TSI). 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 TSI's -6.74% return. Over the past 10 years, PGHY has underperformed TSI with an annualized return of 4.42%, while TSI has yielded a comparatively higher 5.03% annualized 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%

TSI

• 1D: -0.45%
• 1M: -0.49%
• YTD: -6.74%
• 6M: -4.77%
• 1Y: -1.89%
• 3Y*: 6.86%
• 5Y*: 2.17%
• 10Y*: 5.03%

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

PGHY vs. TSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGHY Invesco Global Short Term High Yield Bond ETF	2.85%	8.88%	8.39%	10.15%	-5.50%	1.22%	3.04%	5.87%	0.38%	2.97%
TSI TCW Strategic Income Fund Inc.	-6.74%	9.72%	13.45%	7.13%	-14.33%	8.08%	3.77%	17.97%	-3.83%	16.42%

Correlation

The correlation between PGHY and TSI is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jun 21, 2013	0.11

Return for Risk

PGHY vs. TSI — 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

TSI

TSI Risk / Return Rank: 2
TSI Sharpe Ratio Rank: 2
TSI Sortino Ratio Rank: 2
TSI Omega Ratio Rank: 2
TSI Calmar Ratio Rank: 2
TSI Martin Ratio Rank: 2

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. TSI - 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 TCW Strategic Income Fund Inc. (TSI). 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	TSI	Difference
Sharpe ratio: Return per unit of total volatility	1.43	-0.23	+1.66
Sortino ratio: Return per unit of downside risk	2.19	-0.25	+2.44
Omega ratio: Gain probability vs. loss probability	1.25	0.96	+0.29
Calmar ratio: Return relative to maximum drawdown	2.43	-0.23	+2.66
Martin ratio: Return relative to average drawdown	9.30	-0.52	+9.82

PGHY vs. TSI - Sharpe Ratio Comparison

The current PGHY Sharpe Ratio is 1.43, which is higher than the TSI Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of PGHY and TSI, 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. TSI - Drawdown Comparison

The maximum PGHY drawdown since its inception was -20.50%, smaller than the maximum TSI drawdown of -60.35%. Use the drawdown chart below to compare losses from any high point for PGHY and TSI.

Drawdown Indicators

	PGHY	TSI	Difference
Max Drawdown Largest peak-to-trough decline	-20.50%	-60.35%	+39.85%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-8.30%	+5.26%
Max Drawdown (3Y) Largest decline over 3 years	-5.03%	-8.30%	+3.27%
Max Drawdown (5Y) Largest decline over 5 years	-9.42%	-18.56%	+9.14%
Max Drawdown (10Y) Largest decline over 10 years	-20.50%	-30.00%	+9.50%
Current Drawdown Current decline from peak	-0.26%	-6.78%	+6.52%
Average Drawdown Average peak-to-trough decline	-1.64%	-7.69%	+6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	3.64%	-2.85%

Volatility

PGHY vs. TSI - Volatility Comparison

Invesco Global Short Term High Yield Bond ETF (PGHY) has a higher volatility of 1.99% compared to TCW Strategic Income Fund Inc. (TSI) at 1.48%. This indicates that PGHY's price experiences larger fluctuations and is considered to be riskier than TSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGHY	TSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	1.48%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	3.92%	7.29%	-3.37%
Volatility (1Y) Calculated over the trailing 1-year period	5.17%	8.38%	-3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.48%	10.89%	-5.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.04%	14.03%	-6.99%

Dividends

PGHY vs. TSI - Dividend Comparison

PGHY's dividend yield for the trailing twelve months is around 7.11%, less than TSI's 9.19% 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%
TSI TCW Strategic Income Fund Inc.	9.19%	6.58%	8.00%	7.73%	7.00%	6.36%	4.83%	7.39%	7.07%	5.36%	5.21%	4.08%

Frequently Asked Questions

Can I hold both PGHY and TSI in my portfolio?

PGHY and TSI have a correlation of 0.15, 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 TSI?

PGHY has higher volatility (1.99%) compared to TSI (1.48%). In terms of maximum drawdown, PGHY dropped -20.50% vs TSI's -60.35%.

Which has better risk-adjusted returns?

PGHY currently has the higher Sharpe Ratio (1.43 vs -0.23), 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.