PGHY vs. TSI
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 4.15%/yr vs 4.79%/yr for TSI. Their 0.11 correlation means their historical movements had little consistent relationship.
Performance
PGHY vs. TSI - 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 TSI's -7.62% return. Over the past 10 years, PGHY has underperformed TSI with an annualized return of 4.15%, while TSI has yielded a comparatively higher 4.79% annualized 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%
TSI
- 1D
- -0.68%
- 1M
- -1.60%
- 6M
- -6.32%
- YTD
- -7.62%
- 1Y
- -3.50%
- 3Y*
- 5.99%
- 5Y*
- 1.75%
- 10Y*
- 4.79%
- ALL TIME*
- 9.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $929.08K | $902.87K | $974.93K | |
| $605.00K | $596.77K | $548.55K |
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 | 2.82% | 8.88% | 8.39% | 10.15% | -5.50% | 1.22% | 3.04% | 5.87% | 0.38% | 2.97% |
TSI TCW Strategic Income Fund Inc. | -7.62% | 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 0.10, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2013 | 0.11 |
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Return for Risk
PGHY vs. TSI — Risk / Return Rank
PGHY
TSI
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 ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.36 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.93 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | -0.42 | +2.39 |
| Martin ratioReturn relative to average drawdown | 7.47 | -0.82 | +8.29 |
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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.
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Drawdown Indicators
| PGHY | TSI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -9.38% | -18.56% | +9.18% |
Max Drawdown (10Y)Largest decline over 10 years | -20.50% | -30.00% | +9.50% |
Current DrawdownCurrent decline from peak | -0.28% | -7.65% | +7.37% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -7.69% | +6.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 4.28% | -3.48% |
Volatility
PGHY vs. TSI - Volatility Comparison
The current volatility for Invesco Global Short Term High Yield Bond ETF (PGHY) is 0.74%, while TCW Strategic Income Fund Inc. (TSI) has a volatility of 2.30%. This indicates that PGHY experiences smaller price fluctuations and is considered to be less risky than TSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PGHY | TSI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 2.30% | -1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 3.88% | 7.19% | -3.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.00% | 8.44% | -3.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.49% | 10.84% | -5.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.00% | 14.04% | -7.04% |
Dividends
PGHY vs. TSI - Dividend Comparison
PGHY's dividend yield for the trailing twelve months is around 7.14%, less than TSI's 8.50% 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% |
TSI TCW Strategic Income Fund Inc. | 8.50% | 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
PGHY and TSI have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSI has higher volatility (2.30%) compared to PGHY (0.74%). In terms of maximum drawdown, PGHY dropped -20.50% vs TSI's -60.35%.
PGHY currently has the higher Sharpe Ratio (1.20 vs -0.42), 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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