PSP vs. HYG
PSP (Invesco Global Listed Private Equity ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, PSP returned 8.12%/yr vs 5.03%/yr for HYG. A 0.61 correlation means they provide meaningful diversification when combined. PSP charges 1.44%/yr vs 0.49%/yr for HYG.
Performance
PSP vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, PSP achieves a -11.42% return, which is significantly lower than HYG's 1.78% return. Over the past 10 years, PSP has outperformed HYG with an annualized return of 8.12%, while HYG has yielded a comparatively lower 5.03% annualized return.
PSP
- 1D
- 0.27%
- 1M
- -0.85%
- YTD
- -11.42%
- 6M
- -10.38%
- 1Y
- -5.41%
- 3Y*
- 9.76%
- 5Y*
- 0.38%
- 10Y*
- 8.12%
HYG
- 1D
- 0.13%
- 1M
- 1.25%
- YTD
- 1.78%
- 6M
- 2.29%
- 1Y
- 6.95%
- 3Y*
- 8.47%
- 5Y*
- 3.83%
- 10Y*
- 5.03%
PSP vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | -11.42% | 6.49% | 17.42% | 37.72% | -37.37% | 27.30% | 12.47% | 35.73% | -15.12% | 24.13% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.78% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between PSP and HYG is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | 0.61 |
The correlation between PSP and HYG has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.
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Return for Risk
PSP vs. HYG — Risk / Return Rank
PSP
HYG
PSP vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.
| PSP | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.97 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.35 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 2.98 | -3.23 |
| Martin ratioReturn relative to average drawdown | -0.54 | 13.11 | -13.64 |
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Drawdowns
PSP vs. HYG - Drawdown Comparison
The maximum PSP drawdown since its inception was -85.40%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for PSP and HYG.
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Drawdown Indicators
| PSP | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.40% | -34.25% | -51.15% |
Max Drawdown (1Y)Largest decline over 1 year | -22.37% | -2.34% | -20.03% |
Max Drawdown (3Y)Largest decline over 3 years | -22.94% | -4.56% | -18.38% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -15.79% | -31.37% |
Max Drawdown (10Y)Largest decline over 10 years | -47.16% | -22.03% | -25.13% |
Current DrawdownCurrent decline from peak | -15.75% | 0.00% | -15.75% |
Average DrawdownAverage peak-to-trough decline | -30.67% | -3.24% | -27.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.12% | 0.53% | +9.59% |
Volatility
PSP vs. HYG - Volatility Comparison
Invesco Global Listed Private Equity ETF (PSP) has a higher volatility of 7.43% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.31%. This indicates that PSP's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSP | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.43% | 1.31% | +6.12% |
Volatility (6M)Calculated over the trailing 6-month period | 16.48% | 3.08% | +13.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.15% | 3.87% | +16.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.85% | 7.53% | +16.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.47% | 8.29% | +14.18% |
PSP vs. HYG - Expense Ratio Comparison
PSP has a 1.44% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
PSP vs. HYG - Dividend Comparison
PSP's dividend yield for the trailing twelve months is around 6.52%, more than HYG's 5.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.89% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
PSP Invesco Global Listed Private Equity ETF | 6.52% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
Frequently Asked Questions
PSP and HYG have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSP has higher volatility (7.43%) compared to HYG (1.31%). In terms of maximum drawdown, PSP dropped -85.40% vs HYG's -34.25%.
On 10-year performance, PSP leads with 8.12% vs 5.03% for HYG. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSP has performed better with a 8.12% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYG is cheaper with a 0.49% expense ratio, compared with 1.44% for PSP.
PSP has the higher dividend yield at 6.52%, compared with 5.89% for HYG.
PSP is categorized as Global Equities, while HYG is High Yield Bonds. PSP tracks Red Rocks Global Listed Private Equity Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 1.44% for PSP and 0.49% for HYG.
HYG currently has the higher Sharpe Ratio (1.81 vs -0.27), 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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