SDHA.L vs. GHYS.L

Last updated Jun 5, 2026

SDHA.L (iShares USD Short Duration High Yield Corporate Bond UCITS ETF USD (Acc)) and GHYS.L (iShares Global High Yield Corp Bond GBP Hedged UCITS ETF) are both High Yield Bonds funds from iShares - SDHA.L tracks the Bloomberg US Corporate High Yield TR USD while GHYS.L tracks the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index (GBP Hedged). Both are passively managed. Over the past 5 years, SDHA.L returned 4.65%/yr vs 2.43%/yr for GHYS.L. A 0.54 correlation means they provide meaningful diversification when combined. SDHA.L charges 0.45%/yr vs 0.55%/yr for GHYS.L.

Performance

SDHA.L vs. GHYS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares USD Short Duration High Yield Corporate Bond UCITS ETF USD (Acc) (SDHA.L) and iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SDHA.L is traded in USD, while GHYS.L is traded in GBP. To make them comparable, the GHYS.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SDHA.L achieves a 1.56% return, which is significantly higher than GHYS.L's 1.07% return.

SDHA.L

• 1D: 0.14%
• 1M: 0.21%
• YTD: 1.56%
• 6M: 2.20%
• 1Y: 7.09%
• 3Y*: 7.71%
• 5Y*: 4.65%
• 10Y*: —

GHYS.L

• 1D: 0.14%
• 1M: -0.44%
• YTD: 1.07%
• 6M: 2.37%
• 1Y: 4.60%
• 3Y*: 10.65%
• 5Y*: 2.43%
• 10Y*: 3.33%

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

SDHA.L vs. GHYS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SDHA.L iShares USD Short Duration High Yield Corporate Bond UCITS ETF USD (Acc)	1.56%	8.87%	6.63%	8.90%	-3.48%	3.62%	3.98%	9.51%	-0.74%
GHYS.L iShares Global High Yield Corp Bond GBP Hedged UCITS ETF	1.07%	15.68%	5.17%	17.49%	-19.52%	2.66%	5.85%	15.55%	-5.55%

Correlation

The correlation between SDHA.L and GHYS.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018	0.54

The correlation between SDHA.L and GHYS.L shifts across timeframes, from 0.40 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.

SDHA.L vs. GHYS.L - Sectors Allocation Comparison

Sectors	SDHA.L	GHYS.L
Utilities	77.9%	91.7%
Real Estate	22.1%	8.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

SDHA.L vs. GHYS.L — Risk / Return Rank

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

SDHA.L

SDHA.L Risk / Return Rank: 74
SDHA.L Sharpe Ratio Rank: 65
SDHA.L Sortino Ratio Rank: 75
SDHA.L Omega Ratio Rank: 70
SDHA.L Calmar Ratio Rank: 77
SDHA.L Martin Ratio Rank: 84

GHYS.L

GHYS.L Risk / Return Rank: 40
GHYS.L Sharpe Ratio Rank: 36
GHYS.L Sortino Ratio Rank: 38
GHYS.L Omega Ratio Rank: 38
GHYS.L Calmar Ratio Rank: 38
GHYS.L Martin Ratio Rank: 52

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.

SDHA.L vs. GHYS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares USD Short Duration High Yield Corporate Bond UCITS ETF USD (Acc) (SDHA.L) and iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.L). 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.

	SDHA.L	GHYS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.13	0.54	+1.58
Sortino ratio: Return per unit of downside risk	3.33	0.85	+2.48
Omega ratio: Gain probability vs. loss probability	1.41	1.10	+0.31
Calmar ratio: Return relative to maximum drawdown	3.82	0.69	+3.13
Martin ratio: Return relative to average drawdown	17.08	1.95	+15.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDHA.L vs. GHYS.L - Sharpe Ratio Comparison

The current SDHA.L Sharpe Ratio is 2.13, which is higher than the GHYS.L Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of SDHA.L and GHYS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SDHA.L	GHYS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	0.54	+1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.20	+0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.24	+0.52

Drawdowns

SDHA.L vs. GHYS.L - Drawdown Comparison

The maximum SDHA.L drawdown since its inception was -17.77%, smaller than the maximum GHYS.L drawdown of -39.19%. Use the drawdown chart below to compare losses from any high point for SDHA.L and GHYS.L.

Drawdown Indicators

	SDHA.L	GHYS.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.77%	-39.19%	+21.42%
Max Drawdown (1Y) Largest decline over 1 year	-1.85%	-6.63%	+4.78%
Max Drawdown (3Y) Largest decline over 3 years	-4.57%	-9.20%	+4.63%
Max Drawdown (5Y) Largest decline over 5 years	-8.30%	-34.08%	+25.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.65%	—
Current Drawdown Current decline from peak	-0.07%	-2.42%	+2.35%
Average Drawdown Average peak-to-trough decline	-1.25%	-11.07%	+9.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	2.36%	-1.95%

Volatility

SDHA.L vs. GHYS.L - Volatility Comparison

The current volatility for iShares USD Short Duration High Yield Corporate Bond UCITS ETF USD (Acc) (SDHA.L) is 1.32%, while iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (GHYS.L) has a volatility of 2.34%. This indicates that SDHA.L experiences smaller price fluctuations and is considered to be less risky than GHYS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDHA.L	GHYS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	2.34%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	6.55%	-3.86%
Volatility (1Y) Calculated over the trailing 1-year period	3.33%	8.45%	-5.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.49%	11.93%	-6.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.39%	13.23%	-6.84%

SDHA.L vs. GHYS.L - Expense Ratio Comparison

SDHA.L has a 0.45% expense ratio, which is lower than GHYS.L's 0.55% expense ratio.

Dividends

SDHA.L vs. GHYS.L - Dividend Comparison

SDHA.L has not paid dividends to shareholders, while GHYS.L's dividend yield for the trailing twelve months is around 5.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GHYS.L iShares Global High Yield Corp Bond GBP Hedged UCITS ETF	5.73%	5.68%	5.78%	5.36%	4.41%	3.78%	4.08%	5.03%	4.89%	4.58%	4.91%	5.65%
SDHA.L iShares USD Short Duration High Yield Corporate Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDHA.L and GHYS.L in my portfolio?

SDHA.L and GHYS.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SDHA.L or GHYS.L?

On fees, SDHA.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SDHA.L or GHYS.L?

SDHA.L is cheaper with a 0.45% expense ratio, compared with 0.55% for GHYS.L.

What is the main difference between SDHA.L and GHYS.L?

SDHA.L tracks Bloomberg US Corporate High Yield TR USD, while GHYS.L tracks Markit iBoxx Global Developed Markets Liquid High Yield Capped Index (GBP Hedged). Their fees differ too: 0.45% for SDHA.L and 0.55% for GHYS.L.