SDHY.L vs. GHYG.L

Last updated Jun 5, 2026

SDHY.L ( iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist) and GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) are both High Yield Bonds funds from iShares - SDHY.L tracks the Markit iBoxx USD Liquid High Yield 0-5 Capped Index while GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP. Both are passively managed. Over the past 5 years, SDHY.L returned 4.61%/yr vs 2.28%/yr for GHYG.L. A 0.55 correlation means they provide meaningful diversification when combined. SDHY.L charges 0.45%/yr vs 0.55%/yr for GHYG.L.

Performance

SDHY.L vs. GHYG.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, SDHY.L achieves a 1.43% return, which is significantly higher than GHYG.L's 0.11% return.

SDHY.L

• 1D: 0.13%
• 1M: 0.07%
• YTD: 1.43%
• 6M: 2.13%
• 1Y: 6.97%
• 3Y*: 7.61%
• 5Y*: 4.61%
• 10Y*: 4.95%

GHYG.L

• 1D: -0.48%
• 1M: -1.93%
• YTD: 0.11%
• 6M: 1.70%
• 1Y: 3.87%
• 3Y*: 10.38%
• 5Y*: 2.28%
• 10Y*: —

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

SDHY.L vs. GHYG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SDHY.L iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist	1.43%	8.90%	6.50%	8.75%	-3.27%	3.42%	4.07%	3.46%
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)	0.11%	15.99%	5.32%	16.74%	-19.15%	2.64%	5.40%	7.22%

Correlation

The correlation between SDHY.L and GHYG.L is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Apr 29, 2019	0.55

The correlation between SDHY.L and GHYG.L has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

SDHY.L vs. GHYG.L - Sectors Allocation Comparison

Sectors	SDHY.L	GHYG.L
Utilities	77.9%	92.7%
Real Estate	22.1%	7.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-

Return for Risk

SDHY.L vs. GHYG.L — Risk / Return Rank

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

SDHY.L

SDHY.L Risk / Return Rank: 73
SDHY.L Sharpe Ratio Rank: 63
SDHY.L Sortino Ratio Rank: 72
SDHY.L Omega Ratio Rank: 66
SDHY.L Calmar Ratio Rank: 78
SDHY.L Martin Ratio Rank: 85

GHYG.L

GHYG.L Risk / Return Rank: 52
GHYG.L Sharpe Ratio Rank: 45
GHYG.L Sortino Ratio Rank: 51
GHYG.L Omega Ratio Rank: 55
GHYG.L Calmar Ratio Rank: 49
GHYG.L Martin Ratio Rank: 58

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.

SDHY.L vs. GHYG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist (SDHY.L) and iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.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.

	SDHY.L	GHYG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.09	0.45	+1.64
Sortino ratio: Return per unit of downside risk	3.19	0.71	+2.48
Omega ratio: Gain probability vs. loss probability	1.39	1.08	+0.31
Calmar ratio: Return relative to maximum drawdown	3.91	0.60	+3.31
Martin ratio: Return relative to average drawdown	17.14	1.66	+15.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDHY.L vs. GHYG.L - Sharpe Ratio Comparison

The current SDHY.L Sharpe Ratio is 2.09, which is higher than the GHYG.L Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of SDHY.L and GHYG.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

	SDHY.L	GHYG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	0.45	+1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.19	+0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.31	+0.38

Drawdowns

SDHY.L vs. GHYG.L - Drawdown Comparison

The maximum SDHY.L drawdown since its inception was -18.94%, smaller than the maximum GHYG.L drawdown of -34.28%. Use the drawdown chart below to compare losses from any high point for SDHY.L and GHYG.L.

Drawdown Indicators

	SDHY.L	GHYG.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.94%	-34.28%	+15.34%
Max Drawdown (1Y) Largest decline over 1 year	-1.83%	-6.39%	+4.56%
Max Drawdown (3Y) Largest decline over 3 years	-4.51%	-9.08%	+4.57%
Max Drawdown (5Y) Largest decline over 5 years	-8.41%	-34.28%	+25.87%
Max Drawdown (10Y) Largest decline over 10 years	-18.94%	—	—
Current Drawdown Current decline from peak	-0.19%	-3.09%	+2.90%
Average Drawdown Average peak-to-trough decline	-1.28%	-7.98%	+6.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	2.33%	-1.91%

Volatility

SDHY.L vs. GHYG.L - Volatility Comparison

The current volatility for iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist (SDHY.L) is 1.16%, while iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) has a volatility of 2.64%. This indicates that SDHY.L experiences smaller price fluctuations and is considered to be less risky than GHYG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDHY.L	GHYG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	2.64%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	6.51%	-3.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.43%	8.58%	-5.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.46%	12.09%	-6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.33%	13.63%	-7.30%

SDHY.L vs. GHYG.L - Expense Ratio Comparison

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

Dividends

SDHY.L vs. GHYG.L - Dividend Comparison

SDHY.L's dividend yield for the trailing twelve months is around 8.31%, more than GHYG.L's 5.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)	5.37%	5.34%	5.26%	4.70%	4.14%	3.73%	4.55%	1.78%	0.00%	0.00%	0.00%	0.00%
SDHY.L iShares $ Short Duration High Yield Corp Bond UCITS ETF USD Dist	8.31%	6.59%	6.41%	5.64%	4.31%	4.24%	4.80%	5.26%	5.48%	5.42%	5.68%	5.05%

Frequently Asked Questions

Can I hold both SDHY.L and GHYG.L in my portfolio?

SDHY.L and GHYG.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SDHY.L or GHYG.L?

On fees, SDHY.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, SDHY.L or GHYG.L?

SDHY.L is cheaper with a 0.45% expense ratio, compared with 0.55% for GHYG.L.

What is the main difference between SDHY.L and GHYG.L?

SDHY.L tracks Markit iBoxx USD Liquid High Yield 0-5 Capped Index, while GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP. Their fees differ too: 0.45% for SDHY.L and 0.55% for GHYG.L.