SSHY.L vs. GBHY.L

Last updated Jun 26, 2026

SSHY.L (PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist) and GBHY.L (Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist) are both High Yield Bonds funds - SSHY.L tracks the Bloomberg US Corporate High Yield TR USD while GBHY.L tracks the Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index. Both are passively managed. Over the past 3 years, SSHY.L returned 7.34%/yr vs 7.39%/yr for GBHY.L. A 0.59 correlation means they provide meaningful diversification when combined. SSHY.L charges 0.55%/yr vs 0.25%/yr for GBHY.L.

Performance

SSHY.L vs. GBHY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.L) and Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with SSHY.L having a 3.24% return and GBHY.L slightly higher at 3.29%.

SSHY.L

• 1D: -0.60%
• 1M: 2.01%
• YTD: 3.24%
• 6M: 3.79%
• 1Y: 9.63%
• 3Y*: 7.34%
• 5Y*: 6.17%
• 10Y*: 5.60%

GBHY.L

• 1D: 0.28%
• 1M: 2.25%
• YTD: 3.29%
• 6M: 3.79%
• 1Y: 9.43%
• 3Y*: 7.39%
• 5Y*: —
• 10Y*: —

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

SSHY.L vs. GBHY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SSHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist	3.24%	1.40%	10.17%	4.66%
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist	3.29%	2.56%	7.79%	4.80%

Correlation

The correlation between SSHY.L and GBHY.L is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 10, 2023	0.59

The correlation between SSHY.L and GBHY.L has been stable across timeframes, ranging from 0.50 to 0.59 - a consistent structural relationship.

Return for Risk

SSHY.L vs. GBHY.L — Risk / Return Rank

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

SSHY.L

SSHY.L Risk / Return Rank: 57
SSHY.L Sharpe Ratio Rank: 57
SSHY.L Sortino Ratio Rank: 61
SSHY.L Omega Ratio Rank: 54
SSHY.L Calmar Ratio Rank: 62
SSHY.L Martin Ratio Rank: 53

GBHY.L

GBHY.L Risk / Return Rank: 34
GBHY.L Sharpe Ratio Rank: 32
GBHY.L Sortino Ratio Rank: 35
GBHY.L Omega Ratio Rank: 32
GBHY.L Calmar Ratio Rank: 32
GBHY.L Martin Ratio Rank: 40

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.

SSHY.L vs. GBHY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.L) and Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.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.

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.

	SSHY.L	GBHY.L	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.35	+0.32
Sortino ratio: Return per unit of downside risk	2.49	1.93	+0.56
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	2.64	2.71	-0.07
Martin ratio: Return relative to average drawdown	8.17	8.05	+0.12

SSHY.L vs. GBHY.L - Sharpe Ratio Comparison

The current SSHY.L Sharpe Ratio is 1.67, which is comparable to the GBHY.L Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of SSHY.L and GBHY.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.

Drawdowns

SSHY.L vs. GBHY.L - Drawdown Comparison

The maximum SSHY.L drawdown since its inception was -38.26%, which is greater than GBHY.L's maximum drawdown of -7.72%. Use the drawdown chart below to compare losses from any high point for SSHY.L and GBHY.L.

Drawdown Indicators

	SSHY.L	GBHY.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.26%	-7.72%	-30.54%
Max Drawdown (1Y) Largest decline over 1 year	-3.64%	-3.12%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-9.91%	-7.03%	-2.88%
Max Drawdown (5Y) Largest decline over 5 years	-10.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.95%	—	—
Current Drawdown Current decline from peak	-0.60%	-0.03%	-0.57%
Average Drawdown Average peak-to-trough decline	-11.56%	-2.24%	-9.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	1.05%	+0.13%

Volatility

SSHY.L vs. GBHY.L - Volatility Comparison

PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.L) has a higher volatility of 1.74% compared to Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.L) at 1.53%. This indicates that SSHY.L's price experiences larger fluctuations and is considered to be riskier than GBHY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSHY.L	GBHY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	1.53%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	4.03%	4.90%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	5.75%	6.27%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	6.89%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.82%	6.89%	+1.93%

SSHY.L vs. GBHY.L - Expense Ratio Comparison

SSHY.L has a 0.55% expense ratio, which is higher than GBHY.L's 0.25% expense ratio.

Dividends

SSHY.L vs. GBHY.L - Dividend Comparison

SSHY.L's dividend yield for the trailing twelve months is around 6.89%, more than GBHY.L's 6.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist	6.61%	6.49%	6.89%	5.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist	6.89%	7.33%	7.48%	6.52%	4.86%	4.47%	5.24%	5.27%	5.10%	5.48%	4.92%	5.11%

Frequently Asked Questions

Can I hold both SSHY.L and GBHY.L in my portfolio?

SSHY.L and GBHY.L have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SSHY.L or GBHY.L?

On fees, GBHY.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SSHY.L or GBHY.L?

GBHY.L is cheaper with a 0.25% expense ratio, compared with 0.55% for SSHY.L.

What is the main difference between SSHY.L and GBHY.L?

SSHY.L tracks Bloomberg US Corporate High Yield TR USD, while GBHY.L tracks Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.55% for SSHY.L and 0.25% for GBHY.L.