SSHY.L vs. GHYG.L
SSHY.L (PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist) and GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) are both High Yield Bonds funds - SSHY.L tracks the Bloomberg US Corporate High Yield TR USD while GHYG.L tracks the ICE BofA Gbl HY Constnd TR HGBP. Both are passively managed. Over the past 5 years, SSHY.L returned 6.17%/yr vs 3.51%/yr for GHYG.L. At a 0.09 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.
Performance
SSHY.L vs. GHYG.L - Performance Comparison
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Returns By Period
In the year-to-date period, SSHY.L achieves a 3.24% return, which is significantly higher than GHYG.L's 1.63% return.
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%
GHYG.L
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 1.63%
- 6M
- 1.85%
- 1Y
- 5.87%
- 3Y*
- 8.19%
- 5Y*
- 3.51%
- 10Y*
- —
SSHY.L vs. GHYG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SSHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist | 3.24% | 1.40% | 10.17% | 5.50% | 6.56% | 5.71% | 0.33% | 0.81% |
GHYG.L iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) | 1.63% | 7.85% | 7.10% | 10.89% | -9.48% | 3.58% | 2.27% | 4.47% |
Correlation
The correlation between SSHY.L and GHYG.L is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2019 | 0.09 |
The correlation between SSHY.L and GHYG.L shifts across timeframes, from -0.03 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SSHY.L vs. GHYG.L — Risk / Return Rank
SSHY.L
GHYG.L
SSHY.L vs. GHYG.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 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.
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 | GHYG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.31 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 2.28 | +0.36 |
| Martin ratioReturn relative to average drawdown | 8.17 | 9.58 | -1.41 |
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Drawdowns
SSHY.L vs. GHYG.L - Drawdown Comparison
The maximum SSHY.L drawdown since its inception was -38.26%, which is greater than GHYG.L's maximum drawdown of -23.08%. Use the drawdown chart below to compare losses from any high point for SSHY.L and GHYG.L.
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Drawdown Indicators
| SSHY.L | GHYG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.26% | -23.08% | -15.18% |
Max Drawdown (1Y)Largest decline over 1 year | -3.64% | -2.56% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -9.91% | -4.51% | -5.40% |
Max Drawdown (5Y)Largest decline over 5 years | -10.25% | -14.41% | +4.16% |
Max Drawdown (10Y)Largest decline over 10 years | -15.95% | — | — |
Current DrawdownCurrent decline from peak | -0.60% | -0.29% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -11.56% | -2.97% | -8.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 0.61% | +0.57% |
Volatility
SSHY.L vs. GHYG.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 iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) at 1.00%. This indicates that SSHY.L's price experiences larger fluctuations and is considered to be riskier than GHYG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSHY.L | GHYG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 1.00% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 4.03% | 3.31% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.75% | 3.98% | +1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 6.03% | +1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.82% | 7.97% | +0.85% |
SSHY.L vs. GHYG.L - Expense Ratio Comparison
Both SSHY.L and GHYG.L have an expense ratio of 0.55%.
Dividends
SSHY.L vs. GHYG.L - Dividend Comparison
SSHY.L's dividend yield for the trailing twelve months is around 6.89%, which matches GHYG.L's 6.86% 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) | 6.86% | 5.34% | 5.26% | 4.70% | 4.14% | 3.73% | 4.55% | 1.78% | 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
SSHY.L and GHYG.L have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SSHY.L and GHYG.L have the same expense ratio: 0.55% per year.
SSHY.L tracks Bloomberg US Corporate High Yield TR USD, while GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP. They also come from different issuers: PIMCO and iShares.
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