SSHY.L vs. STHE.L
SSHY.L (PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist) and STHE.L (PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged) are both High Yield Bonds funds from PIMCO - SSHY.L tracks the Bloomberg US Corporate High Yield TR USD while STHE.L tracks the ICE BofA 0-5 Year US High Yield Constrained Index. Both are passively managed. Over the past 10 years, SSHY.L returned 6.28%/yr vs 4.36%/yr for STHE.L. At a 0.45 correlation, their price movements are largely independent. SSHY.L charges 0.55%/yr vs 0.60%/yr for STHE.L.
Performance
SSHY.L vs. STHE.L - Performance Comparison
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Different Trading Currencies
SSHY.L is traded in GBP, while STHE.L is traded in EUR. To make them comparable, the STHE.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
Over the past 10 years, SSHY.L has outperformed STHE.L with an annualized return of 6.28%, while STHE.L has yielded a comparatively lower 4.36% annualized return.
SSHY.L
- 1D
- 0.17%
- 1M
- 1.33%
- YTD
- 1.51%
- 6M
- 1.49%
- 1Y
- 8.19%
- 3Y*
- 5.91%
- 5Y*
- 6.31%
- 10Y*
- 6.28%
STHE.L
- 1D
- 0.28%
- 1M
- 0.44%
- YTD
- -0.00%
- 6M
- 0.31%
- 1Y
- 7.84%
- 3Y*
- 6.87%
- 5Y*
- 3.38%
- 10Y*
- 4.36%
SSHY.L vs. STHE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist | 1.51% | 1.40% | 10.17% | 5.51% | 6.56% | 5.70% | 0.33% | 6.66% | 5.07% | -3.96% |
STHE.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged | -0.00% | 12.13% | 2.00% | 6.78% | -2.17% | -2.63% | 7.54% | 0.75% | -2.45% | 7.98% |
Correlation
The correlation between SSHY.L and STHE.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2013 | 0.45 |
Over the past year, the correlation between SSHY.L and STHE.L has dropped to 0.24 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
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Return for Risk
SSHY.L vs. STHE.L — Risk / Return Rank
SSHY.L
STHE.L
SSHY.L vs. STHE.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 PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged (STHE.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.
| SSHY.L | STHE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.29 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 2.86 | -0.62 |
| Martin ratioReturn relative to average drawdown | 6.90 | 8.88 | -1.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SSHY.L | STHE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 1.63 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.83 | 0.48 | +0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.69 | 0.48 | +0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.34 | +0.26 |
Drawdowns
SSHY.L vs. STHE.L - Drawdown Comparison
The maximum SSHY.L drawdown since its inception was -15.94%, smaller than the maximum STHE.L drawdown of -22.78%. Use the drawdown chart below to compare losses from any high point for SSHY.L and STHE.L.
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Drawdown Indicators
| SSHY.L | STHE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.94% | -22.78% | +6.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.63% | -2.73% | -0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -9.91% | -3.18% | -6.73% |
Max Drawdown (5Y)Largest decline over 5 years | -10.24% | -10.89% | +0.65% |
Max Drawdown (10Y)Largest decline over 10 years | -15.94% | -22.78% | +6.84% |
Current DrawdownCurrent decline from peak | -0.89% | -0.68% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -4.30% | -5.22% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 0.88% | +0.30% |
Volatility
SSHY.L vs. STHE.L - Volatility Comparison
PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.L) has a higher volatility of 1.59% compared to PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged (STHE.L) at 1.38%. This indicates that SSHY.L's price experiences larger fluctuations and is considered to be riskier than STHE.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 | STHE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.59% | 1.38% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.03% | 3.42% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.67% | 4.81% | +0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.58% | 7.10% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.16% | 9.06% | +0.10% |
SSHY.L vs. STHE.L - Expense Ratio Comparison
SSHY.L has a 0.55% expense ratio, which is lower than STHE.L's 0.60% expense ratio.
Dividends
SSHY.L vs. STHE.L - Dividend Comparison
SSHY.L's dividend yield for the trailing twelve months is around 7.07%, which matches STHE.L's 7.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist | 7.07% | 7.33% | 7.48% | 6.52% | 4.86% | 4.47% | 5.24% | 5.27% | 5.10% | 5.48% | 4.92% | 5.11% |
STHE.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged | 7.08% | 7.17% | 7.64% | 6.27% | 4.99% | 4.57% | 4.88% | 5.14% | 5.37% | 5.18% | 5.41% | 5.28% |
Frequently Asked Questions
SSHY.L and STHE.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SSHY.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SSHY.L is cheaper with a 0.55% expense ratio, compared with 0.60% for STHE.L.
SSHY.L tracks Bloomberg US Corporate High Yield TR USD, while STHE.L tracks ICE BofA 0-5 Year US High Yield Constrained Index. Their fees differ too: 0.55% for SSHY.L and 0.60% for STHE.L.
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