STHE.L vs. IHYA.L

Last updated Jun 5, 2026

STHE.L (PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged) and IHYA.L (iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)) are both High Yield Bonds funds - STHE.L tracks the ICE BofA 0-5 Year US High Yield Constrained Index while IHYA.L tracks the Bloomberg US Corporate High Yield TR USD. Both are passively managed. Over the past 5 years, STHE.L returned 3.23%/yr vs 4.96%/yr for IHYA.L. At a 0.39 correlation, their price movements are largely independent. STHE.L charges 0.60%/yr vs 0.50%/yr for IHYA.L.

Performance

STHE.L vs. IHYA.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 Inc EUR Hedged (STHE.L) and iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

STHE.L is traded in EUR, while IHYA.L is traded in USD. To make them comparable, the IHYA.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, STHE.L achieves a 0.74% return, which is significantly lower than IHYA.L's 2.25% return.

STHE.L

• 1D: 0.15%
• 1M: 0.22%
• YTD: 0.74%
• 6M: 1.29%
• 1Y: 5.01%
• 3Y*: 6.71%
• 5Y*: 3.23%
• 10Y*: 3.35%

IHYA.L

• 1D: -0.05%
• 1M: 0.86%
• YTD: 2.25%
• 6M: 2.02%
• 1Y: 5.14%
• 3Y*: 5.41%
• 5Y*: 4.96%
• 10Y*: —

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

STHE.L vs. IHYA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
STHE.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged	0.74%	6.43%	6.85%	8.96%	-6.98%	3.51%	1.79%	6.81%	-3.40%	1.54%
IHYA.L iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)	2.25%	-3.50%	14.05%	7.32%	-3.22%	11.48%	-3.59%	15.17%	3.33%	-8.98%

Correlation

The correlation between STHE.L and IHYA.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Apr 18, 2017	0.39

Over the past year, the correlation between STHE.L and IHYA.L has dropped to 0.16 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

STHE.L vs. IHYA.L - Sectors Allocation Comparison

Sectors	STHE.L	IHYA.L
Communication Services	10.7%	-
Consumer Cyclical	6.8%	-
Industrials	6.5%	-
Real Estate	4.7%	16.4%
Financial Services	4.6%	-
Technology	4.6%	-
Energy	4.3%	-
Healthcare	3.5%	-
Basic Materials	2.1%	-
Utilities	1.6%	83.6%
Consumer Defensive	1.0%	-

Return for Risk

STHE.L vs. IHYA.L — Risk / Return Rank

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

STHE.L

STHE.L Risk / Return Rank: 52
STHE.L Sharpe Ratio Rank: 50
STHE.L Sortino Ratio Rank: 55
STHE.L Omega Ratio Rank: 53
STHE.L Calmar Ratio Rank: 47
STHE.L Martin Ratio Rank: 56

IHYA.L

IHYA.L Risk / Return Rank: 61
IHYA.L Sharpe Ratio Rank: 58
IHYA.L Sortino Ratio Rank: 67
IHYA.L Omega Ratio Rank: 64
IHYA.L Calmar Ratio Rank: 50
IHYA.L Martin Ratio Rank: 68

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.

STHE.L vs. IHYA.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 Inc EUR Hedged (STHE.L) and iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.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.

	STHE.L	IHYA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.69	0.81	+0.88
Sortino ratio: Return per unit of downside risk	2.59	1.17	+1.42
Omega ratio: Gain probability vs. loss probability	1.32	1.15	+0.18
Calmar ratio: Return relative to maximum drawdown	2.31	1.43	+0.88
Martin ratio: Return relative to average drawdown	9.63	4.75	+4.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STHE.L vs. IHYA.L - Sharpe Ratio Comparison

The current STHE.L Sharpe Ratio is 1.69, which is higher than the IHYA.L Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of STHE.L and IHYA.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

	STHE.L	IHYA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	0.81	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.59	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.36	+0.09

Drawdowns

STHE.L vs. IHYA.L - Drawdown Comparison

The maximum STHE.L drawdown since its inception was -24.40%, which is greater than IHYA.L's maximum drawdown of -21.83%. Use the drawdown chart below to compare losses from any high point for STHE.L and IHYA.L.

Drawdown Indicators

	STHE.L	IHYA.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.40%	-21.83%	-2.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.16%	-3.57%	+1.41%
Max Drawdown (3Y) Largest decline over 3 years	-5.02%	-11.75%	+6.73%
Max Drawdown (5Y) Largest decline over 5 years	-10.27%	-11.75%	+1.48%
Max Drawdown (10Y) Largest decline over 10 years	-24.40%	—	—
Current Drawdown Current decline from peak	0.00%	-3.37%	+3.37%
Average Drawdown Average peak-to-trough decline	-2.02%	-4.44%	+2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	1.08%	-0.56%

Volatility

STHE.L vs. IHYA.L - Volatility Comparison

The current volatility for PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Inc EUR Hedged (STHE.L) is 0.86%, while iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L) has a volatility of 1.50%. This indicates that STHE.L experiences smaller price fluctuations and is considered to be less risky than IHYA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STHE.L	IHYA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	1.50%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	4.52%	-2.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	6.32%	-3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.36%	8.39%	-3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.74%	9.45%	-2.71%

STHE.L vs. IHYA.L - Expense Ratio Comparison

STHE.L has a 0.60% expense ratio, which is higher than IHYA.L's 0.50% expense ratio.

Dividends

STHE.L vs. IHYA.L - Dividend Comparison

STHE.L's dividend yield for the trailing twelve months is around 7.08%, while IHYA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHYA.L iShares USD 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%
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

Can I hold both STHE.L and IHYA.L in my portfolio?

STHE.L and IHYA.L have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, STHE.L or IHYA.L?

On fees, IHYA.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, STHE.L or IHYA.L?

IHYA.L is cheaper with a 0.50% expense ratio, compared with 0.60% for STHE.L.

What is the main difference between STHE.L and IHYA.L?

STHE.L tracks ICE BofA 0-5 Year US High Yield Constrained Index, while IHYA.L tracks Bloomberg US Corporate High Yield TR USD. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.60% for STHE.L and 0.50% for IHYA.L.