WING.L vs. GBHY.L
WING.L (iShares Fallen Angels High Yield Corp Bond UCITS ETF USD (Dist)) and GBHY.L (Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist) are both High Yield Bonds funds - WING.L tracks the Bloomberg Global Corporate ex EM Fallen Angels 3% Issuer Capped Index 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, WING.L returned 7.30%/yr vs 7.76%/yr for GBHY.L. A 0.77 correlation means they provide meaningful diversification when combined. WING.L charges 0.50%/yr vs 0.25%/yr for GBHY.L.
Performance
WING.L vs. GBHY.L - Performance Comparison
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Returns By Period
In the year-to-date period, WING.L achieves a 0.95% return, which is significantly lower than GBHY.L's 1.20% return.
WING.L
- 1D
- 0.37%
- 1M
- -0.32%
- 6M
- 0.95%
- YTD
- 0.95%
- 1Y
- 5.80%
- 3Y*
- 7.30%
- 5Y*
- 2.41%
- 10Y*
- 5.66%
GBHY.L
- 1D
- 0.00%
- 1M
- -0.26%
- 6M
- 1.12%
- YTD
- 1.20%
- 1Y
- 4.93%
- 3Y*
- 7.76%
- 5Y*
- —
- 10Y*
- —
WING.L vs. GBHY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
WING.L iShares Fallen Angels High Yield Corp Bond UCITS ETF USD (Dist) | 0.95% | 12.63% | 2.89% | 10.04% |
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist | 1.20% | 10.42% | 5.93% | 9.81% |
Correlation
The correlation between WING.L and GBHY.L is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jan 10, 2023 | 0.77 |
The correlation between WING.L and GBHY.L shifts across timeframes, from 0.67 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
WING.L vs. GBHY.L — Risk / Return Rank
WING.L
GBHY.L
WING.L vs. GBHY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Fallen Angels High Yield Corp Bond UCITS ETF USD (Dist) (WING.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.
| WING.L | GBHY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.21 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.49 | -0.16 |
| Martin ratioReturn relative to average drawdown | 5.23 | 5.84 | -0.61 |
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Drawdowns
WING.L vs. GBHY.L - Drawdown Comparison
The maximum WING.L drawdown since its inception was -25.18%, which is greater than GBHY.L's maximum drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for WING.L and GBHY.L.
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Drawdown Indicators
| WING.L | GBHY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.18% | -5.09% | -20.09% |
Max Drawdown (1Y)Largest decline over 1 year | -4.36% | -3.31% | -1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -5.02% | -4.17% | -0.85% |
Max Drawdown (5Y)Largest decline over 5 years | -21.62% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -25.18% | — | — |
Current DrawdownCurrent decline from peak | -0.50% | -0.35% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -0.91% | -3.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 0.84% | +0.27% |
Volatility
WING.L vs. GBHY.L - Volatility Comparison
iShares Fallen Angels High Yield Corp Bond UCITS ETF USD (Dist) (WING.L) has a higher volatility of 1.58% compared to Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist (GBHY.L) at 0.69%. This indicates that WING.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.
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Volatility by Period
| WING.L | GBHY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 0.69% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 3.86% | 3.57% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.84% | 4.49% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.47% | 5.61% | +1.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.09% | 5.61% | +3.48% |
WING.L vs. GBHY.L - Expense Ratio Comparison
WING.L has a 0.50% expense ratio, which is higher than GBHY.L's 0.25% expense ratio.
Dividends
WING.L vs. GBHY.L - Dividend Comparison
WING.L's dividend yield for the trailing twelve months is around 5.71%, less than GBHY.L's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GBHY.L Invesco Global High Yield Corporate Bond ESG Climate Transition UCITS ETF Dist | 6.60% | 6.49% | 6.89% | 5.78% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WING.L iShares Fallen Angels High Yield Corp Bond UCITS ETF USD (Dist) | 5.71% | 5.67% | 5.86% | 5.20% | 4.43% | 3.92% | 4.25% | 4.56% | 4.98% | 4.44% | 2.11% |
Frequently Asked Questions
WING.L and GBHY.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
GBHY.L is cheaper with a 0.25% expense ratio, compared with 0.50% for WING.L.
WING.L tracks Bloomberg Global Corporate ex EM Fallen Angels 3% Issuer Capped Index, while GBHY.L tracks Bloomberg MSCI Global High Yield Liquid Corporate Climate Transition ESG Bond Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.50% for WING.L and 0.25% for GBHY.L.
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