AWF vs GHY: Correlation
Alliancebernstein Global High Income Fund (AWF) and PGIM Global High Yield Fund, Inc. (GHY) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWF and GHY?
Over the past 3 years, AWF and GHY moved with a correlation of 0.74, which is strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 99.9 %².
Within AWF's tracked universe of 18 assets, GHY comes in at #4 by 3-year correlation. Their 12-month results are close: -2.6% for AWF against -3.9% for GHY.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AWF vs GHY: side by side
| AWF (Alliancebernstein Global High Income Fund) | GHY (PGIM Global High Yield Fund, Inc.) | |
|---|---|---|
| 1-year return | -2.6% | -3.9% |
| 5-year return | +21.4% | +23.8% |
| Volatility (ann.) | 9.7% | 14.0% |
| Beta vs S&P 500 | 0.42 | 0.49 |
| Max drawdown (3Y) | -11.1% | -16.4% |
| Market cap | $0.9B | $0.5B |
| P/E (trailing) | 13.6 | 9.3 |
| Dividend yield | 7.26% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWF | GHY |
|---|---|---|
| 2022 | -16.6% | -20.0% |
| 2023 | +18.4% | +17.3% |
| 2024 | +14.4% | +20.3% |
| 2025 | +7.6% | +10.5% |
| 2026 | -0.0% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWF and GHY good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AWF and GHY?
As of 2026-08-27, the correlation of weekly returns between AWF and GHY is 0.74 over 3 years, 0.71 over 1 year and 0.74 over 5 years.
Is GHY a good diversifier for AWF?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/awf-vs-ghy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/awf-vs-ghy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AWF correlations · GHY correlations
