BGH vs GHY: Correlation
How closely do Barings Global Short Duration High Yield Fund (BGH) and PGIM Global High Yield Fund, Inc. (GHY) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGH and GHY?
Over the past 3 years, BGH and GHY moved with a correlation of 0.77, which is strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 141.6 %².
GHY is one of the assets that tracks BGH most closely: it ranks #2 out of the 13 assets we track against BGH. Twelve-month performance is nearly a tie, at -2.8% for BGH and -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.
BGH vs GHY: side by side
| BGH (Barings Global Short Duration High Yield Fund) | GHY (PGIM Global High Yield Fund, Inc.) | |
|---|---|---|
| 1-year return | -2.8% | -3.9% |
| 5-year return | +37.9% | +23.8% |
| Volatility (ann.) | 13.2% | 14.0% |
| Beta vs S&P 500 | 0.54 | 0.49 |
| Max drawdown (3Y) | -16.9% | -16.4% |
| Market cap | – | $0.5B |
| P/E (trailing) | 14.2 | 9.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGH | GHY |
|---|---|---|
| 2022 | -19.9% | -20.0% |
| 2023 | +18.2% | +17.3% |
| 2024 | +27.3% | +20.3% |
| 2025 | +8.5% | +10.5% |
| 2026 | +1.0% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGH and GHY good diversifiers for each other?
To a limited degree. At 0.77 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BGH and GHY?
As of 2026-08-27, the correlation of weekly returns between BGH and GHY is 0.77 over 3 years, 0.73 over 1 year and 0.81 over 5 years.
Is GHY a good diversifier for BGH?
To a limited degree. At 0.77 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.77 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/bgh-vs-ghy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bgh-vs-ghy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BGH correlations · GHY correlations
