FAX vs GHY: Correlation
Measured on weekly returns over the past three years, abrdn Asia-Pacific Income Fund, Inc. (FAX) and PGIM Global High Yield Fund, Inc. (GHY) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FAX and GHY?
Over the past 3 years, FAX and GHY moved with a correlation of 0.67, which is strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 132.8 %².
GHY is one of the assets that tracks FAX most closely: it ranks #3 out of the 10 assets we track against FAX. Over the last 12 months FAX came out ahead by 6.2 percentage points (+2.3% against -3.9%).
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.
FAX vs GHY: side by side
| FAX (abrdn Asia-Pacific Income Fund, Inc.) | GHY (PGIM Global High Yield Fund, Inc.) | |
|---|---|---|
| 1-year return | +2.3% | -3.9% |
| 5-year return | +5.2% | +23.8% |
| Volatility (ann.) | 14.2% | 14.0% |
| Beta vs S&P 500 | 0.40 | 0.49 |
| Max drawdown (3Y) | -13.2% | -16.4% |
| Market cap | $0.6B | $0.5B |
| P/E (trailing) | 14.4 | 9.3 |
| Dividend yield | 13.58% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FAX | GHY |
|---|---|---|
| 2022 | -22.7% | -20.0% |
| 2023 | +16.8% | +17.3% |
| 2024 | +2.5% | +20.3% |
| 2025 | +18.2% | +10.5% |
| 2026 | +3.9% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FAX and GHY good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FAX and GHY?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.70 over the last year and 0.64 over 5 years.
Is GHY a good diversifier for FAX?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
A reading of 0.67 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fax-vs-ghy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fax-vs-ghy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FAX correlations · GHY correlations
