GHY vs ISD: Correlation
How closely do PGIM Global High Yield Fund, Inc. (GHY) and PGIM High Yield Bond Fund, Inc. (ISD) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHY and ISD?
Over the past 3 years, GHY and ISD moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 141.8 %².
ISD is one of the assets that tracks GHY most closely: it ranks #1 out of the 13 assets we track against GHY. Twelve-month performance is nearly a tie, at -3.9% for GHY and -7.0% for ISD.
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.
GHY vs ISD: side by side
| GHY (PGIM Global High Yield Fund, Inc.) | ISD (PGIM High Yield Bond Fund, Inc.) | |
|---|---|---|
| 1-year return | -3.9% | -7.0% |
| 5-year return | +23.8% | +21.1% |
| Volatility (ann.) | 14.0% | 12.7% |
| Beta vs S&P 500 | 0.49 | 0.50 |
| Max drawdown (3Y) | -16.4% | -13.9% |
| Market cap | $0.5B | $0.4B |
| P/E (trailing) | 9.3 | 10.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GHY | ISD |
|---|---|---|
| 2022 | -20.0% | -18.4% |
| 2023 | +17.3% | +15.1% |
| 2024 | +20.3% | +22.1% |
| 2025 | +10.5% | +15.6% |
| 2026 | -0.1% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHY and ISD good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between GHY and ISD?
As of 2026-08-27, the correlation of weekly returns between GHY and ISD is 0.80 over 3 years, 0.73 over 1 year and 0.85 over 5 years.
Is ISD a good diversifier for GHY?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
A reading of 0.80 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/ghy-vs-isd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ghy-vs-isd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GHY correlations · ISD correlations
