For investors seeking momentum, iShares Global High Yield Corporate Bond ETF (GHYG Quick QuoteGHYG - Free Report) is probably on radar now. The fund just hit a 52-week high of $49.98. Shares of GHYG are up roughly 7.4% from their 52-week low price of $46.54/share. 

But could more gains be ahead for this ETF? Let’s take a quick look at the fund and the near-term outlook to get a better idea on where it might be headed: 

GHYG in Focus

The fund looks to track the performance of the Markit iBoxx Global Developed Markets High Yield Index. The fund is heavy on the U.S. (65.1%) followed by U.K. (5.93%). The effective duration and weighted average maturity of the fund are 3.65 years and 4.07 years, resulting in moderate interest rate and default risks. The fund charges 40 bps in total fees (see High-Yield/Junk Bond ETFs here). 

Why the Move?

As global growth and corporate earnings are on the mend, investors have perhaps turned to this corporate bond fund. While the Fed is slowly raising interest rates, several global central banks, particularly in developed economies, are still on an accommodative mode. This pushed investors to crave for higher yield and bet on this fund. Notably, the fund yields about 4.91% annually.

More Gains Ahead? 

The fund has a positive weighted alpha of 5.60. A positive weighted alpha hints at more gains. As a result, there is definitely still some promise for investors who want to ride on this surging ETF.

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