BHYIX vs. FFRAX

Last updated Jun 4, 2026

BHYIX (BlackRock High Yield Bond Portfolio Institutional Shares) and FFRAX (Fidelity Advisor Floating Rate High Income Fund Class A) are both High Yield Bonds funds. Over the past 10 years, BHYIX returned 5.91%/yr vs 4.57%/yr for FFRAX. A 0.57 correlation means they provide meaningful diversification when combined. BHYIX charges 0.59%/yr vs 0.98%/yr for FFRAX.

Performance

BHYIX vs. FFRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) and Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BHYIX having a 1.90% return and FFRAX slightly lower at 1.82%. Over the past 10 years, BHYIX has outperformed FFRAX with an annualized return of 5.91%, while FFRAX has yielded a comparatively lower 4.57% annualized return.

BHYIX

• 1D: 0.14%
• 1M: 0.70%
• YTD: 1.90%
• 6M: 2.44%
• 1Y: 8.04%
• 3Y*: 9.31%
• 5Y*: 4.49%
• 10Y*: 5.91%

FFRAX

• 1D: -0.11%
• 1M: 0.75%
• YTD: 1.82%
• 6M: 2.43%
• 1Y: 5.82%
• 3Y*: 7.04%
• 5Y*: 5.02%
• 10Y*: 4.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BHYIX vs. FFRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares	1.90%	9.18%	8.55%	13.19%	-11.24%	5.53%	5.87%	15.35%	-2.81%	8.23%
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A	1.82%	5.28%	6.83%	11.35%	-1.77%	4.83%	1.38%	8.19%	-0.09%	3.52%

Correlation

The correlation between BHYIX and FFRAX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Aug 17, 2000	0.57

The correlation between BHYIX and FFRAX shifts across timeframes, from 0.43 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BHYIX vs. FFRAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BHYIX

BHYIX Risk / Return Rank: 82
BHYIX Sharpe Ratio Rank: 70
BHYIX Sortino Ratio Rank: 90
BHYIX Omega Ratio Rank: 85
BHYIX Calmar Ratio Rank: 75
BHYIX Martin Ratio Rank: 87

FFRAX

FFRAX Risk / Return Rank: 89
FFRAX Sharpe Ratio Rank: 71
FFRAX Sortino Ratio Rank: 97
FFRAX Omega Ratio Rank: 96
FFRAX Calmar Ratio Rank: 91
FFRAX Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BHYIX vs. FFRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) and Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BHYIX	FFRAX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.45	-0.01
Sortino ratio: Return per unit of downside risk	4.39	5.63	-1.24
Omega ratio: Gain probability vs. loss probability	1.57	1.85	-0.28
Calmar ratio: Return relative to maximum drawdown	3.42	4.82	-1.40
Martin ratio: Return relative to average drawdown	16.95	17.31	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BHYIX vs. FFRAX - Sharpe Ratio Comparison

The current BHYIX Sharpe Ratio is 2.45, which is comparable to the FFRAX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of BHYIX and FFRAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BHYIX	FFRAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.45	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	1.75	-0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	1.11	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	1.17	+0.04

Drawdowns

BHYIX vs. FFRAX - Drawdown Comparison

The maximum BHYIX drawdown since its inception was -34.82%, which is greater than FFRAX's maximum drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for BHYIX and FFRAX.

Drawdown Indicators

	BHYIX	FFRAX	Difference
Max Drawdown Largest peak-to-trough decline	-34.82%	-22.21%	-12.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-1.21%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	-4.07%	-3.31%	-0.76%
Max Drawdown (5Y) Largest decline over 5 years	-15.45%	-6.02%	-9.43%
Max Drawdown (10Y) Largest decline over 10 years	-23.23%	-22.21%	-1.02%
Current Drawdown Current decline from peak	0.00%	-0.11%	+0.11%
Average Drawdown Average peak-to-trough decline	-2.75%	-1.03%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.34%	+0.14%

Volatility

BHYIX vs. FFRAX - Volatility Comparison

BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) has a higher volatility of 1.10% compared to Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) at 0.59%. This indicates that BHYIX's price experiences larger fluctuations and is considered to be riskier than FFRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BHYIX	FFRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	0.59%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	1.72%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	2.38%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.24%	2.88%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.93%	4.13%	+1.80%

BHYIX vs. FFRAX - Expense Ratio Comparison

BHYIX has a 0.59% expense ratio, which is lower than FFRAX's 0.98% expense ratio.

Dividends

BHYIX vs. FFRAX - Dividend Comparison

BHYIX's dividend yield for the trailing twelve months is around 7.05%, more than FFRAX's 6.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHYIX BlackRock High Yield Bond Portfolio Institutional Shares	7.05%	7.05%	7.46%	6.15%	4.91%	4.73%	5.12%	5.70%	6.33%	5.82%	5.96%	6.33%
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A	6.78%	7.12%	6.69%	7.24%	3.57%	2.47%	3.56%	4.86%	4.42%	3.77%	4.14%	3.42%

Frequently Asked Questions

Can I hold both BHYIX and FFRAX in my portfolio?

BHYIX and FFRAX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BHYIX or FFRAX?

BHYIX has higher volatility (1.10%) compared to FFRAX (0.59%). In terms of maximum drawdown, BHYIX dropped -34.82% vs FFRAX's -22.21%.

Which has better risk-adjusted returns?

FFRAX currently has the higher Sharpe Ratio (2.45 vs 2.45), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.