BHYIX vs. FSHNX
BHYIX (BlackRock High Yield Bond Portfolio Institutional Shares) and FSHNX (Fidelity Series High Income Fund) are both High Yield Bonds funds. Over the past 10 years, BHYIX returned 5.91%/yr vs 6.20%/yr for FSHNX. Their correlation of 0.88 suggests significant overlap in exposure. BHYIX charges 0.59%/yr vs 0.00%/yr for FSHNX.
Performance
BHYIX vs. FSHNX - Performance Comparison
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Returns By Period
In the year-to-date period, BHYIX achieves a 1.90% return, which is significantly lower than FSHNX's 3.33% return. Both investments have delivered pretty close results over the past 10 years, with BHYIX having a 5.91% annualized return and FSHNX not far ahead at 6.20%.
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%
FSHNX
- 1D
- 0.00%
- 1M
- 0.99%
- YTD
- 3.33%
- 6M
- 4.07%
- 1Y
- 10.75%
- 3Y*
- 10.22%
- 5Y*
- 5.17%
- 10Y*
- 6.20%
BHYIX vs. FSHNX - 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% |
FSHNX Fidelity Series High Income Fund | 3.33% | 11.17% | 8.75% | 11.25% | -11.52% | 6.05% | 4.57% | 15.20% | -2.14% | 9.40% |
Correlation
The correlation between BHYIX and FSHNX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2011 | 0.88 |
The correlation between BHYIX and FSHNX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.
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Return for Risk
BHYIX vs. FSHNX — Risk / Return Rank
BHYIX
FSHNX
BHYIX vs. FSHNX - 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 Series High Income Fund (FSHNX). 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 | FSHNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -2.30 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.91 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | 5.75 | -2.34 |
| Martin ratioReturn relative to average drawdown | 16.95 | 30.13 | -13.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BHYIX | FSHNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.45 | 3.44 | -1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 0.98 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.00 | 1.07 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.22 | 1.00 | +0.22 |
Drawdowns
BHYIX vs. FSHNX - Drawdown Comparison
The maximum BHYIX drawdown since its inception was -34.82%, which is greater than FSHNX's maximum drawdown of -21.98%. Use the drawdown chart below to compare losses from any high point for BHYIX and FSHNX.
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Drawdown Indicators
| BHYIX | FSHNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.82% | -21.98% | -12.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -2.13% | -0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -4.07% | -4.05% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -15.45% | -15.32% | -0.13% |
Max Drawdown (10Y)Largest decline over 10 years | -23.23% | -21.98% | -1.25% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.75% | -2.42% | -0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.40% | +0.08% |
Volatility
BHYIX vs. FSHNX - Volatility Comparison
BlackRock High Yield Bond Portfolio Institutional Shares (BHYIX) has a higher volatility of 1.10% compared to Fidelity Series High Income Fund (FSHNX) at 0.97%. This indicates that BHYIX's price experiences larger fluctuations and is considered to be riskier than FSHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BHYIX | FSHNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.97% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.56% | 2.55% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 3.55% | -0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.24% | 5.31% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.93% | 5.83% | +0.10% |
BHYIX vs. FSHNX - Expense Ratio Comparison
BHYIX has a 0.59% expense ratio, which is higher than FSHNX's 0.00% expense ratio.
Dividends
BHYIX vs. FSHNX - Dividend Comparison
BHYIX's dividend yield for the trailing twelve months is around 7.05%, more than FSHNX's 6.96% 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% |
FSHNX Fidelity Series High Income Fund | 6.96% | 7.04% | 5.97% | 6.21% | 4.90% | 5.01% | 5.57% | 6.35% | 6.95% | 6.03% | 6.24% | 5.79% |
Frequently Asked Questions
BHYIX and FSHNX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BHYIX has higher volatility (1.10%) compared to FSHNX (0.97%). In terms of maximum drawdown, BHYIX dropped -34.82% vs FSHNX's -21.98%.
FSHNX currently has the higher Sharpe Ratio (3.44 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.
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