CHIAX vs. FRA

Last updated Jul 15, 2026

CHIAX (Credit Suisse Floating Rate High Income Fund) and FRA (BlackRock Floating Rate Income Strategies Fund Inc) are both Bank Loan funds. Over the past 10 years, CHIAX returned 4.39%/yr vs 6.43%/yr for FRA. At a 0.22 correlation, their price movements are largely independent. CHIAX charges 0.95%/yr vs 2.17%/yr for FRA.

Performance

CHIAX vs. FRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Credit Suisse Floating Rate High Income Fund (CHIAX) and BlackRock Floating Rate Income Strategies Fund Inc (FRA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHIAX achieves a 2.86% return, which is significantly higher than FRA's -1.25% return. Over the past 10 years, CHIAX has underperformed FRA with an annualized return of 4.39%, while FRA has yielded a comparatively higher 6.43% annualized return.

CHIAX

• 1D: -0.16%
• 1M: 1.88%
• 6M: 2.86%
• YTD: 2.86%
• 1Y: 4.31%
• 3Y*: 5.82%
• 5Y*: 4.55%
• 10Y*: 4.39%

FRA

• 1D: 0.37%
• 1M: 0.22%
• 6M: -4.50%
• YTD: -1.25%
• 1Y: -7.26%
• 3Y*: 7.76%
• 5Y*: 6.14%
• 10Y*: 6.43%

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

CHIAX vs. FRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHIAX Credit Suisse Floating Rate High Income Fund	2.86%	4.25%	6.85%	11.03%	-3.14%	5.03%	2.32%	6.67%	-0.22%	4.33%
FRA BlackRock Floating Rate Income Strategies Fund Inc	-1.25%	-3.75%	21.56%	25.46%	-10.59%	17.81%	-2.38%	20.82%	-8.27%	0.76%

Correlation

The correlation between CHIAX and FRA is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Oct 29, 2003	0.22

Return for Risk

CHIAX vs. FRA — Risk / Return Rank

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

CHIAX

CHIAX Risk / Return Rank: 65
CHIAX Sharpe Ratio Rank: 53
CHIAX Sortino Ratio Rank: 89
CHIAX Omega Ratio Rank: 89
CHIAX Calmar Ratio Rank: 53
CHIAX Martin Ratio Rank: 40

FRA

FRA Risk / Return Rank: 1
FRA Sharpe Ratio Rank: 1
FRA Sortino Ratio Rank: 1
FRA Omega Ratio Rank: 1
FRA Calmar Ratio Rank: 1
FRA Martin Ratio Rank: 1

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.

CHIAX vs. FRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Credit Suisse Floating Rate High Income Fund (CHIAX) and BlackRock Floating Rate Income Strategies Fund Inc (FRA). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CHIAX	FRA	Difference
Sharpe ratio: Return per unit of total volatility	1.61	-0.73	+2.34
Sortino ratio: Return per unit of downside risk	3.65	-1.00	+4.65
Omega ratio: Gain probability vs. loss probability	1.53	0.88	+0.65
Calmar ratio: Return relative to maximum drawdown	2.23	-0.47	+2.70
Martin ratio: Return relative to average drawdown	6.80	-0.89	+7.69

CHIAX vs. FRA - Sharpe Ratio Comparison

The current CHIAX Sharpe Ratio is 1.61, which is higher than the FRA Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of CHIAX and FRA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CHIAX vs. FRA - Drawdown Comparison

The maximum CHIAX drawdown since its inception was -37.29%, smaller than the maximum FRA drawdown of -51.43%. Use the drawdown chart below to compare losses from any high point for CHIAX and FRA.

Drawdown Indicators

	CHIAX	FRA	Difference
Max Drawdown Largest peak-to-trough decline	-37.29%	-51.43%	+14.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-15.47%	+13.45%
Max Drawdown (3Y) Largest decline over 3 years	-2.41%	-18.77%	+16.36%
Max Drawdown (5Y) Largest decline over 5 years	-5.99%	-18.77%	+12.78%
Max Drawdown (10Y) Largest decline over 10 years	-19.94%	-42.80%	+22.86%
Current Drawdown Current decline from peak	-0.16%	-9.67%	+9.51%
Average Drawdown Average peak-to-trough decline	-2.03%	-7.23%	+5.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	8.16%	-7.50%

Volatility

CHIAX vs. FRA - Volatility Comparison

The current volatility for Credit Suisse Floating Rate High Income Fund (CHIAX) is 1.43%, while BlackRock Floating Rate Income Strategies Fund Inc (FRA) has a volatility of 2.16%. This indicates that CHIAX experiences smaller price fluctuations and is considered to be less risky than FRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHIAX	FRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	2.16%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	8.07%	-5.83%
Volatility (1Y) Calculated over the trailing 1-year period	2.79%	9.99%	-7.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.82%	12.90%	-10.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.60%	15.52%	-11.92%

CHIAX vs. FRA - Expense Ratio Comparison

CHIAX has a 0.95% expense ratio, which is lower than FRA's 2.17% expense ratio.

Dividends

CHIAX vs. FRA - Dividend Comparison

CHIAX's dividend yield for the trailing twelve months is around 6.46%, less than FRA's 13.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHIAX Credit Suisse Floating Rate High Income Fund	6.46%	7.44%	7.25%	7.19%	3.90%	3.38%	4.19%	4.94%	4.38%	3.79%	4.47%	4.26%
FRA BlackRock Floating Rate Income Strategies Fund Inc	13.65%	12.62%	10.81%	10.44%	6.88%	5.96%	7.61%	6.44%	6.90%	5.31%	5.65%	6.17%

Frequently Asked Questions

Can I hold both CHIAX and FRA in my portfolio?

CHIAX and FRA have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHIAX or FRA?

FRA has higher volatility (2.16%) compared to CHIAX (1.43%). In terms of maximum drawdown, CHIAX dropped -37.29% vs FRA's -51.43%.

Which has better risk-adjusted returns?

CHIAX currently has the higher Sharpe Ratio (1.61 vs -0.73), 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.