DHF vs. HYI
DHF (Dimensional High Yield Fund) and HYI (Western Asset High Yield Opportunity Fund Inc) are both High Yield Bonds funds. Over the past 10 years, DHF returned 5.21%/yr vs 5.05%/yr for HYI. Their 0.37 correlation means their historical movements had little consistent relationship. DHF charges 0.04%/yr vs 0.01%/yr for HYI.
Performance
DHF vs. HYI - Performance Comparison
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Returns By Period
In the year-to-date period, DHF achieves a 0.64% return, which is significantly higher than HYI's -0.41% return. Both investments have delivered pretty close results over the past 10 years, with DHF having a 5.21% annualized return and HYI not far behind at 5.05%.
DHF
- 1D
- 1.70%
- 1M
- -0.52%
- 6M
- -2.50%
- YTD
- 0.64%
- 1Y
- 1.19%
- 3Y*
- 11.27%
- 5Y*
- 0.96%
- 10Y*
- 5.21%
- ALL TIME*
- 2.97%
HYI
- 1D
- 0.58%
- 1M
- -0.61%
- 6M
- -1.25%
- YTD
- -0.41%
- 1Y
- -2.40%
- 3Y*
- 6.02%
- 5Y*
- 1.16%
- 10Y*
- 5.05%
- ALL TIME*
- 4.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $873.57K | $687.27K | $596.71K | |
| $731.85K | $714.02K | $684.36K |
DHF vs. HYI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DHF Dimensional High Yield Fund | 0.64% | 5.67% | 21.12% | 15.00% | -22.70% | 10.35% | 6.46% | 24.68% | -11.11% | 8.43% |
HYI Western Asset High Yield Opportunity Fund Inc | -0.41% | 4.09% | 7.58% | 6.72% | -13.48% | 10.04% | 6.78% | 27.90% | -6.36% | 8.57% |
Correlation
The correlation between DHF and HYI is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.34 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.36 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2010 | 0.37 |
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Return for Risk
DHF vs. HYI — Risk / Return Rank
DHF
HYI
DHF vs. HYI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional High Yield Fund (DHF) and Western Asset High Yield Opportunity Fund Inc (HYI). 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.
| DHF | HYI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.95 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | -0.29 | +0.43 |
| Martin ratioReturn relative to average drawdown | 0.35 | -0.53 | +0.88 |
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Drawdowns
DHF vs. HYI - Drawdown Comparison
The maximum DHF drawdown since its inception was -71.32%, which is greater than HYI's maximum drawdown of -36.06%. Use the drawdown chart below to compare losses from any high point for DHF and HYI.
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Drawdown Indicators
| DHF | HYI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.32% | -36.06% | -35.26% |
Max Drawdown (1Y)Largest decline over 1 year | -8.66% | -8.19% | -0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -11.81% | -8.19% | -3.62% |
Max Drawdown (5Y)Largest decline over 5 years | -34.99% | -26.35% | -8.64% |
Max Drawdown (10Y)Largest decline over 10 years | -42.94% | -36.06% | -6.88% |
Current DrawdownCurrent decline from peak | -3.55% | -4.94% | +1.39% |
Average DrawdownAverage peak-to-trough decline | -22.91% | -5.79% | -17.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 4.55% | -1.17% |
Volatility
DHF vs. HYI - Volatility Comparison
Dimensional High Yield Fund (DHF) has a higher volatility of 3.40% compared to Western Asset High Yield Opportunity Fund Inc (HYI) at 1.84%. This indicates that DHF's price experiences larger fluctuations and is considered to be riskier than HYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DHF | HYI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.40% | 1.84% | +1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 9.53% | 5.55% | +3.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.04% | 7.14% | +4.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.99% | 11.23% | +3.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.73% | 12.90% | +4.83% |
DHF vs. HYI - Expense Ratio Comparison
DHF has a 0.04% expense ratio, which is higher than HYI's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
DHF vs. HYI - Dividend Comparison
DHF's dividend yield for the trailing twelve months is around 8.79%, less than HYI's 10.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DHF Dimensional High Yield Fund | 8.79% | 8.47% | 8.14% | 7.86% | 10.12% | 8.24% | 8.60% | 8.52% | 10.41% | 8.98% | 9.76% | 11.30% |
HYI Western Asset High Yield Opportunity Fund Inc | 10.91% | 10.22% | 9.64% | 9.40% | 9.09% | 7.19% | 7.35% | 6.87% | 8.10% | 7.81% | 8.73% | 9.36% |
Frequently Asked Questions
DHF and HYI have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DHF has higher volatility (3.40%) compared to HYI (1.84%). In terms of maximum drawdown, DHF dropped -71.32% vs HYI's -36.06%.
DHF currently has the higher Sharpe Ratio (0.10 vs -0.34), 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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