DLHRX vs. FHYSX

Last updated Jun 5, 2026

DLHRX (BNY Mellon High Yield Fund) and FHYSX (Federated Hermes High-Yield Strategy Portfolio) are both High Yield Bonds funds. Over the past 10 years, DLHRX returned 4.68%/yr vs 5.30%/yr for FHYSX. Their correlation of 0.80 suggests significant overlap in exposure. DLHRX charges 0.70%/yr vs 0.02%/yr for FHYSX.

Performance

DLHRX vs. FHYSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon High Yield Fund (DLHRX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLHRX achieves a 1.42% return, which is significantly higher than FHYSX's 1.19% return. Over the past 10 years, DLHRX has underperformed FHYSX with an annualized return of 4.68%, while FHYSX has yielded a comparatively higher 5.30% annualized return.

DLHRX

• 1D: -0.19%
• 1M: 0.37%
• YTD: 1.42%
• 6M: 1.83%
• 1Y: 6.18%
• 3Y*: 7.74%
• 5Y*: 3.19%
• 10Y*: 4.68%

FHYSX

• 1D: -0.17%
• 1M: 0.36%
• YTD: 1.19%
• 6M: 1.89%
• 1Y: 6.84%
• 3Y*: 8.48%
• 5Y*: 3.44%
• 10Y*: 5.30%

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

DLHRX vs. FHYSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLHRX BNY Mellon High Yield Fund	1.42%	8.22%	6.93%	10.91%	-12.30%	3.94%	4.92%	14.92%	-3.80%	7.24%
FHYSX Federated Hermes High-Yield Strategy Portfolio	1.19%	9.14%	6.42%	12.77%	-13.16%	4.49%	6.08%	15.14%	-2.16%	8.34%

Correlation

The correlation between DLHRX and FHYSX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jul 2, 2009	0.80

Over the past year, the correlation between DLHRX and FHYSX has dropped to 0.49 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

DLHRX vs. FHYSX — Risk / Return Rank

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

DLHRX

DLHRX Risk / Return Rank: 57
DLHRX Sharpe Ratio Rank: 41
DLHRX Sortino Ratio Rank: 60
DLHRX Omega Ratio Rank: 64
DLHRX Calmar Ratio Rank: 50
DLHRX Martin Ratio Rank: 67

FHYSX

FHYSX Risk / Return Rank: 68
FHYSX Sharpe Ratio Rank: 49
FHYSX Sortino Ratio Rank: 75
FHYSX Omega Ratio Rank: 78
FHYSX Calmar Ratio Rank: 57
FHYSX Martin Ratio Rank: 81

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.

DLHRX vs. FHYSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon High Yield Fund (DLHRX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX). 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.

	DLHRX	FHYSX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.07	-0.26
Sortino ratio: Return per unit of downside risk	3.17	3.64	-0.48
Omega ratio: Gain probability vs. loss probability	1.43	1.52	-0.08
Calmar ratio: Return relative to maximum drawdown	2.61	2.89	-0.28
Martin ratio: Return relative to average drawdown	12.63	15.03	-2.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DLHRX vs. FHYSX - Sharpe Ratio Comparison

The current DLHRX Sharpe Ratio is 1.82, which is comparable to the FHYSX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of DLHRX and FHYSX, 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

	DLHRX	FHYSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	2.07	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.66	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.92	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.88	-0.01

Drawdowns

DLHRX vs. FHYSX - Drawdown Comparison

The maximum DLHRX drawdown since its inception was -28.62%, which is greater than FHYSX's maximum drawdown of -21.45%. Use the drawdown chart below to compare losses from any high point for DLHRX and FHYSX.

Drawdown Indicators

	DLHRX	FHYSX	Difference
Max Drawdown Largest peak-to-trough decline	-28.62%	-21.45%	-7.17%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-2.44%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-3.34%	-3.64%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-16.55%	-16.93%	+0.38%
Max Drawdown (10Y) Largest decline over 10 years	-20.53%	-21.45%	+0.92%
Current Drawdown Current decline from peak	-0.37%	-0.17%	-0.20%
Average Drawdown Average peak-to-trough decline	-3.37%	-2.58%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.47%	+0.04%

Volatility

DLHRX vs. FHYSX - Volatility Comparison

BNY Mellon High Yield Fund (DLHRX) has a higher volatility of 1.23% compared to Federated Hermes High-Yield Strategy Portfolio (FHYSX) at 0.91%. This indicates that DLHRX's price experiences larger fluctuations and is considered to be riskier than FHYSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLHRX	FHYSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.91%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	2.71%	2.61%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.53%	3.40%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.07%	5.24%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.46%	5.77%	-0.31%

DLHRX vs. FHYSX - Expense Ratio Comparison

DLHRX has a 0.70% expense ratio, which is higher than FHYSX's 0.02% expense ratio.

Dividends

DLHRX vs. FHYSX - Dividend Comparison

DLHRX's dividend yield for the trailing twelve months is around 6.79%, more than FHYSX's 6.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLHRX BNY Mellon High Yield Fund	6.79%	6.93%	6.11%	5.79%	4.76%	4.35%	5.17%	5.55%	6.52%	5.72%	5.54%	6.79%
FHYSX Federated Hermes High-Yield Strategy Portfolio	6.30%	6.28%	5.84%	5.30%	5.27%	4.54%	5.74%	6.18%	6.61%	6.98%	6.45%	8.45%

Frequently Asked Questions

Can I hold both DLHRX and FHYSX in my portfolio?

DLHRX and FHYSX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLHRX or FHYSX?

DLHRX has higher volatility (1.23%) compared to FHYSX (0.91%). In terms of maximum drawdown, DLHRX dropped -28.62% vs FHYSX's -21.45%.

Which has better risk-adjusted returns?

FHYSX currently has the higher Sharpe Ratio (2.07 vs 1.82), 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.