FAFRX vs. SCYB

Last updated Jun 24, 2026

FAFRX (Franklin Floating Rate Daily Access Fund Class A) and SCYB (Schwab High Yield Bond ETF) are both funds - FAFRX is a Bank Loan fund actively managed by Franklin Templeton, while SCYB is a High Yield Bonds fund tracking the ICE BofA US Cash Pay High Yield Constrained Index. FAFRX is actively managed, while SCYB is passively managed. Over the past year, FAFRX returned 3.07% vs 6.36% for SCYB. At a 0.23 correlation, their price movements are largely independent. FAFRX charges 0.95%/yr vs 0.03%/yr for SCYB.

Performance

FAFRX vs. SCYB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Floating Rate Daily Access Fund Class A (FAFRX) and Schwab High Yield Bond ETF (SCYB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAFRX achieves a 0.65% return, which is significantly lower than SCYB's 1.84% return.

FAFRX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 0.65%
• 6M: 0.82%
• 1Y: 3.07%
• 3Y*: 6.91%
• 5Y*: 5.74%
• 10Y*: 4.12%

SCYB

• 1D: -0.08%
• 1M: 0.42%
• YTD: 1.84%
• 6M: 1.96%
• 1Y: 6.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FAFRX vs. SCYB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FAFRX Franklin Floating Rate Daily Access Fund Class A	0.65%	4.41%	8.25%	6.09%
SCYB Schwab High Yield Bond ETF	1.84%	8.33%	8.15%	7.29%

Correlation

The correlation between FAFRX and SCYB is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023	0.23

Return for Risk

FAFRX vs. SCYB — Risk / Return Rank

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

FAFRX

FAFRX Risk / Return Rank: 26
FAFRX Sharpe Ratio Rank: 16
FAFRX Sortino Ratio Rank: 28
FAFRX Omega Ratio Rank: 36
FAFRX Calmar Ratio Rank: 25
FAFRX Martin Ratio Rank: 23

SCYB

SCYB Risk / Return Rank: 56
SCYB Sharpe Ratio Rank: 51
SCYB Sortino Ratio Rank: 55
SCYB Omega Ratio Rank: 55
SCYB Calmar Ratio Rank: 55
SCYB Martin Ratio Rank: 66

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.

FAFRX vs. SCYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Floating Rate Daily Access Fund Class A (FAFRX) and Schwab High Yield Bond ETF (SCYB). 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.

	FAFRX	SCYB	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.69	-0.63
Sortino ratio: Return per unit of downside risk	2.01	2.53	-0.52
Omega ratio: Gain probability vs. loss probability	1.30	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	1.74	2.62	-0.88
Martin ratio: Return relative to average drawdown	5.16	11.63	-6.47

FAFRX vs. SCYB - Sharpe Ratio Comparison

The current FAFRX Sharpe Ratio is 1.06, which is lower than the SCYB Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of FAFRX and SCYB, 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

FAFRX vs. SCYB - Drawdown Comparison

The maximum FAFRX drawdown since its inception was -25.94%, which is greater than SCYB's maximum drawdown of -4.92%. Use the drawdown chart below to compare losses from any high point for FAFRX and SCYB.

Drawdown Indicators

	FAFRX	SCYB	Difference
Max Drawdown Largest peak-to-trough decline	-25.94%	-4.92%	-21.02%
Max Drawdown (1Y) Largest decline over 1 year	-1.78%	-2.44%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-2.86%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.09%	—	—
Current Drawdown Current decline from peak	-0.41%	-0.23%	-0.18%
Average Drawdown Average peak-to-trough decline	-1.57%	-0.51%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	0.55%	+0.05%

Volatility

FAFRX vs. SCYB - Volatility Comparison

The current volatility for Franklin Floating Rate Daily Access Fund Class A (FAFRX) is 0.81%, while Schwab High Yield Bond ETF (SCYB) has a volatility of 1.01%. This indicates that FAFRX experiences smaller price fluctuations and is considered to be less risky than SCYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAFRX	SCYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	1.01%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	3.01%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	3.79%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	5.11%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.84%	5.11%	-1.27%

FAFRX vs. SCYB - Expense Ratio Comparison

FAFRX has a 0.95% expense ratio, which is higher than SCYB's 0.03% expense ratio.

Dividends

FAFRX vs. SCYB - Dividend Comparison

FAFRX's dividend yield for the trailing twelve months is around 7.64%, more than SCYB's 6.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAFRX Franklin Floating Rate Daily Access Fund Class A	7.64%	7.76%	9.17%	7.43%	5.59%	3.47%	4.52%	5.38%	4.92%	3.55%	4.33%	4.84%
SCYB Schwab High Yield Bond ETF	6.92%	6.99%	7.06%	3.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FAFRX and SCYB in my portfolio?

FAFRX and SCYB have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAFRX or SCYB?

SCYB has higher volatility (1.01%) compared to FAFRX (0.81%). In terms of maximum drawdown, FAFRX dropped -25.94% vs SCYB's -4.92%.

Which has better risk-adjusted returns?

SCYB currently has the higher Sharpe Ratio (1.69 vs 1.06), 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.