FALN vs. SCYB
FALN (iShares Fallen Angels USD Bond ETF) and SCYB (Schwab High Yield Bond ETF) are both High Yield Bonds funds - FALN tracks the Bloomberg US High Yield Fallen Angel 3% Capped Index while SCYB tracks the ICE BofA US Cash Pay High Yield Constrained Index. Both are passively managed. Over the past year, FALN returned 7.88% vs 6.69% for SCYB. Their correlation of 0.91 suggests significant overlap in exposure. FALN charges 0.25%/yr vs 0.03%/yr for SCYB.
Performance
FALN vs. SCYB - Performance Comparison
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Returns By Period
In the year-to-date period, FALN achieves a 2.24% return, which is significantly higher than SCYB's 1.92% return.
FALN
- 1D
- -0.11%
- 1M
- 1.07%
- YTD
- 2.24%
- 6M
- 2.46%
- 1Y
- 7.88%
- 3Y*
- 9.39%
- 5Y*
- 3.76%
- 10Y*
- 6.60%
SCYB
- 1D
- -0.04%
- 1M
- 0.50%
- YTD
- 1.92%
- 6M
- 2.07%
- 1Y
- 6.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FALN vs. SCYB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FALN iShares Fallen Angels USD Bond ETF | 2.24% | 8.92% | 7.68% | 8.29% |
SCYB Schwab High Yield Bond ETF | 1.92% | 8.33% | 8.15% | 7.29% |
Correlation
The correlation between FALN and SCYB is 0.91, 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 | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | 0.91 |
The correlation between FALN and SCYB has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.
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Return for Risk
FALN vs. SCYB — Risk / Return Rank
FALN
SCYB
FALN vs. SCYB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Fallen Angels USD Bond ETF (FALN) 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.
| FALN | SCYB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.35 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.75 | -0.75 |
| Martin ratioReturn relative to average drawdown | 8.32 | 12.23 | -3.90 |
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Drawdowns
FALN vs. SCYB - Drawdown Comparison
The maximum FALN drawdown since its inception was -29.22%, which is greater than SCYB's maximum drawdown of -4.92%. Use the drawdown chart below to compare losses from any high point for FALN and SCYB.
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Drawdown Indicators
| FALN | SCYB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.22% | -4.92% | -24.30% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -2.44% | -1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.78% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -29.22% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -0.15% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -3.31% | -0.51% | -2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.55% | +0.40% |
Volatility
FALN vs. SCYB - Volatility Comparison
iShares Fallen Angels USD Bond ETF (FALN) has a higher volatility of 1.18% compared to Schwab High Yield Bond ETF (SCYB) at 1.00%. This indicates that FALN's price experiences larger fluctuations and is considered to be riskier than SCYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FALN | SCYB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.00% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.73% | 3.02% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.60% | 3.79% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.33% | 5.12% | +2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.94% | 5.12% | +3.82% |
FALN vs. SCYB - Expense Ratio Comparison
FALN has a 0.25% expense ratio, which is higher than SCYB's 0.03% 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
FALN vs. SCYB - Dividend Comparison
FALN's dividend yield for the trailing twelve months is around 6.42%, less than SCYB's 6.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FALN iShares Fallen Angels USD Bond ETF | 6.42% | 6.31% | 6.24% | 5.37% | 5.08% | 3.40% | 5.14% | 5.35% | 5.97% | 6.98% | 3.55% |
SCYB Schwab High Yield Bond ETF | 6.91% | 6.99% | 7.06% | 3.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, FALN and SCYB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FALN has higher volatility (1.18%) compared to SCYB (1.00%). In terms of maximum drawdown, FALN dropped -29.22% vs SCYB's -4.92%.
On 1-year performance, FALN leads with 7.88% vs 6.69% for SCYB. On fees, SCYB is cheaper at 0.03% per year. On volatility, SCYB has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FALN has performed better with a 7.88% return vs 6.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCYB is cheaper with a 0.03% expense ratio, compared with 0.25% for FALN.
SCYB has the higher dividend yield at 6.91%, compared with 6.42% for FALN.
FALN tracks Bloomberg US High Yield Fallen Angel 3% Capped Index, while SCYB tracks ICE BofA US Cash Pay High Yield Constrained Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.25% for FALN and 0.03% for SCYB.
SCYB currently has the higher Sharpe Ratio (1.77 vs 1.72), 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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