FDAAX vs. SPHY
FDAAX (Franklin Floating Rate Daily Access Fund) and SPHY (SPDR Portfolio High Yield Bond ETF) are both funds - FDAAX is a Bank Loan fund managed by Franklin Templeton, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Over the past 10 years, FDAAX returned 4.26%/yr vs 4.92%/yr for SPHY. Their 0.15 correlation means their historical movements had little consistent relationship. FDAAX charges 0.67%/yr vs 0.05%/yr for SPHY.
Performance
FDAAX vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, FDAAX achieves a 1.38% return, which is significantly lower than SPHY's 1.84% return. Over the past 10 years, FDAAX has underperformed SPHY with an annualized return of 4.26%, while SPHY has yielded a comparatively higher 4.92% annualized return.
FDAAX
- 1D
- 0.00%
- 1M
- 0.14%
- 6M
- 1.47%
- YTD
- 1.38%
- 1Y
- 2.58%
- 3Y*
- 6.56%
- 5Y*
- 6.01%
- 10Y*
- 4.26%
- ALL TIME*
- 3.87%
SPHY
- 1D
- 0.04%
- 1M
- -0.30%
- 6M
- 1.20%
- YTD
- 1.84%
- 1Y
- 5.47%
- 3Y*
- 8.43%
- 5Y*
- 4.19%
- 10Y*
- 4.92%
- ALL TIME*
- 4.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $242.17M | $164.39M | $124.54M |
FDAAX vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FDAAX Franklin Floating Rate Daily Access Fund | 1.38% | 4.68% | 8.52% | 14.35% | -1.37% | 8.55% | -3.71% | 3.30% | 0.95% | 2.44% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.84% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between FDAAX and SPHY is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.25 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.15 |
The correlation between FDAAX and SPHY shifts across timeframes, from 0.15 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FDAAX vs. SPHY — Risk / Return Rank
FDAAX
SPHY
FDAAX vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Floating Rate Daily Access Fund (FDAAX) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.
| FDAAX | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.29 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 2.27 | -0.57 |
| Martin ratioReturn relative to average drawdown | 4.87 | 10.10 | -5.23 |
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Drawdowns
FDAAX vs. SPHY - Drawdown Comparison
The maximum FDAAX drawdown since its inception was -25.74%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FDAAX and SPHY.
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Drawdown Indicators
| FDAAX | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.74% | -21.97% | -3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -1.73% | -2.41% | +0.68% |
Max Drawdown (3Y)Largest decline over 3 years | -2.70% | -4.85% | +2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -6.22% | -15.29% | +9.07% |
Max Drawdown (10Y)Largest decline over 10 years | -18.08% | -21.97% | +3.89% |
Current DrawdownCurrent decline from peak | -0.28% | -0.43% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -2.27% | +0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.54% | +0.07% |
Volatility
FDAAX vs. SPHY - Volatility Comparison
The current volatility for Franklin Floating Rate Daily Access Fund (FDAAX) is 0.34%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 0.75%. This indicates that FDAAX experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDAAX | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | 0.75% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 2.08% | 3.02% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.01% | 3.67% | -0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.35% | 7.18% | -3.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 7.83% | -3.98% |
FDAAX vs. SPHY - Expense Ratio Comparison
FDAAX has a 0.67% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
FDAAX vs. SPHY - Dividend Comparison
FDAAX's dividend yield for the trailing twelve months is around 7.24%, which matches SPHY's 7.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDAAX Franklin Floating Rate Daily Access Fund | 7.24% | 8.00% | 9.42% | 7.64% | 5.84% | 3.73% | 5.07% | 5.62% | 5.18% | 3.79% | 4.57% | 4.71% |
SPHY SPDR Portfolio High Yield Bond ETF | 6.62% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
FDAAX and SPHY have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (0.75%) compared to FDAAX (0.34%). In terms of maximum drawdown, FDAAX dropped -25.74% vs SPHY's -21.97%.
SPHY currently has the higher Sharpe Ratio (1.49 vs 0.98), 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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