FDHIX vs. CFOIX

Last updated Jun 23, 2026

FDHIX (First Trust Short Duration High Income Fund) and CFOIX (Calvert Floating-Rate Advantage Fund) are both Bank Loan funds. Over the past 5 years, FDHIX returned 3.97%/yr vs 4.30%/yr for CFOIX. A 0.66 correlation means they provide meaningful diversification when combined. FDHIX charges 1.01%/yr vs 0.78%/yr for CFOIX.

Performance

FDHIX vs. CFOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Short Duration High Income Fund (FDHIX) and Calvert Floating-Rate Advantage Fund (CFOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDHIX achieves a -0.31% return, which is significantly lower than CFOIX's -0.04% return.

FDHIX

• 1D: 0.00%
• 1M: 0.57%
• YTD: -0.31%
• 6M: 0.30%
• 1Y: 4.38%
• 3Y*: 6.78%
• 5Y*: 3.97%
• 10Y*: 4.30%

CFOIX

• 1D: 0.00%
• 1M: 0.25%
• YTD: -0.04%
• 6M: 0.24%
• 1Y: 3.16%
• 3Y*: 6.34%
• 5Y*: 4.30%
• 10Y*: —

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

FDHIX vs. CFOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FDHIX First Trust Short Duration High Income Fund	-0.31%	7.31%	7.09%	10.41%	-5.22%	3.56%	3.66%	9.62%	-0.93%
CFOIX Calvert Floating-Rate Advantage Fund	-0.04%	3.48%	8.92%	12.09%	-4.21%	4.37%	0.62%	9.36%	-2.14%

Correlation

The correlation between FDHIX and CFOIX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Feb 28, 2018	0.66

Over the past year, the correlation between FDHIX and CFOIX has dropped to 0.40 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

FDHIX vs. CFOIX — Risk / Return Rank

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

FDHIX

FDHIX Risk / Return Rank: 38
FDHIX Sharpe Ratio Rank: 35
FDHIX Sortino Ratio Rank: 57
FDHIX Omega Ratio Rank: 52
FDHIX Calmar Ratio Rank: 19
FDHIX Martin Ratio Rank: 25

CFOIX

CFOIX Risk / Return Rank: 67
CFOIX Sharpe Ratio Rank: 37
CFOIX Sortino Ratio Rank: 83
CFOIX Omega Ratio Rank: 89
CFOIX Calmar Ratio Rank: 82
CFOIX Martin Ratio Rank: 45

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.

FDHIX vs. CFOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration High Income Fund (FDHIX) and Calvert Floating-Rate Advantage Fund (CFOIX). 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.

	FDHIX	CFOIX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.63	-0.04
Sortino ratio: Return per unit of downside risk	2.88	3.63	-0.75
Omega ratio: Gain probability vs. loss probability	1.37	1.59	-0.22
Calmar ratio: Return relative to maximum drawdown	1.46	3.59	-2.14
Martin ratio: Return relative to average drawdown	5.68	8.99	-3.31

FDHIX vs. CFOIX - Sharpe Ratio Comparison

The current FDHIX Sharpe Ratio is 1.59, which is comparable to the CFOIX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of FDHIX and CFOIX, 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

FDHIX vs. CFOIX - Drawdown Comparison

The maximum FDHIX drawdown since its inception was -20.32%, smaller than the maximum CFOIX drawdown of -22.38%. Use the drawdown chart below to compare losses from any high point for FDHIX and CFOIX.

Drawdown Indicators

	FDHIX	CFOIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.32%	-22.38%	+2.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-0.88%	-2.33%
Max Drawdown (3Y) Largest decline over 3 years	-3.21%	-3.18%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-9.09%	-7.93%	-1.16%
Max Drawdown (10Y) Largest decline over 10 years	-20.32%	—	—
Current Drawdown Current decline from peak	-0.42%	-0.27%	-0.15%
Average Drawdown Average peak-to-trough decline	-1.06%	-1.29%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.35%	+0.45%

Volatility

FDHIX vs. CFOIX - Volatility Comparison

First Trust Short Duration High Income Fund (FDHIX) has a higher volatility of 0.74% compared to Calvert Floating-Rate Advantage Fund (CFOIX) at 0.25%. This indicates that FDHIX's price experiences larger fluctuations and is considered to be riskier than CFOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDHIX	CFOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	0.25%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	2.34%	1.24%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	1.95%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.33%	3.06%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	4.73%	-0.23%

FDHIX vs. CFOIX - Expense Ratio Comparison

FDHIX has a 1.01% expense ratio, which is higher than CFOIX's 0.78% expense ratio.

Dividends

FDHIX vs. CFOIX - Dividend Comparison

FDHIX's dividend yield for the trailing twelve months is around 5.70%, less than CFOIX's 5.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFOIX Calvert Floating-Rate Advantage Fund	5.89%	6.88%	8.62%	7.42%	5.02%	3.96%	4.23%	5.05%	4.20%	0.00%	0.00%	0.00%
FDHIX First Trust Short Duration High Income Fund	5.70%	6.34%	7.99%	6.76%	4.86%	3.51%	4.09%	4.57%	4.94%	4.83%	4.81%	4.59%

Frequently Asked Questions

Can I hold both FDHIX and CFOIX in my portfolio?

FDHIX and CFOIX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDHIX or CFOIX?

FDHIX has higher volatility (0.74%) compared to CFOIX (0.25%). In terms of maximum drawdown, FDHIX dropped -20.32% vs CFOIX's -22.38%.

Which has better risk-adjusted returns?

CFOIX currently has the higher Sharpe Ratio (1.63 vs 1.59), 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.