FDHIX vs. DFLYX

Last updated Jun 23, 2026

FDHIX (First Trust Short Duration High Income Fund) and DFLYX (BNY Mellon Floating Rate Income Fund) are both Bank Loan funds. Over the past 10 years, FDHIX returned 4.30%/yr vs 4.96%/yr for DFLYX. A 0.57 correlation means they provide meaningful diversification when combined. FDHIX charges 1.01%/yr vs 0.73%/yr for DFLYX.

Performance

FDHIX vs. DFLYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Short Duration High Income Fund (FDHIX) and BNY Mellon Floating Rate Income Fund (DFLYX). 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 DFLYX's 1.90% return. Over the past 10 years, FDHIX has underperformed DFLYX with an annualized return of 4.30%, while DFLYX has yielded a comparatively higher 4.96% annualized 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%

DFLYX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.90%
• 6M: 2.09%
• 1Y: 4.77%
• 3Y*: 8.08%
• 5Y*: 5.95%
• 10Y*: 4.96%

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

FDHIX vs. DFLYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDHIX First Trust Short Duration High Income Fund	-0.31%	7.31%	7.09%	10.41%	-5.22%	3.56%	3.66%	9.62%	-0.63%	4.34%
DFLYX BNY Mellon Floating Rate Income Fund	1.90%	4.84%	9.77%	13.29%	-1.15%	4.84%	2.66%	7.15%	-0.58%	3.48%

Correlation

The correlation between FDHIX and DFLYX is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.57

The correlation between FDHIX and DFLYX has been stable across timeframes, ranging from 0.48 to 0.57 - a consistent structural relationship.

Return for Risk

FDHIX vs. DFLYX — 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

DFLYX

DFLYX Risk / Return Rank: 82
DFLYX Sharpe Ratio Rank: 98
DFLYX Sortino Ratio Rank: 98
DFLYX Omega Ratio Rank: 97
DFLYX Calmar Ratio Rank: 60
DFLYX Martin Ratio Rank: 57

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. DFLYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration High Income Fund (FDHIX) and BNY Mellon Floating Rate Income Fund (DFLYX). 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	DFLYX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	3.59	-2.00
Sortino ratio: Return per unit of downside risk	2.88	5.87	-2.98
Omega ratio: Gain probability vs. loss probability	1.37	1.94	-0.57
Calmar ratio: Return relative to maximum drawdown	1.46	2.85	-1.40
Martin ratio: Return relative to average drawdown	5.68	10.72	-5.03

FDHIX vs. DFLYX - Sharpe Ratio Comparison

The current FDHIX Sharpe Ratio is 1.59, which is lower than the DFLYX Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of FDHIX and DFLYX, 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. DFLYX - Drawdown Comparison

The maximum FDHIX drawdown since its inception was -20.32%, which is greater than DFLYX's maximum drawdown of -18.83%. Use the drawdown chart below to compare losses from any high point for FDHIX and DFLYX.

Drawdown Indicators

	FDHIX	DFLYX	Difference
Max Drawdown Largest peak-to-trough decline	-20.32%	-18.83%	-1.49%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-1.71%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-3.21%	-2.49%	-0.72%
Max Drawdown (5Y) Largest decline over 5 years	-9.09%	-6.28%	-2.81%
Max Drawdown (10Y) Largest decline over 10 years	-20.32%	-18.83%	-1.49%
Current Drawdown Current decline from peak	-0.42%	0.00%	-0.42%
Average Drawdown Average peak-to-trough decline	-1.06%	-0.79%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.45%	+0.35%

Volatility

FDHIX vs. DFLYX - Volatility Comparison

First Trust Short Duration High Income Fund (FDHIX) has a higher volatility of 0.74% compared to BNY Mellon Floating Rate Income Fund (DFLYX) at 0.32%. This indicates that FDHIX's price experiences larger fluctuations and is considered to be riskier than DFLYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDHIX	DFLYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	0.32%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	2.34%	1.12%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	1.36%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.33%	1.93%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	3.05%	+1.45%

FDHIX vs. DFLYX - Expense Ratio Comparison

FDHIX has a 1.01% expense ratio, which is higher than DFLYX's 0.73% expense ratio.

Dividends

FDHIX vs. DFLYX - Dividend Comparison

FDHIX's dividend yield for the trailing twelve months is around 5.70%, less than DFLYX's 7.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFLYX BNY Mellon Floating Rate Income Fund	7.81%	7.50%	8.78%	8.78%	5.49%	4.22%	4.66%	5.54%	5.19%	3.77%	4.14%	4.65%
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 DFLYX in my portfolio?

FDHIX and DFLYX have a correlation of 0.56, 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 DFLYX?

FDHIX has higher volatility (0.74%) compared to DFLYX (0.32%). In terms of maximum drawdown, FDHIX dropped -20.32% vs DFLYX's -18.83%.

Which has better risk-adjusted returns?

DFLYX currently has the higher Sharpe Ratio (3.59 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.