FDHY vs. HYG
FDHY (Fidelity High Yield Factor ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both High Yield Bonds funds. FDHY is actively managed, while HYG is passively managed. Over the past 5 years, FDHY returned 3.89%/yr vs 3.68%/yr for HYG. Their correlation of 0.83 suggests significant overlap in exposure. FDHY charges 0.45%/yr vs 0.49%/yr for HYG.
Performance
FDHY vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, FDHY achieves a 2.43% return, which is significantly higher than HYG's 1.56% return.
FDHY
- 1D
- -0.02%
- 1M
- 0.59%
- YTD
- 2.43%
- 6M
- 2.90%
- 1Y
- 7.74%
- 3Y*
- 9.11%
- 5Y*
- 3.89%
- 10Y*
- —
HYG
- 1D
- -0.09%
- 1M
- 0.46%
- YTD
- 1.56%
- 6M
- 1.74%
- 1Y
- 5.93%
- 3Y*
- 8.75%
- 5Y*
- 3.68%
- 10Y*
- 5.00%
FDHY vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FDHY Fidelity High Yield Factor ETF | 2.43% | 9.24% | 7.53% | 11.14% | -11.30% | 4.33% | 10.71% | 16.87% | -2.35% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.56% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.56% |
Correlation
The correlation between FDHY and HYG is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2018 | 0.83 |
The correlation between FDHY and HYG has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
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Return for Risk
FDHY vs. HYG — Risk / Return Rank
FDHY
HYG
FDHY vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity High Yield Factor ETF (FDHY) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.
| FDHY | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.29 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 2.55 | +1.11 |
| Martin ratioReturn relative to average drawdown | 15.38 | 11.18 | +4.20 |
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Drawdowns
FDHY vs. HYG - Drawdown Comparison
The maximum FDHY drawdown since its inception was -20.01%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for FDHY and HYG.
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Drawdown Indicators
| FDHY | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.01% | -34.25% | +14.24% |
Max Drawdown (1Y)Largest decline over 1 year | -2.12% | -2.34% | +0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -5.26% | -4.56% | -0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -15.79% | -0.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -0.20% | -0.21% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -3.23% | +0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 0.53% | -0.03% |
Volatility
FDHY vs. HYG - Volatility Comparison
The current volatility for Fidelity High Yield Factor ETF (FDHY) is 0.82%, while iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a volatility of 1.13%. This indicates that FDHY experiences smaller price fluctuations and is considered to be less risky than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDHY | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 1.13% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 3.11% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 3.88% | -0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.14% | 7.54% | -0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.02% | 8.27% | -0.25% |
FDHY vs. HYG - Expense Ratio Comparison
FDHY has a 0.45% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
FDHY vs. HYG - Dividend Comparison
FDHY's dividend yield for the trailing twelve months is around 6.51%, more than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDHY Fidelity High Yield Factor ETF | 6.51% | 6.56% | 6.58% | 6.26% | 5.34% | 6.09% | 5.78% | 4.94% | 2.55% | 0.00% | 0.00% | 0.00% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
FDHY and HYG have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYG has higher volatility (1.13%) compared to FDHY (0.82%). In terms of maximum drawdown, FDHY dropped -20.01% vs HYG's -34.25%.
On 5-year performance, FDHY leads with 3.89% vs 3.68% for HYG. On fees, FDHY is cheaper at 0.45% per year. On volatility, FDHY has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FDHY has performed better with a 3.89% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDHY is cheaper with a 0.45% expense ratio, compared with 0.49% for HYG.
FDHY has the higher dividend yield at 6.51%, compared with 5.91% for HYG.
They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.45% for FDHY and 0.49% for HYG.
FDHY currently has the higher Sharpe Ratio (2.18 vs 1.54), 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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