FDHY vs. HYGV
FDHY (Fidelity Enhanced High Yield ETF) and HYGV (FlexShares High Yield Value-Scored Bond Index Fund) are both High Yield Bonds funds. FDHY is actively managed, while HYGV is passively managed. Over the past 5 years, FDHY returned 3.74%/yr vs 3.37%/yr for HYGV. Their correlation of 0.82 means they have usually moved in the same direction. FDHY charges 0.35%/yr vs 0.37%/yr for HYGV.
Performance
FDHY vs. HYGV - Performance Comparison
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Returns By Period
In the year-to-date period, FDHY achieves a 2.61% return, which is significantly higher than HYGV's 1.96% return.
FDHY
- 1D
- 0.06%
- 1M
- -0.17%
- 6M
- 1.67%
- YTD
- 2.61%
- 1Y
- 6.85%
- 3Y*
- 8.43%
- 5Y*
- 3.74%
- 10Y*
- —
- ALL TIME*
- 5.68%
HYGV
- 1D
- -0.01%
- 1M
- -0.21%
- 6M
- 1.30%
- YTD
- 1.96%
- 1Y
- 5.47%
- 3Y*
- 7.90%
- 5Y*
- 3.37%
- 10Y*
- —
- ALL TIME*
- 4.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.94M | $4.42M | $4.10M | |
| $3.60M | $3.83M | $4.07M |
FDHY vs. HYGV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FDHY Fidelity Enhanced High Yield ETF | 2.61% | 9.24% | 7.53% | 11.14% | -11.30% | 4.33% | 10.71% | 16.87% | -1.67% |
HYGV FlexShares High Yield Value-Scored Bond Index Fund | 1.96% | 7.92% | 8.02% | 12.11% | -12.60% | 5.93% | 8.01% | 15.76% | -4.15% |
Correlation
The correlation between FDHY and HYGV is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2018 | 0.82 |
The correlation between FDHY and HYGV has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.
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Return for Risk
FDHY vs. HYGV — Risk / Return Rank
FDHY
HYGV
FDHY vs. HYGV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced High Yield ETF (FDHY) and FlexShares High Yield Value-Scored Bond Index Fund (HYGV). 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 | HYGV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.27 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 2.07 | +1.15 |
| Martin ratioReturn relative to average drawdown | 13.30 | 8.90 | +4.39 |
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Drawdowns
FDHY vs. HYGV - Drawdown Comparison
The maximum FDHY drawdown since its inception was -20.01%, smaller than the maximum HYGV drawdown of -23.47%. Use the drawdown chart below to compare losses from any high point for FDHY and HYGV.
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Drawdown Indicators
| FDHY | HYGV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.01% | -23.47% | +3.46% |
Max Drawdown (1Y)Largest decline over 1 year | -2.12% | -2.68% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -5.26% | -5.56% | +0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -17.12% | +0.74% |
Current DrawdownCurrent decline from peak | -0.36% | -0.31% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -3.26% | +0.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 0.62% | -0.11% |
Volatility
FDHY vs. HYGV - Volatility Comparison
Fidelity Enhanced High Yield ETF (FDHY) and FlexShares High Yield Value-Scored Bond Index Fund (HYGV) have volatilities of 0.81% and 0.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDHY | HYGV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.79% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.84% | 3.14% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.59% | 3.86% | -0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.13% | 7.59% | -0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.98% | 9.12% | -1.14% |
FDHY vs. HYGV - Expense Ratio Comparison
FDHY has a 0.35% expense ratio, which is lower than HYGV's 0.37% expense ratio.
Dividends
FDHY vs. HYGV - Dividend Comparison
FDHY's dividend yield for the trailing twelve months is around 6.54%, less than HYGV's 7.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FDHY Fidelity Enhanced High Yield ETF | 6.54% | 6.56% | 6.58% | 6.26% | 5.34% | 6.09% | 5.78% | 4.94% | 2.55% |
HYGV FlexShares High Yield Value-Scored Bond Index Fund | 6.77% | 7.48% | 8.20% | 8.77% | 7.64% | 6.07% | 6.18% | 7.95% | 5.63% |
Frequently Asked Questions
FDHY and HYGV 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.
FDHY has higher volatility (0.81%) compared to HYGV (0.79%). In terms of maximum drawdown, FDHY dropped -20.01% vs HYGV's -23.47%.
On 5-year performance, FDHY leads with 3.74% vs 3.37% for HYGV. On fees, FDHY is cheaper at 0.35% per year. Their volatility is very similar. 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 3.74% return vs 3.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDHY is cheaper with a 0.35% expense ratio, compared with 0.37% for HYGV.
HYGV has the higher dividend yield at 6.77%, compared with 6.54% for FDHY.
They also come from different issuers: Fidelity and Northern Trust. Their fees differ too: 0.35% for FDHY and 0.37% for HYGV.
FDHY currently has the higher Sharpe Ratio (1.90 vs 1.44), 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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