FDHY vs. IBHH

Last updated Jul 14, 2026

FDHY (Fidelity Enhanced High Yield ETF) and IBHH (iShares iBonds 2028 Term High Yield and Income ETF) are both High Yield Bonds funds. FDHY is actively managed, while IBHH is passively managed. Over the past 3 years, FDHY returned 8.46%/yr vs 8.07%/yr for IBHH. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

FDHY vs. IBHH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced High Yield ETF (FDHY) and iShares iBonds 2028 Term High Yield and Income ETF (IBHH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDHY achieves a 2.51% return, which is significantly higher than IBHH's 1.75% return.

FDHY

• 1D: -0.23%
• 1M: 0.12%
• 6M: 2.26%
• YTD: 2.51%
• 1Y: 7.14%
• 3Y*: 8.46%
• 5Y*: 3.77%
• 10Y*: —

IBHH

• 1D: -0.13%
• 1M: 0.09%
• 6M: 1.47%
• YTD: 1.75%
• 1Y: 5.42%
• 3Y*: 8.07%
• 5Y*: —
• 10Y*: —

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

FDHY vs. IBHH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FDHY Fidelity Enhanced High Yield ETF	2.51%	9.24%	7.53%	11.14%	-6.10%
IBHH iShares iBonds 2028 Term High Yield and Income ETF	1.75%	8.02%	7.53%	12.87%	-6.70%

Correlation

The correlation between FDHY and IBHH is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 10, 2022	0.82

The correlation between FDHY and IBHH shifts across timeframes, from 0.68 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FDHY vs. IBHH — Risk / Return Rank

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

FDHY

FDHY Risk / Return Rank: 84
FDHY Sharpe Ratio Rank: 80
FDHY Sortino Ratio Rank: 86
FDHY Omega Ratio Rank: 85
FDHY Calmar Ratio Rank: 80
FDHY Martin Ratio Rank: 87

IBHH

IBHH Risk / Return Rank: 85
IBHH Sharpe Ratio Rank: 78
IBHH Sortino Ratio Rank: 84
IBHH Omega Ratio Rank: 80
IBHH Calmar Ratio Rank: 91
IBHH Martin Ratio Rank: 92

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.

FDHY vs. IBHH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced High Yield ETF (FDHY) and iShares iBonds 2028 Term High Yield and Income ETF (IBHH). 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	IBHH	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.98	+0.04
Sortino ratio: Return per unit of downside risk	3.08	2.99	+0.09
Omega ratio: Gain probability vs. loss probability	1.41	1.38	+0.03
Calmar ratio: Return relative to maximum drawdown	3.38	4.45	-1.08
Martin ratio: Return relative to average drawdown	14.21	18.03	-3.82

FDHY vs. IBHH - Sharpe Ratio Comparison

The current FDHY Sharpe Ratio is 2.02, which is comparable to the IBHH Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FDHY and IBHH, 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

FDHY vs. IBHH - Drawdown Comparison

The maximum FDHY drawdown since its inception was -20.01%, which is greater than IBHH's maximum drawdown of -12.05%. Use the drawdown chart below to compare losses from any high point for FDHY and IBHH.

Drawdown Indicators

	FDHY	IBHH	Difference
Max Drawdown Largest peak-to-trough decline	-20.01%	-12.05%	-7.96%
Max Drawdown (1Y) Largest decline over 1 year	-2.12%	-1.22%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-5.26%	-4.66%	-0.60%
Max Drawdown (5Y) Largest decline over 5 years	-16.38%	—	—
Current Drawdown Current decline from peak	-0.44%	-0.47%	+0.03%
Average Drawdown Average peak-to-trough decline	-2.84%	-2.25%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.30%	+0.20%

Volatility

FDHY vs. IBHH - Volatility Comparison

Fidelity Enhanced High Yield ETF (FDHY) has a higher volatility of 0.73% compared to iShares iBonds 2028 Term High Yield and Income ETF (IBHH) at 0.63%. This indicates that FDHY's price experiences larger fluctuations and is considered to be riskier than IBHH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDHY	IBHH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.63%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	2.13%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	2.76%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.14%	7.18%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.00%	7.18%	+0.82%

FDHY vs. IBHH - Expense Ratio Comparison

Both FDHY and IBHH have an expense ratio of 0.35%.

Dividends

FDHY vs. IBHH - Dividend Comparison

FDHY's dividend yield for the trailing twelve months is around 6.53%, more than IBHH's 6.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FDHY Fidelity Enhanced High Yield ETF	6.53%	6.56%	6.58%	6.26%	5.34%	6.09%	5.78%	4.94%	2.55%
IBHH iShares iBonds 2028 Term High Yield and Income ETF	6.25%	6.39%	6.93%	6.65%	5.36%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDHY and IBHH in my portfolio?

FDHY and IBHH have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDHY or IBHH?

FDHY has higher volatility (0.73%) compared to IBHH (0.63%). In terms of maximum drawdown, FDHY dropped -20.01% vs IBHH's -12.05%.

Which ETF is better, FDHY or IBHH?

On 3-year performance, FDHY leads with 8.46% vs 8.07% for IBHH. Both ETFs have the same 0.35% expense ratio. On volatility, IBHH has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDHY or IBHH?

Over the 3-year period, FDHY has performed better with a 8.46% return vs 8.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDHY or IBHH?

FDHY and IBHH have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, FDHY or IBHH?

FDHY has the higher dividend yield at 6.53%, compared with 6.25% for IBHH.

What is the main difference between FDHY and IBHH?

They also come from different issuers: Fidelity and iShares.

Which has better risk-adjusted returns?

FDHY currently has the higher Sharpe Ratio (2.02 vs 1.98), 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.