FDHY vs. IQDF
FDHY (Fidelity Enhanced High Yield ETF) and IQDF (FlexShares International Quality Dividend Index Fund) are both exchange-traded funds - FDHY is a High Yield Bonds fund actively managed by Fidelity, while IQDF is a Foreign Large Cap Equities fund tracking the Northern Trust International Quality Dividend Index. FDHY is actively managed, while IQDF is passively managed. Over the past 5 years, FDHY returned 3.77%/yr vs 10.72%/yr for IQDF. A 0.57 correlation means they provide meaningful diversification when combined. FDHY charges 0.35%/yr vs 0.47%/yr for IQDF.
Performance
FDHY vs. IQDF - Performance Comparison
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Returns By Period
In the year-to-date period, FDHY achieves a 2.51% return, which is significantly lower than IQDF's 14.35% return.
FDHY
- 1D
- -0.23%
- 1M
- 0.12%
- 6M
- 2.26%
- YTD
- 2.51%
- 1Y
- 7.14%
- 3Y*
- 8.46%
- 5Y*
- 3.77%
- 10Y*
- —
IQDF
- 1D
- -1.50%
- 1M
- -1.51%
- 6M
- 10.22%
- YTD
- 14.35%
- 1Y
- 29.69%
- 3Y*
- 20.90%
- 5Y*
- 10.72%
- 10Y*
- 9.32%
FDHY vs. IQDF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FDHY Fidelity Enhanced High Yield ETF | 2.51% | 9.24% | 7.53% | 11.14% | -11.30% | 4.33% | 10.71% | 16.87% | -2.35% |
IQDF FlexShares International Quality Dividend Index Fund | 14.35% | 35.42% | 6.62% | 20.10% | -14.69% | 10.18% | 3.54% | 20.96% | -13.82% |
Correlation
The correlation between FDHY and IQDF is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2018 | 0.57 |
The correlation between FDHY and IQDF has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.
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Return for Risk
FDHY vs. IQDF — Risk / Return Rank
FDHY
IQDF
FDHY vs. IQDF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced High Yield ETF (FDHY) and FlexShares International Quality Dividend Index Fund (IQDF). 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 | IQDF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.34 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.38 | 2.97 | +0.40 |
| Martin ratioReturn relative to average drawdown | 14.21 | 11.12 | +3.09 |
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Drawdowns
FDHY vs. IQDF - Drawdown Comparison
The maximum FDHY drawdown since its inception was -20.01%, smaller than the maximum IQDF drawdown of -39.83%. Use the drawdown chart below to compare losses from any high point for FDHY and IQDF.
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Drawdown Indicators
| FDHY | IQDF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.01% | -39.83% | +19.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.12% | -10.03% | +7.91% |
Max Drawdown (3Y)Largest decline over 3 years | -5.26% | -13.92% | +8.66% |
Max Drawdown (5Y)Largest decline over 5 years | -16.38% | -29.31% | +12.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.83% | — |
Current DrawdownCurrent decline from peak | -0.44% | -2.73% | +2.29% |
Average DrawdownAverage peak-to-trough decline | -2.84% | -9.28% | +6.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 2.68% | -2.18% |
Volatility
FDHY vs. IQDF - Volatility Comparison
The current volatility for Fidelity Enhanced High Yield ETF (FDHY) is 0.73%, while FlexShares International Quality Dividend Index Fund (IQDF) has a volatility of 6.01%. This indicates that FDHY experiences smaller price fluctuations and is considered to be less risky than IQDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDHY | IQDF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 6.01% | -5.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 13.85% | -11.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.56% | 15.73% | -12.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.14% | 15.74% | -8.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.00% | 16.47% | -8.47% |
FDHY vs. IQDF - Expense Ratio Comparison
FDHY has a 0.35% expense ratio, which is lower than IQDF's 0.47% expense ratio.
Dividends
FDHY vs. IQDF - Dividend Comparison
FDHY's dividend yield for the trailing twelve months is around 6.53%, more than IQDF's 3.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDHY Fidelity Enhanced High Yield ETF | 6.53% | 6.56% | 6.58% | 6.26% | 5.34% | 6.09% | 5.78% | 4.94% | 2.55% | 0.00% | 0.00% | 0.00% |
IQDF FlexShares International Quality Dividend Index Fund | 3.05% | 3.27% | 6.72% | 6.06% | 5.59% | 4.13% | 3.31% | 4.46% | 5.78% | 3.89% | 3.75% | 4.27% |
Frequently Asked Questions
FDHY and IQDF have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IQDF has higher volatility (6.01%) compared to FDHY (0.73%). In terms of maximum drawdown, FDHY dropped -20.01% vs IQDF's -39.83%.
On 5-year performance, IQDF leads with 10.72% vs 3.77% for FDHY. On fees, FDHY is cheaper at 0.35% per year. On volatility, FDHY has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IQDF has performed better with a 10.72% return vs 3.77%. 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 0.47% for IQDF.
FDHY has the higher dividend yield at 6.53%, compared with 3.05% for IQDF.
FDHY is categorized as High Yield Bonds, while IQDF is Foreign Large Cap Equities. They also come from different issuers: Fidelity and Northern Trust. Their fees differ too: 0.35% for FDHY and 0.47% for IQDF.
FDHY currently has the higher Sharpe Ratio (2.02 vs 1.90), 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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