FDHY vs. NFLT

Last updated Jun 9, 2026

FDHY (Fidelity High Yield Factor ETF) and NFLT (Virtus Newfleet Multi-Sector Bond ETF) are both exchange-traded funds - FDHY is a High Yield Bonds fund actively managed by Fidelity, while NFLT is a Multisector Bonds fund actively managed by Virtus. Both are actively managed. Over the past 5 years, FDHY returned 3.85%/yr vs 3.03%/yr for NFLT. At a 0.40 correlation, their price movements are largely independent. FDHY charges 0.45%/yr vs 0.50%/yr for NFLT.

Performance

FDHY vs. NFLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity High Yield Factor ETF (FDHY) and Virtus Newfleet Multi-Sector Bond ETF (NFLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDHY achieves a 1.77% return, which is significantly higher than NFLT's 1.13% return.

FDHY

• 1D: 0.00%
• 1M: -0.21%
• YTD: 1.77%
• 6M: 2.60%
• 1Y: 7.86%
• 3Y*: 8.60%
• 5Y*: 3.85%
• 10Y*: —

NFLT

• 1D: -0.20%
• 1M: -0.57%
• YTD: 1.13%
• 6M: 1.61%
• 1Y: 7.09%
• 3Y*: 7.25%
• 5Y*: 3.03%
• 10Y*: 3.97%

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

FDHY vs. NFLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FDHY Fidelity High Yield Factor ETF	1.77%	9.24%	7.53%	11.14%	-11.30%	4.33%	10.71%	16.87%	-2.35%
NFLT Virtus Newfleet Multi-Sector Bond ETF	1.13%	8.77%	6.05%	9.16%	-9.49%	1.18%	8.02%	10.13%	-0.64%

Correlation

The correlation between FDHY and NFLT is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 14, 2018	0.40

FDHY vs. NFLT - Sectors Allocation Comparison

Sectors	FDHY	NFLT
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.9%
Healthcare	-	0.0%
Industrials	-	-
Real Estate	-	0.0%
Technology	-	0.0%
Utilities	-	2.7%

Return for Risk

FDHY vs. NFLT — Risk / Return Rank

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

FDHY

FDHY Risk / Return Rank: 81
FDHY Sharpe Ratio Rank: 76
FDHY Sortino Ratio Rank: 83
FDHY Omega Ratio Rank: 82
FDHY Calmar Ratio Rank: 79
FDHY Martin Ratio Rank: 84

NFLT

NFLT Risk / Return Rank: 64
NFLT Sharpe Ratio Rank: 59
NFLT Sortino Ratio Rank: 62
NFLT Omega Ratio Rank: 59
NFLT Calmar Ratio Rank: 65
NFLT Martin Ratio Rank: 76

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. NFLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Yield Factor ETF (FDHY) and Virtus Newfleet Multi-Sector Bond ETF (NFLT). 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.

	FDHY	NFLT	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.78	+0.42
Sortino ratio: Return per unit of downside risk	3.37	2.60	+0.77
Omega ratio: Gain probability vs. loss probability	1.44	1.33	+0.12
Calmar ratio: Return relative to maximum drawdown	3.71	2.95	+0.77
Martin ratio: Return relative to average drawdown	15.71	13.00	+2.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDHY vs. NFLT - Sharpe Ratio Comparison

The current FDHY Sharpe Ratio is 2.20, which is comparable to the NFLT Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of FDHY and NFLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FDHY	NFLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	1.78	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.69	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.83	-0.12

Drawdowns

FDHY vs. NFLT - Drawdown Comparison

The maximum FDHY drawdown since its inception was -20.01%, which is greater than NFLT's maximum drawdown of -15.17%. Use the drawdown chart below to compare losses from any high point for FDHY and NFLT.

Drawdown Indicators

	FDHY	NFLT	Difference
Max Drawdown Largest peak-to-trough decline	-20.01%	-15.17%	-4.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.12%	-2.42%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-5.26%	-3.24%	-2.02%
Max Drawdown (5Y) Largest decline over 5 years	-16.38%	-13.42%	-2.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-15.17%	—
Current Drawdown Current decline from peak	-0.63%	-0.70%	+0.07%
Average Drawdown Average peak-to-trough decline	-2.87%	-2.10%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.55%	-0.05%

Volatility

FDHY vs. NFLT - Volatility Comparison

Fidelity High Yield Factor ETF (FDHY) has a higher volatility of 1.18% compared to Virtus Newfleet Multi-Sector Bond ETF (NFLT) at 1.08%. This indicates that FDHY's price experiences larger fluctuations and is considered to be riskier than NFLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDHY	NFLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	1.08%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	2.89%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	4.01%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.13%	4.43%	+2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.04%	4.93%	+3.11%

FDHY vs. NFLT - Expense Ratio Comparison

FDHY has a 0.45% expense ratio, which is lower than NFLT's 0.50% expense ratio.

Dividends

FDHY vs. NFLT - Dividend Comparison

FDHY's dividend yield for the trailing twelve months is around 6.55%, more than NFLT's 5.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDHY Fidelity High Yield Factor ETF	6.55%	6.56%	6.58%	6.26%	5.34%	6.09%	5.78%	4.94%	2.55%	0.00%	0.00%	0.00%
NFLT Virtus Newfleet Multi-Sector Bond ETF	5.52%	5.74%	5.76%	6.02%	4.16%	3.41%	3.63%	4.33%	4.81%	6.23%	5.30%	0.67%

Frequently Asked Questions

Can I hold both FDHY and NFLT in my portfolio?

FDHY and NFLT have a correlation of 0.39, 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 NFLT?

FDHY has higher volatility (1.18%) compared to NFLT (1.08%). In terms of maximum drawdown, FDHY dropped -20.01% vs NFLT's -15.17%.

Which ETF is better, FDHY or NFLT?

On 5-year performance, FDHY leads with 3.85% vs 3.03% for NFLT. On fees, FDHY is cheaper at 0.45% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDHY or NFLT?

Over the 5-year period, FDHY has performed better with a 3.85% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDHY or NFLT?

FDHY is cheaper with a 0.45% expense ratio, compared with 0.50% for NFLT.

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

FDHY has the higher dividend yield at 6.55%, compared with 5.52% for NFLT.

What is the main difference between FDHY and NFLT?

FDHY is categorized as High Yield Bonds, while NFLT is Multisector Bonds. They also come from different issuers: Fidelity and Virtus. Their fees differ too: 0.45% for FDHY and 0.50% for NFLT.

Which has better risk-adjusted returns?

FDHY currently has the higher Sharpe Ratio (2.20 vs 1.78), 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.