FELG vs. HYGH
FELG (Fidelity Enhanced Large Cap Growth ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both exchange-traded funds - FELG is a Large Cap Growth Equities fund actively managed by Fidelity, while HYGH is a High Yield Bonds fund actively managed by iShares. Both are actively managed. Over the past year, FELG returned 22.20% vs 8.03% for HYGH. A 0.51 correlation means they provide meaningful diversification when combined. FELG charges 0.18%/yr vs 0.53%/yr for HYGH.
Performance
FELG vs. HYGH - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FELG having a 3.31% return and HYGH slightly lower at 3.24%.
FELG
- 1D
- 0.12%
- 1M
- -3.56%
- YTD
- 3.31%
- 6M
- 4.10%
- 1Y
- 22.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYGH
- 1D
- 0.17%
- 1M
- 0.74%
- YTD
- 3.24%
- 6M
- 3.69%
- 1Y
- 8.03%
- 3Y*
- 9.63%
- 5Y*
- 7.00%
- 10Y*
- 6.50%
FELG vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FELG Fidelity Enhanced Large Cap Growth ETF | 3.31% | 18.44% | 35.45% | 4.37% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.24% | 6.94% | 11.22% | 2.53% |
Correlation
The correlation between FELG and HYGH is 0.56, 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 | 0.56 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023 | 0.51 |
The correlation between FELG and HYGH has been stable across timeframes, ranging from 0.51 to 0.56 - a consistent structural relationship.
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Return for Risk
FELG vs. HYGH — Risk / Return Rank
FELG
HYGH
FELG vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Growth ETF (FELG) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| FELG | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.41 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 4.88 | -3.60 |
| Martin ratioReturn relative to average drawdown | 4.30 | 19.08 | -14.78 |
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Drawdowns
FELG vs. HYGH - Drawdown Comparison
The maximum FELG drawdown since its inception was -23.89%, roughly equal to the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for FELG and HYGH.
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Drawdown Indicators
| FELG | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.89% | -23.88% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -16.17% | -1.62% | -14.55% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.88% | — |
Current DrawdownCurrent decline from peak | -5.36% | 0.00% | -5.36% |
Average DrawdownAverage peak-to-trough decline | -3.53% | -2.22% | -1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.79% | 0.41% | +4.38% |
Volatility
FELG vs. HYGH - Volatility Comparison
Fidelity Enhanced Large Cap Growth ETF (FELG) has a higher volatility of 5.41% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.68%. This indicates that FELG's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FELG | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.41% | 0.68% | +4.73% |
Volatility (6M)Calculated over the trailing 6-month period | 12.43% | 2.80% | +9.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.04% | 3.66% | +12.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.97% | 7.07% | +12.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.97% | 8.34% | +11.63% |
FELG vs. HYGH - Expense Ratio Comparison
FELG has a 0.18% expense ratio, which is lower than HYGH's 0.53% expense ratio.
Dividends
FELG vs. HYGH - Dividend Comparison
FELG's dividend yield for the trailing twelve months is around 0.35%, less than HYGH's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FELG Fidelity Enhanced Large Cap Growth ETF | 0.35% | 0.38% | 0.44% | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
Frequently Asked Questions
FELG and HYGH have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FELG has higher volatility (5.41%) compared to HYGH (0.68%). In terms of maximum drawdown, FELG dropped -23.89% vs HYGH's -23.88%.
On 1-year performance, FELG leads with 22.20% vs 8.03% for HYGH. On fees, FELG is cheaper at 0.18% per year. On volatility, HYGH has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FELG has performed better with a 22.20% return vs 8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FELG is cheaper with a 0.18% expense ratio, compared with 0.53% for HYGH.
HYGH has the higher dividend yield at 6.60%, compared with 0.35% for FELG.
FELG is categorized as Large Cap Growth Equities, while HYGH is High Yield Bonds. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.18% for FELG and 0.53% for HYGH.
HYGH currently has the higher Sharpe Ratio (2.16 vs 1.29), 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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