FFHCX vs. TLT

Last updated Jun 4, 2026

FFHCX (Fidelity Series Floating Rate High Income Fund) and TLT (iShares 20+ Year Treasury Bond ETF) are both funds - FFHCX is a High Yield Bonds fund managed by Fidelity, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Over the past 10 years, FFHCX returned 5.70%/yr vs -1.66%/yr for TLT. At a correlation of -0.09, they often move in opposite directions. FFHCX charges 0.00%/yr vs 0.15%/yr for TLT.

Performance

FFHCX vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Floating Rate High Income Fund (FFHCX) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFHCX achieves a 2.22% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, FFHCX has outperformed TLT with an annualized return of 5.70%, while TLT has yielded a comparatively lower -1.66% annualized return.

FFHCX

• 1D: -0.11%
• 1M: 0.85%
• YTD: 2.22%
• 6M: 2.87%
• 1Y: 6.74%
• 3Y*: 8.48%
• 5Y*: 6.13%
• 10Y*: 5.70%

TLT

• 1D: -0.40%
• 1M: 0.81%
• YTD: -0.27%
• 6M: -2.02%
• 1Y: 4.93%
• 3Y*: -1.80%
• 5Y*: -6.31%
• 10Y*: -1.66%

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

FFHCX vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFHCX Fidelity Series Floating Rate High Income Fund	2.22%	6.02%	8.49%	13.19%	-1.55%	5.66%	2.54%	9.42%	1.36%	4.80%
TLT iShares 20+ Year Treasury Bond ETF	-0.27%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%

Correlation

The correlation between FFHCX and TLT is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Oct 25, 2011	-0.09

The correlation between FFHCX and TLT shifts across timeframes, from -0.09 (all time) to 0.04 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FFHCX vs. TLT — Risk / Return Rank

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

FFHCX

FFHCX Risk / Return Rank: 93
FFHCX Sharpe Ratio Rank: 80
FFHCX Sortino Ratio Rank: 98
FFHCX Omega Ratio Rank: 97
FFHCX Calmar Ratio Rank: 95
FFHCX Martin Ratio Rank: 95

TLT

TLT Risk / Return Rank: 16
TLT Sharpe Ratio Rank: 16
TLT Sortino Ratio Rank: 15
TLT Omega Ratio Rank: 15
TLT Calmar Ratio Rank: 17
TLT Martin Ratio Rank: 16

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.

FFHCX vs. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Floating Rate High Income Fund (FFHCX) and iShares 20+ Year Treasury Bond ETF (TLT). 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.

	FFHCX	TLT	Difference
Sharpe ratio: Return per unit of total volatility	2.61	0.51	+2.10
Sortino ratio: Return per unit of downside risk	6.65	0.80	+5.85
Omega ratio: Gain probability vs. loss probability	2.01	1.09	+0.92
Calmar ratio: Return relative to maximum drawdown	5.93	0.65	+5.27
Martin ratio: Return relative to average drawdown	22.09	1.63	+20.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFHCX vs. TLT - Sharpe Ratio Comparison

The current FFHCX Sharpe Ratio is 2.61, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of FFHCX and TLT, 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

	FFHCX	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	0.51	+2.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.99	-0.40	+2.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.37	-0.11	+1.48
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	0.26	+1.14

Drawdowns

FFHCX vs. TLT - Drawdown Comparison

The maximum FFHCX drawdown since its inception was -21.45%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FFHCX and TLT.

Drawdown Indicators

	FFHCX	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-21.45%	-48.35%	+26.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.14%	-7.58%	+6.44%
Max Drawdown (3Y) Largest decline over 3 years	-3.12%	-19.18%	+16.06%
Max Drawdown (5Y) Largest decline over 5 years	-5.81%	-43.70%	+37.89%
Max Drawdown (10Y) Largest decline over 10 years	-21.45%	-48.35%	+26.90%
Current Drawdown Current decline from peak	-0.11%	-40.44%	+40.33%
Average Drawdown Average peak-to-trough decline	-0.93%	-13.82%	+12.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	3.04%	-2.73%

Volatility

FFHCX vs. TLT - Volatility Comparison

The current volatility for Fidelity Series Floating Rate High Income Fund (FFHCX) is 0.69%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that FFHCX experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFHCX	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	2.76%	-2.07%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	6.50%	-4.68%
Volatility (1Y) Calculated over the trailing 1-year period	2.60%	9.77%	-7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.09%	15.87%	-12.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.17%	14.91%	-10.74%

FFHCX vs. TLT - Expense Ratio Comparison

FFHCX has a 0.00% expense ratio, which is lower than TLT's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FFHCX vs. TLT - Dividend Comparison

FFHCX's dividend yield for the trailing twelve months is around 7.68%, more than TLT's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFHCX Fidelity Series Floating Rate High Income Fund	7.68%	8.11%	8.46%	9.47%	3.83%	3.64%	4.61%	5.92%	6.68%	4.80%	5.16%	4.37%
TLT iShares 20+ Year Treasury Bond ETF	4.59%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%

Frequently Asked Questions

Can I hold both FFHCX and TLT in my portfolio?

FFHCX and TLT have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFHCX or TLT?

TLT has higher volatility (2.76%) compared to FFHCX (0.69%). In terms of maximum drawdown, FFHCX dropped -21.45% vs TLT's -48.35%.

Which has better risk-adjusted returns?

FFHCX currently has the higher Sharpe Ratio (2.60 vs 0.51), 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.