FFRAX vs. SPHY
Compare and contrast key facts about Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) and SPDR Portfolio High Yield Bond ETF (SPHY).
FFRAX is managed by Fidelity. It was launched on Aug 16, 2000. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012.
Performance
FFRAX vs. SPHY - Performance Comparison
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FFRAX vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A | -0.77% | 5.28% | 6.83% | 11.35% | -1.77% | 4.83% | 1.38% | 8.19% | -0.09% | 3.52% |
SPHY SPDR Portfolio High Yield Bond ETF | -0.32% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Returns By Period
In the year-to-date period, FFRAX achieves a -0.77% return, which is significantly lower than SPHY's -0.32% return. Over the past 10 years, FFRAX has underperformed SPHY with an annualized return of 4.61%, while SPHY has yielded a comparatively higher 5.29% annualized return.
FFRAX
- 1D
- -0.11%
- 1M
- -0.00%
- YTD
- -0.77%
- 6M
- 0.54%
- 1Y
- 4.27%
- 3Y*
- 6.49%
- 5Y*
- 4.74%
- 10Y*
- 4.61%
SPHY
- 1D
- 1.00%
- 1M
- -1.02%
- YTD
- -0.32%
- 6M
- 0.94%
- 1Y
- 7.11%
- 3Y*
- 8.40%
- 5Y*
- 4.31%
- 10Y*
- 5.29%
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FFRAX vs. SPHY - Expense Ratio Comparison
FFRAX has a 0.98% expense ratio, which is higher than SPHY's 0.10% expense ratio.
Return for Risk
FFRAX vs. SPHY — Risk / Return Rank
FFRAX
SPHY
FFRAX vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.
| FFRAX | SPHY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.41 | 1.30 | +0.11 |
Sortino ratioReturn per unit of downside risk | 1.97 | 1.92 | +0.04 |
Omega ratioGain probability vs. loss probability | 1.46 | 1.31 | +0.16 |
Calmar ratioReturn relative to maximum drawdown | 1.60 | 1.76 | -0.15 |
Martin ratioReturn relative to average drawdown | 7.82 | 9.23 | -1.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FFRAX | SPHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | 1.30 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.68 | 0.61 | +1.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.12 | 0.67 | +0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.15 | 0.62 | +0.53 |
Correlation
The correlation between FFRAX and SPHY is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FFRAX vs. SPHY - Dividend Comparison
FFRAX's dividend yield for the trailing twelve months is around 6.48%, less than SPHY's 7.39% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFRAX Fidelity Advisor Floating Rate High Income Fund Class A | 6.48% | 7.12% | 6.69% | 7.24% | 3.57% | 2.47% | 3.56% | 4.86% | 4.42% | 3.77% | 4.14% | 3.42% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.39% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Drawdowns
FFRAX vs. SPHY - Drawdown Comparison
The maximum FFRAX drawdown since its inception was -22.21%, roughly equal to the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FFRAX and SPHY.
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Drawdown Indicators
| FFRAX | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.21% | -21.97% | -0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -4.07% | +1.34% |
Max Drawdown (5Y)Largest decline over 5 years | -6.02% | -15.29% | +9.27% |
Max Drawdown (10Y)Largest decline over 10 years | -22.21% | -21.97% | -0.24% |
Current DrawdownCurrent decline from peak | -0.88% | -1.31% | +0.43% |
Average DrawdownAverage peak-to-trough decline | -1.03% | -2.32% | +1.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 0.78% | -0.20% |
Volatility
FFRAX vs. SPHY - Volatility Comparison
The current volatility for Fidelity Advisor Floating Rate High Income Fund Class A (FFRAX) is 0.70%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 2.23%. This indicates that FFRAX experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FFRAX | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 2.23% | -1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 1.70% | 2.87% | -1.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.33% | 5.49% | -2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.84% | 7.15% | -4.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.12% | 7.97% | -3.85% |