FFRHX vs. SPHY
FFRHX (Fidelity Floating Rate High Income Fund) and SPHY (SPDR Portfolio High Yield Bond ETF) are both funds - FFRHX is a Bank Loan fund actively managed by Fidelity, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. FFRHX is actively managed, while SPHY is passively managed. Over the past 10 years, FFRHX returned 4.91%/yr vs 4.95%/yr for SPHY. At a 0.23 correlation, their price movements are largely independent. FFRHX charges 0.67%/yr vs 0.05%/yr for SPHY.
Performance
FFRHX vs. SPHY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FFRHX having a 2.14% return and SPHY slightly lower at 2.10%. Both investments have delivered pretty close results over the past 10 years, with FFRHX having a 4.91% annualized return and SPHY not far ahead at 4.95%.
FFRHX
- 1D
- 0.00%
- 1M
- 0.53%
- 6M
- 1.92%
- YTD
- 2.14%
- 1Y
- 5.12%
- 3Y*
- 6.84%
- 5Y*
- 5.45%
- 10Y*
- 4.91%
SPHY
- 1D
- -0.04%
- 1M
- 0.29%
- 6M
- 1.59%
- YTD
- 2.10%
- 1Y
- 6.23%
- 3Y*
- 8.83%
- 5Y*
- 4.21%
- 10Y*
- 4.95%
FFRHX vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FFRHX Fidelity Floating Rate High Income Fund | 2.14% | 5.47% | 7.10% | 12.63% | -1.55% | 5.01% | 1.69% | 8.63% | 0.10% | 3.91% |
SPHY SPDR Portfolio High Yield Bond ETF | 2.10% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between FFRHX and SPHY is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.23 |
The correlation between FFRHX and SPHY shifts across timeframes, from 0.15 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FFRHX vs. SPHY — Risk / Return Rank
FFRHX
SPHY
FFRHX vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Floating Rate High Income Fund (FFRHX) 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.
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.
| FFRHX | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.33 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 4.31 | 2.50 | +1.82 |
| Martin ratioReturn relative to average drawdown | 14.04 | 11.35 | +2.69 |
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Drawdowns
FFRHX vs. SPHY - Drawdown Comparison
The maximum FFRHX drawdown since its inception was -22.20%, roughly equal to the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FFRHX and SPHY.
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Drawdown Indicators
| FFRHX | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.20% | -21.97% | -0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -1.19% | -2.41% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.29% | -4.85% | +1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -5.90% | -15.29% | +9.39% |
Max Drawdown (10Y)Largest decline over 10 years | -22.20% | -21.97% | -0.23% |
Current DrawdownCurrent decline from peak | -0.02% | -0.17% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -1.15% | -2.27% | +1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.53% | -0.16% |
Volatility
FFRHX vs. SPHY - Volatility Comparison
Fidelity Floating Rate High Income Fund (FFRHX) and SPDR Portfolio High Yield Bond ETF (SPHY) have volatilities of 0.77% and 0.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FFRHX | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.80% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 2.97% | -1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.36% | 3.65% | -1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.90% | 7.18% | -4.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.13% | 7.84% | -3.71% |
FFRHX vs. SPHY - Expense Ratio Comparison
FFRHX has a 0.67% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
FFRHX vs. SPHY - Dividend Comparison
FFRHX's dividend yield for the trailing twelve months is around 7.01%, less than SPHY's 7.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFRHX Fidelity Floating Rate High Income Fund | 7.01% | 7.41% | 6.94% | 8.24% | 3.81% | 2.74% | 3.84% | 5.15% | 4.74% | 4.05% | 4.44% | 3.69% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.23% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
FFRHX and SPHY have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (0.80%) compared to FFRHX (0.77%). In terms of maximum drawdown, FFRHX dropped -22.20% vs SPHY's -21.97%.
FFRHX currently has the higher Sharpe Ratio (2.18 vs 1.65), 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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