FHYS vs. FCSH

Last updated Jun 23, 2026

FHYS (Federated Hermes Short Duration High Yield ETF) and FCSH (Federated Hermes Short Duration Corporate ETF) are both exchange-traded funds - FHYS is a High Yield Bonds fund actively managed by Federated, while FCSH is a Short-Term Bond fund actively managed by Federated. Both are actively managed. Over the past 3 years, FHYS returned 7.79%/yr vs 5.10%/yr for FCSH. At a 0.50 correlation, their price movements are largely independent. FHYS charges 0.51%/yr vs 0.30%/yr for FCSH.

Performance

FHYS vs. FCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Short Duration High Yield ETF (FHYS) and Federated Hermes Short Duration Corporate ETF (FCSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHYS achieves a 1.74% return, which is significantly higher than FCSH's 0.40% return.

FHYS

• 1D: -0.03%
• 1M: 0.43%
• YTD: 1.74%
• 6M: 2.02%
• 1Y: 6.13%
• 3Y*: 7.79%
• 5Y*: —
• 10Y*: —

FCSH

• 1D: -0.14%
• 1M: -0.07%
• YTD: 0.40%
• 6M: 0.63%
• 1Y: 3.64%
• 3Y*: 5.10%
• 5Y*: —
• 10Y*: —

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

FHYS vs. FCSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FHYS Federated Hermes Short Duration High Yield ETF	1.74%	7.72%	7.23%	10.88%	-7.31%	0.73%
FCSH Federated Hermes Short Duration Corporate ETF	0.40%	6.42%	4.66%	5.45%	-5.87%	0.08%

Correlation

The correlation between FHYS and FCSH is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.50

The correlation between FHYS and FCSH has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

Return for Risk

FHYS vs. FCSH — Risk / Return Rank

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

FHYS

FHYS Risk / Return Rank: 82
FHYS Sharpe Ratio Rank: 75
FHYS Sortino Ratio Rank: 84
FHYS Omega Ratio Rank: 84
FHYS Calmar Ratio Rank: 75
FHYS Martin Ratio Rank: 89

FCSH

FCSH Risk / Return Rank: 59
FCSH Sharpe Ratio Rank: 56
FCSH Sortino Ratio Rank: 63
FCSH Omega Ratio Rank: 59
FCSH Calmar Ratio Rank: 61
FCSH Martin Ratio Rank: 56

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.

FHYS vs. FCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Short Duration High Yield ETF (FHYS) and Federated Hermes Short Duration Corporate ETF (FCSH). 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.

	FHYS	FCSH	Difference
Sharpe ratio: Return per unit of total volatility	2.29	1.84	+0.45
Sortino ratio: Return per unit of downside risk	3.59	2.83	+0.76
Omega ratio: Gain probability vs. loss probability	1.49	1.36	+0.13
Calmar ratio: Return relative to maximum drawdown	3.70	2.94	+0.76
Martin ratio: Return relative to average drawdown	19.00	9.62	+9.38

FHYS vs. FCSH - Sharpe Ratio Comparison

The current FHYS Sharpe Ratio is 2.29, which is comparable to the FCSH Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of FHYS and FCSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FHYS vs. FCSH - Drawdown Comparison

The maximum FHYS drawdown since its inception was -11.62%, which is greater than FCSH's maximum drawdown of -8.47%. Use the drawdown chart below to compare losses from any high point for FHYS and FCSH.

Drawdown Indicators

	FHYS	FCSH	Difference
Max Drawdown Largest peak-to-trough decline	-11.62%	-8.47%	-3.15%
Max Drawdown (1Y) Largest decline over 1 year	-1.66%	-1.24%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-3.16%	-1.32%	-1.84%
Current Drawdown Current decline from peak	-0.03%	-0.74%	+0.71%
Average Drawdown Average peak-to-trough decline	-2.26%	-2.19%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.38%	-0.06%

Volatility

FHYS vs. FCSH - Volatility Comparison

Federated Hermes Short Duration High Yield ETF (FHYS) and Federated Hermes Short Duration Corporate ETF (FCSH) have volatilities of 0.63% and 0.65%, 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.

Volatility by Period

	FHYS	FCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.65%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	1.58%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	1.99%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.93%	2.89%	+2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.93%	2.89%	+2.04%

FHYS vs. FCSH - Expense Ratio Comparison

FHYS has a 0.51% expense ratio, which is higher than FCSH's 0.30% expense ratio.

Dividends

FHYS vs. FCSH - Dividend Comparison

FHYS's dividend yield for the trailing twelve months is around 5.75%, more than FCSH's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021
FCSH Federated Hermes Short Duration Corporate ETF	4.09%	4.14%	4.44%	2.31%	1.76%	0.04%
FHYS Federated Hermes Short Duration High Yield ETF	5.75%	5.96%	6.42%	6.76%	6.25%	0.16%

Frequently Asked Questions

Can I hold both FHYS and FCSH in my portfolio?

FHYS and FCSH have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHYS or FCSH?

FCSH has higher volatility (0.65%) compared to FHYS (0.63%). In terms of maximum drawdown, FHYS dropped -11.62% vs FCSH's -8.47%.

Which ETF is better, FHYS or FCSH?

On 3-year performance, FHYS leads with 7.79% vs 5.10% for FCSH. On fees, FCSH is cheaper at 0.30% 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, FHYS or FCSH?

Over the 3-year period, FHYS has performed better with a 7.79% return vs 5.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHYS or FCSH?

FCSH is cheaper with a 0.30% expense ratio, compared with 0.51% for FHYS.

Which ETF pays a higher dividend yield, FHYS or FCSH?

FHYS has the higher dividend yield at 5.75%, compared with 4.09% for FCSH.

What is the main difference between FHYS and FCSH?

FHYS is categorized as High Yield Bonds, while FCSH is Short-Term Bond. Their fees differ too: 0.51% for FHYS and 0.30% for FCSH.

Which has better risk-adjusted returns?

FHYS currently has the higher Sharpe Ratio (2.29 vs 1.84), 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.