FHYS vs. HYZD
FHYS (Federated Hermes Short Duration High Yield ETF) and HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) are both High Yield Bonds funds. FHYS is actively managed, while HYZD is passively managed. Over the past 3 years, FHYS returned 7.79%/yr vs 9.52%/yr for HYZD. A 0.58 correlation means they provide meaningful diversification when combined. FHYS charges 0.51%/yr vs 0.43%/yr for HYZD.
Performance
FHYS vs. HYZD - Performance Comparison
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Returns By Period
In the year-to-date period, FHYS achieves a 1.74% return, which is significantly lower than HYZD's 3.13% return.
FHYS
- 1D
- -0.03%
- 1M
- 0.43%
- YTD
- 1.74%
- 6M
- 2.02%
- 1Y
- 6.13%
- 3Y*
- 7.79%
- 5Y*
- —
- 10Y*
- —
HYZD
- 1D
- 0.28%
- 1M
- 0.58%
- YTD
- 3.13%
- 6M
- 3.46%
- 1Y
- 7.82%
- 3Y*
- 9.52%
- 5Y*
- 6.20%
- 10Y*
- 5.69%
FHYS vs. HYZD - 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% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 3.13% | 7.67% | 9.39% | 11.17% | -2.35% | 1.09% |
Correlation
The correlation between FHYS and HYZD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021 | 0.58 |
Over the past year, the correlation between FHYS and HYZD has dropped to 0.33 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.
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Return for Risk
FHYS vs. HYZD — Risk / Return Rank
FHYS
HYZD
FHYS vs. HYZD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Short Duration High Yield ETF (FHYS) and WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD). 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 | HYZD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.54 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 4.11 | -0.41 |
| Martin ratioReturn relative to average drawdown | 19.00 | 17.62 | +1.38 |
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Drawdowns
FHYS vs. HYZD - Drawdown Comparison
The maximum FHYS drawdown since its inception was -11.62%, smaller than the maximum HYZD drawdown of -25.66%. Use the drawdown chart below to compare losses from any high point for FHYS and HYZD.
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Drawdown Indicators
| FHYS | HYZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.62% | -25.66% | +14.04% |
Max Drawdown (1Y)Largest decline over 1 year | -1.66% | -1.91% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -3.16% | -5.85% | +2.69% |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.66% | — |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -2.26% | -2.20% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.32% | 0.44% | -0.12% |
Volatility
FHYS vs. HYZD - Volatility Comparison
The current volatility for Federated Hermes Short Duration High Yield ETF (FHYS) is 0.63%, while WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) has a volatility of 1.11%. This indicates that FHYS experiences smaller price fluctuations and is considered to be less risky than HYZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FHYS | HYZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 1.11% | -0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 2.21% | 2.43% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.69% | 3.04% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.93% | 6.70% | -1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.93% | 8.57% | -3.64% |
FHYS vs. HYZD - Expense Ratio Comparison
FHYS has a 0.51% expense ratio, which is higher than HYZD's 0.43% expense ratio.
Dividends
FHYS vs. HYZD - Dividend Comparison
FHYS's dividend yield for the trailing twelve months is around 5.75%, less than HYZD's 5.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FHYS Federated Hermes Short Duration High Yield ETF | 5.75% | 5.96% | 6.42% | 6.76% | 6.25% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 5.85% | 6.05% | 6.08% | 5.94% | 5.14% | 4.02% | 5.13% | 5.50% | 5.58% | 4.94% | 5.07% | 4.38% |
Frequently Asked Questions
FHYS and HYZD have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYZD has higher volatility (1.11%) compared to FHYS (0.63%). In terms of maximum drawdown, FHYS dropped -11.62% vs HYZD's -25.66%.
On 3-year performance, HYZD leads with 9.52% vs 7.79% for FHYS. On fees, HYZD is cheaper at 0.43% per year. On volatility, FHYS has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYZD has performed better with a 9.52% return vs 7.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYZD is cheaper with a 0.43% expense ratio, compared with 0.51% for FHYS.
HYZD has the higher dividend yield at 5.85%, compared with 5.75% for FHYS.
They also come from different issuers: Federated and WisdomTree. Their fees differ too: 0.51% for FHYS and 0.43% for HYZD.
HYZD currently has the higher Sharpe Ratio (2.58 vs 2.29), 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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