FHYS vs. IBHH

Last updated Jun 4, 2026

FHYS (Federated Hermes Short Duration High Yield ETF) and IBHH (iShares iBonds 2028 Term High Yield and Income ETF) are both High Yield Bonds funds. FHYS is actively managed, while IBHH is passively managed. Over the past 3 years, FHYS returned 7.83%/yr vs 8.48%/yr for IBHH. A 0.77 correlation means they provide meaningful diversification when combined. FHYS charges 0.51%/yr vs 0.35%/yr for IBHH.

Performance

FHYS vs. IBHH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Short Duration High Yield ETF (FHYS) and iShares iBonds 2028 Term High Yield and Income ETF (IBHH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHYS achieves a 1.48% return, which is significantly lower than IBHH's 1.66% return.

FHYS

• 1D: -0.16%
• 1M: 0.46%
• YTD: 1.48%
• 6M: 1.89%
• 1Y: 6.49%
• 3Y*: 7.83%
• 5Y*: —
• 10Y*: —

IBHH

• 1D: -0.06%
• 1M: 0.40%
• YTD: 1.66%
• 6M: 2.20%
• 1Y: 6.59%
• 3Y*: 8.48%
• 5Y*: —
• 10Y*: —

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

FHYS vs. IBHH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FHYS Federated Hermes Short Duration High Yield ETF	1.48%	7.72%	7.23%	10.88%	-3.08%
IBHH iShares iBonds 2028 Term High Yield and Income ETF	1.66%	8.02%	7.53%	12.87%	-6.70%

Correlation

The correlation between FHYS and IBHH is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 11, 2022	0.77

The correlation between FHYS and IBHH has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

Return for Risk

FHYS vs. IBHH — 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: 76
FHYS Sortino Ratio Rank: 85
FHYS Omega Ratio Rank: 85
FHYS Calmar Ratio Rank: 77
FHYS Martin Ratio Rank: 89

IBHH

IBHH Risk / Return Rank: 82
IBHH Sharpe Ratio Rank: 72
IBHH Sortino Ratio Rank: 80
IBHH Omega Ratio Rank: 77
IBHH Calmar Ratio Rank: 89
IBHH Martin Ratio Rank: 91

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. IBHH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Short Duration High Yield ETF (FHYS) and iShares iBonds 2028 Term High Yield and Income ETF (IBHH). 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.

	FHYS	IBHH	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.35	+0.09
Sortino ratio: Return per unit of downside risk	3.82	3.60	+0.22
Omega ratio: Gain probability vs. loss probability	1.52	1.46	+0.06
Calmar ratio: Return relative to maximum drawdown	3.92	5.41	-1.49
Martin ratio: Return relative to average drawdown	20.21	21.70	-1.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHYS vs. IBHH - Sharpe Ratio Comparison

The current FHYS Sharpe Ratio is 2.44, which is comparable to the IBHH Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of FHYS and IBHH, 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

	FHYS	IBHH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	2.35	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.73	+0.18

Drawdowns

FHYS vs. IBHH - Drawdown Comparison

The maximum FHYS drawdown since its inception was -11.62%, roughly equal to the maximum IBHH drawdown of -12.05%. Use the drawdown chart below to compare losses from any high point for FHYS and IBHH.

Drawdown Indicators

	FHYS	IBHH	Difference
Max Drawdown Largest peak-to-trough decline	-11.62%	-12.05%	+0.43%
Max Drawdown (1Y) Largest decline over 1 year	-1.66%	-1.22%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-3.16%	-4.66%	+1.50%
Current Drawdown Current decline from peak	-0.16%	-0.07%	-0.09%
Average Drawdown Average peak-to-trough decline	-2.29%	-2.30%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.30%	+0.02%

Volatility

FHYS vs. IBHH - Volatility Comparison

Federated Hermes Short Duration High Yield ETF (FHYS) and iShares iBonds 2028 Term High Yield and Income ETF (IBHH) have volatilities of 0.76% and 0.77%, 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	IBHH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.77%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	2.08%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	2.82%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.95%	7.26%	-2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.95%	7.26%	-2.31%

FHYS vs. IBHH - Expense Ratio Comparison

FHYS has a 0.51% expense ratio, which is higher than IBHH's 0.35% expense ratio.

Dividends

FHYS vs. IBHH - Dividend Comparison

FHYS's dividend yield for the trailing twelve months is around 5.77%, less than IBHH's 6.27% yield.

Position	TTM	2025	2024	2023	2022	2021
FHYS Federated Hermes Short Duration High Yield ETF	5.77%	5.96%	6.42%	6.76%	6.25%	0.16%
IBHH iShares iBonds 2028 Term High Yield and Income ETF	6.27%	6.39%	6.93%	6.65%	5.36%	0.00%

Frequently Asked Questions

Can I hold both FHYS and IBHH in my portfolio?

FHYS and IBHH have a correlation of 0.73, 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 IBHH?

IBHH has higher volatility (0.77%) compared to FHYS (0.76%). In terms of maximum drawdown, FHYS dropped -11.62% vs IBHH's -12.05%.

Which ETF is better, FHYS or IBHH?

On 3-year performance, IBHH leads with 8.48% vs 7.83% for FHYS. On fees, IBHH is cheaper at 0.35% 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 IBHH?

Over the 3-year period, IBHH has performed better with a 8.48% return vs 7.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHYS or IBHH?

IBHH is cheaper with a 0.35% expense ratio, compared with 0.51% for FHYS.

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

IBHH has the higher dividend yield at 6.27%, compared with 5.77% for FHYS.

What is the main difference between FHYS and IBHH?

They also come from different issuers: Federated and iShares. Their fees differ too: 0.51% for FHYS and 0.35% for IBHH.

Which has better risk-adjusted returns?

FHYS currently has the higher Sharpe Ratio (2.44 vs 2.35), 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.