FHYS vs. JPHY

Last updated Jul 14, 2026

FHYS (Federated Hermes Short Duration High Yield ETF) and JPHY (JPMorgan High Yield Research Enhanced ETF) are both High Yield Bonds funds. Both are actively managed. Over the past year, FHYS returned 5.25% vs 5.98% for JPHY. A 0.76 correlation means they provide meaningful diversification when combined. FHYS charges 0.51%/yr vs 0.24%/yr for JPHY.

Performance

FHYS vs. JPHY - Performance Comparison

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

Returns By Period

In the year-to-date period, FHYS achieves a 1.78% return, which is significantly lower than JPHY's 2.22% return.

FHYS

• 1D: -0.19%
• 1M: 0.17%
• 6M: 1.56%
• YTD: 1.78%
• 1Y: 5.25%
• 3Y*: 7.34%
• 5Y*: —
• 10Y*: —

JPHY

• 1D: -0.16%
• 1M: -0.00%
• 6M: 1.78%
• YTD: 2.22%
• 1Y: 5.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FHYS vs. JPHY - Yearly Performance Comparison

	2026 (YTD)	2025
FHYS Federated Hermes Short Duration High Yield ETF	1.78%	3.96%
JPHY JPMorgan High Yield Research Enhanced ETF	2.22%	4.06%

Correlation

The correlation between FHYS and JPHY is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.76

The correlation between FHYS and JPHY has been stable across timeframes, ranging from 0.76 to 0.76 - a consistent structural relationship.

Return for Risk

FHYS vs. JPHY — Risk / Return Rank

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

FHYS

FHYS Risk / Return Rank: 84
FHYS Sharpe Ratio Rank: 79
FHYS Sortino Ratio Rank: 86
FHYS Omega Ratio Rank: 87
FHYS Calmar Ratio Rank: 77
FHYS Martin Ratio Rank: 90

JPHY

JPHY Risk / Return Rank: 85
JPHY Sharpe Ratio Rank: 79
JPHY Sortino Ratio Rank: 87
JPHY Omega Ratio Rank: 85
JPHY Calmar Ratio Rank: 84
JPHY 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. JPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Short Duration High Yield ETF (FHYS) and JPMorgan High Yield Research Enhanced ETF (JPHY). 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	JPHY	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.00	-0.01
Sortino ratio: Return per unit of downside risk	3.10	3.15	-0.05
Omega ratio: Gain probability vs. loss probability	1.42	1.41	+0.01
Calmar ratio: Return relative to maximum drawdown	3.17	3.64	-0.47
Martin ratio: Return relative to average drawdown	16.32	16.80	-0.49

FHYS vs. JPHY - Sharpe Ratio Comparison

The current FHYS Sharpe Ratio is 1.99, which is comparable to the JPHY Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FHYS and JPHY, 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. JPHY - Drawdown Comparison

The maximum FHYS drawdown since its inception was -11.62%, which is greater than JPHY's maximum drawdown of -1.65%. Use the drawdown chart below to compare losses from any high point for FHYS and JPHY.

Drawdown Indicators

	FHYS	JPHY	Difference
Max Drawdown Largest peak-to-trough decline	-11.62%	-1.65%	-9.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.66%	-1.65%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-3.16%	—	—
Current Drawdown Current decline from peak	-0.26%	-0.49%	+0.23%
Average Drawdown Average peak-to-trough decline	-2.24%	-0.21%	-2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.36%	-0.04%

Volatility

FHYS vs. JPHY - Volatility Comparison

The current volatility for Federated Hermes Short Duration High Yield ETF (FHYS) is 0.59%, while JPMorgan High Yield Research Enhanced ETF (JPHY) has a volatility of 0.67%. This indicates that FHYS experiences smaller price fluctuations and is considered to be less risky than JPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHYS	JPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.67%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.20%	2.33%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	2.65%	3.00%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.90%	2.97%	+1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.90%	2.97%	+1.93%

FHYS vs. JPHY - Expense Ratio Comparison

FHYS has a 0.51% expense ratio, which is higher than JPHY's 0.24% expense ratio.

Dividends

FHYS vs. JPHY - Dividend Comparison

FHYS's dividend yield for the trailing twelve months is around 5.80%, less than JPHY's 6.48% yield.

Position	TTM	2025	2024	2023	2022	2021
FHYS Federated Hermes Short Duration High Yield ETF	5.80%	5.96%	6.42%	6.76%	6.25%	0.16%
JPHY JPMorgan High Yield Research Enhanced ETF	6.48%	3.32%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FHYS and JPHY in my portfolio?

FHYS and JPHY have a correlation of 0.76, 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 JPHY?

JPHY has higher volatility (0.67%) compared to FHYS (0.59%). In terms of maximum drawdown, FHYS dropped -11.62% vs JPHY's -1.65%.

Which ETF is better, FHYS or JPHY?

On 1-year performance, JPHY leads with 5.98% vs 5.25% for FHYS. On fees, JPHY is cheaper at 0.24% 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 JPHY?

Over the 1-year period, JPHY has performed better with a 5.98% return vs 5.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHYS or JPHY?

JPHY is cheaper with a 0.24% expense ratio, compared with 0.51% for FHYS.

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

JPHY has the higher dividend yield at 6.48%, compared with 5.80% for FHYS.

What is the main difference between FHYS and JPHY?

They also come from different issuers: Federated and JPMorgan. Their fees differ too: 0.51% for FHYS and 0.24% for JPHY.

Which has better risk-adjusted returns?

JPHY currently has the higher Sharpe Ratio (2.00 vs 1.99), 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.