FHYS vs. PAYR
FHYS (Federated Hermes Short Duration High Yield ETF) and PAYR (Federated Hermes Enhanced Income ETF) are both exchange-traded funds - FHYS is a High Yield Bonds fund actively managed by Federated, while PAYR is a Derivative Income fund actively managed by Federated. Both are actively managed. Their 0.17 correlation means their historical movements had little consistent relationship. FHYS charges 0.51%/yr vs 0.40%/yr for PAYR.
Performance
FHYS vs. PAYR - Performance Comparison
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Returns By Period
In the year-to-date period, FHYS achieves a 1.69% return, which is significantly lower than PAYR's 15.39% return.
FHYS
- 1D
- -0.08%
- 1M
- -0.27%
- 6M
- 1.41%
- YTD
- 1.69%
- 1Y
- 4.84%
- 3Y*
- 7.21%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.33%
PAYR
- 1D
- -0.17%
- 1M
- 1.96%
- 6M
- 9.58%
- YTD
- 15.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $243.03K | $357.29K | $377.47K | |
| $817.86K | $1.10M | $683.22K |
FHYS vs. PAYR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FHYS Federated Hermes Short Duration High Yield ETF | 1.69% | 1.63% |
PAYR Federated Hermes Enhanced Income ETF | 15.39% | 3.30% |
Correlation
The correlation between FHYS and PAYR is 0.17, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025 | 0.17 |
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Return for Risk
FHYS vs. PAYR — Risk / Return Rank
FHYS
PAYR
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FHYS vs. PAYR - 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 Enhanced Income ETF (PAYR). 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 | PAYR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.37 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | — | — |
| Martin ratioReturn relative to average drawdown | 14.74 | — | — |
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Drawdowns
FHYS vs. PAYR - Drawdown Comparison
The maximum FHYS drawdown since its inception was -11.62%, which is greater than PAYR's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for FHYS and PAYR.
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Drawdown Indicators
| FHYS | PAYR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.62% | -5.24% | -6.38% |
Max Drawdown (1Y)Largest decline over 1 year | -1.66% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.16% | — | — |
Current DrawdownCurrent decline from peak | -0.39% | -1.71% | +1.32% |
Average DrawdownAverage peak-to-trough decline | -2.21% | -1.53% | -0.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | — | — |
Volatility
FHYS vs. PAYR - Volatility Comparison
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Volatility by Period
| FHYS | PAYR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.25% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.69% | 11.15% | -8.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 11.15% | -6.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.88% | 11.15% | -6.27% |
FHYS vs. PAYR - Expense Ratio Comparison
FHYS has a 0.51% expense ratio, which is higher than PAYR's 0.40% expense ratio.
Dividends
FHYS vs. PAYR - Dividend Comparison
FHYS's dividend yield for the trailing twelve months is around 5.93%, less than PAYR's 6.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FHYS Federated Hermes Short Duration High Yield ETF | 5.93% | 5.96% | 6.42% | 6.76% | 6.25% | 0.16% |
PAYR Federated Hermes Enhanced Income ETF | 6.56% | 1.99% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FHYS and PAYR have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PAYR is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PAYR is cheaper with a 0.40% expense ratio, compared with 0.51% for FHYS.
PAYR has the higher dividend yield at 6.56%, compared with 5.93% for FHYS.
FHYS is categorized as High Yield Bonds, while PAYR is Derivative Income. Their fees differ too: 0.51% for FHYS and 0.40% for PAYR.
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