FHYS vs. SGOV
FHYS (Federated Hermes Short Duration High Yield ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - FHYS is a High Yield Bonds fund actively managed by Federated, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. FHYS is actively managed, while SGOV is passively managed. Over the past 3 years, FHYS returned 7.79%/yr vs 4.68%/yr for SGOV. At a 0.01 correlation, their price movements are largely independent. FHYS charges 0.51%/yr vs 0.09%/yr for SGOV.
Performance
FHYS vs. SGOV - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with FHYS having a 1.74% return and SGOV slightly lower at 1.70%.
FHYS
- 1D
- -0.03%
- 1M
- 0.43%
- YTD
- 1.74%
- 6M
- 2.02%
- 1Y
- 6.13%
- 3Y*
- 7.79%
- 5Y*
- —
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.27%
- YTD
- 1.70%
- 6M
- 1.80%
- 1Y
- 3.93%
- 3Y*
- 4.68%
- 5Y*
- 3.58%
- 10Y*
- —
FHYS vs. SGOV - 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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.70% | 4.24% | 5.27% | 5.12% | 1.58% | 0.00% |
Correlation
The correlation between FHYS and SGOV is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021 | 0.01 |
The correlation between FHYS and SGOV shifts across timeframes, from -0.14 (1 year) to 0.02 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FHYS vs. SGOV — Risk / Return Rank
FHYS
SGOV
FHYS vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.09 | ||
| Sortino ratioReturn per unit of downside risk | -270.68 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 194.55 | -193.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 396.11 | -392.41 |
| Martin ratioReturn relative to average drawdown | 19.00 | 4,438.60 | -4,419.60 |
Loading charts...
Drawdowns
FHYS vs. SGOV - Drawdown Comparison
The maximum FHYS drawdown since its inception was -11.62%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for FHYS and SGOV.
Loading charts...
Drawdown Indicators
| FHYS | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.62% | -0.03% | -11.59% |
Max Drawdown (1Y)Largest decline over 1 year | -1.66% | -0.01% | -1.65% |
Max Drawdown (3Y)Largest decline over 3 years | -3.16% | -0.01% | -3.15% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.03% | — |
Current DrawdownCurrent decline from peak | -0.03% | 0.00% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -2.26% | -0.00% | -2.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.32% | 0.00% | +0.32% |
Volatility
FHYS vs. SGOV - Volatility Comparison
Federated Hermes Short Duration High Yield ETF (FHYS) has a higher volatility of 0.63% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that FHYS's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FHYS | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.06% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.21% | 0.13% | +2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.69% | 0.19% | +2.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.93% | 0.24% | +4.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.93% | 0.24% | +4.69% |
FHYS vs. SGOV - Expense Ratio Comparison
FHYS has a 0.51% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
FHYS vs. SGOV - Dividend Comparison
FHYS's dividend yield for the trailing twelve months is around 5.75%, more than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FHYS Federated Hermes Short Duration High Yield ETF | 5.75% | 5.96% | 6.42% | 6.76% | 6.25% | 0.16% | 0.00% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
FHYS and SGOV have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FHYS has higher volatility (0.63%) compared to SGOV (0.06%). In terms of maximum drawdown, FHYS dropped -11.62% vs SGOV's -0.03%.
On 3-year performance, FHYS leads with 7.79% vs 4.68% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FHYS has performed better with a 7.79% return vs 4.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.51% for FHYS.
FHYS has the higher dividend yield at 5.75%, compared with 3.85% for SGOV.
FHYS is categorized as High Yield Bonds, while SGOV is Ultrashort Bond. They also come from different issuers: Federated and iShares. Their fees differ too: 0.51% for FHYS and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.38 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.
Find the right allocation for FHYS and SGOV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer