FHYSX vs. VWEHX

Last updated Jun 26, 2026

FHYSX (Federated Hermes High-Yield Strategy Portfolio) and VWEHX (Vanguard High-Yield Corporate Fund Investor Shares) are both High Yield Bonds funds. Over the past 10 years, FHYSX returned 5.34%/yr vs 5.15%/yr for VWEHX. A 0.78 correlation means they provide meaningful diversification when combined. FHYSX charges 0.02%/yr vs 0.22%/yr for VWEHX.

Performance

FHYSX vs. VWEHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes High-Yield Strategy Portfolio (FHYSX) and Vanguard High-Yield Corporate Fund Investor Shares (VWEHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHYSX achieves a 1.02% return, which is significantly higher than VWEHX's 0.79% return. Both investments have delivered pretty close results over the past 10 years, with FHYSX having a 5.34% annualized return and VWEHX not far behind at 5.15%.

FHYSX

• 1D: 0.00%
• 1M: 0.36%
• YTD: 1.02%
• 6M: 1.54%
• 1Y: 5.94%
• 3Y*: 8.48%
• 5Y*: 3.28%
• 10Y*: 5.34%

VWEHX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 0.79%
• 6M: 1.49%
• 1Y: 5.66%
• 3Y*: 8.31%
• 5Y*: 3.94%
• 10Y*: 5.15%

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

FHYSX vs. VWEHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHYSX Federated Hermes High-Yield Strategy Portfolio	1.02%	9.14%	6.42%	12.77%	-13.16%	4.49%	6.08%	15.14%	-2.16%	8.34%
VWEHX Vanguard High-Yield Corporate Fund Investor Shares	0.79%	9.38%	6.33%	11.66%	-9.04%	2.97%	5.30%	15.81%	-2.93%	7.05%

Correlation

The correlation between FHYSX and VWEHX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jul 1, 2009	0.78

Over the past year, the correlation between FHYSX and VWEHX has dropped to 0.52 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

FHYSX vs. VWEHX — Risk / Return Rank

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

FHYSX

FHYSX Risk / Return Rank: 72
FHYSX Sharpe Ratio Rank: 57
FHYSX Sortino Ratio Rank: 80
FHYSX Omega Ratio Rank: 80
FHYSX Calmar Ratio Rank: 61
FHYSX Martin Ratio Rank: 84

VWEHX

VWEHX Risk / Return Rank: 66
VWEHX Sharpe Ratio Rank: 53
VWEHX Sortino Ratio Rank: 76
VWEHX Omega Ratio Rank: 79
VWEHX Calmar Ratio Rank: 48
VWEHX Martin Ratio Rank: 73

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.

FHYSX vs. VWEHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes High-Yield Strategy Portfolio (FHYSX) and Vanguard High-Yield Corporate Fund Investor Shares (VWEHX). 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.

	FHYSX	VWEHX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.80	+0.04
Sortino ratio: Return per unit of downside risk	3.23	3.09	+0.14
Omega ratio: Gain probability vs. loss probability	1.44	1.43	+0.01
Calmar ratio: Return relative to maximum drawdown	2.59	2.33	+0.26
Martin ratio: Return relative to average drawdown	13.29	11.74	+1.55

FHYSX vs. VWEHX - Sharpe Ratio Comparison

The current FHYSX Sharpe Ratio is 1.84, which is comparable to the VWEHX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of FHYSX and VWEHX, 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

FHYSX vs. VWEHX - Drawdown Comparison

The maximum FHYSX drawdown since its inception was -21.45%, smaller than the maximum VWEHX drawdown of -30.17%. Use the drawdown chart below to compare losses from any high point for FHYSX and VWEHX.

Drawdown Indicators

	FHYSX	VWEHX	Difference
Max Drawdown Largest peak-to-trough decline	-21.45%	-30.17%	+8.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.44%	-2.52%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-3.64%	-3.33%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-16.93%	-13.83%	-3.10%
Max Drawdown (10Y) Largest decline over 10 years	-21.45%	-19.69%	-1.76%
Current Drawdown Current decline from peak	-0.51%	-0.36%	-0.15%
Average Drawdown Average peak-to-trough decline	-2.58%	-4.28%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.50%	-0.03%

Volatility

FHYSX vs. VWEHX - Volatility Comparison

Federated Hermes High-Yield Strategy Portfolio (FHYSX) and Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) have volatilities of 0.88% and 0.88%, 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

	FHYSX	VWEHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.88%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	2.61%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	3.27%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.25%	4.91%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.75%	5.25%	+0.50%

FHYSX vs. VWEHX - Expense Ratio Comparison

FHYSX has a 0.02% expense ratio, which is lower than VWEHX's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FHYSX vs. VWEHX - Dividend Comparison

FHYSX's dividend yield for the trailing twelve months is around 6.32%, which matches VWEHX's 6.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHYSX Federated Hermes High-Yield Strategy Portfolio	6.32%	6.28%	5.84%	5.30%	5.27%	4.54%	5.74%	6.18%	6.61%	6.98%	6.45%	8.45%
VWEHX Vanguard High-Yield Corporate Fund Investor Shares	6.28%	6.15%	6.11%	5.68%	5.11%	3.43%	4.62%	5.24%	5.94%	5.29%	5.41%	6.42%

Frequently Asked Questions

Can I hold both FHYSX and VWEHX in my portfolio?

FHYSX and VWEHX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHYSX or VWEHX?

VWEHX has higher volatility (0.88%) compared to FHYSX (0.88%). In terms of maximum drawdown, FHYSX dropped -21.45% vs VWEHX's -30.17%.

Which has better risk-adjusted returns?

FHYSX currently has the higher Sharpe Ratio (1.84 vs 1.80), 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.