FLHY vs. HYGV
FLHY (Franklin Liberty High Yield Corporate ETF) and HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) are both High Yield Bonds funds. FLHY is actively managed, while HYGV is passively managed. Over the past 5 years, FLHY returned 4.57%/yr vs 3.36%/yr for HYGV. Their correlation of 0.87 suggests significant overlap in exposure. FLHY charges 0.40%/yr vs 0.37%/yr for HYGV.
Performance
FLHY vs. HYGV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FLHY achieves a 1.94% return, which is significantly higher than HYGV's 1.71% return.
FLHY
- 1D
- -0.02%
- 1M
- 0.42%
- YTD
- 1.94%
- 6M
- 2.00%
- 1Y
- 6.80%
- 3Y*
- 9.52%
- 5Y*
- 4.57%
- 10Y*
- —
HYGV
- 1D
- 0.02%
- 1M
- 0.62%
- YTD
- 1.71%
- 6M
- 1.65%
- 1Y
- 6.01%
- 3Y*
- 8.60%
- 5Y*
- 3.36%
- 10Y*
- —
FLHY vs. HYGV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLHY Franklin Liberty High Yield Corporate ETF | 1.94% | 9.26% | 8.70% | 13.40% | -10.45% | 4.27% | 7.77% | 16.39% | -1.35% |
HYGV FlexShares High Yield Value-Scored US Bond Index Fund | 1.71% | 7.92% | 8.02% | 12.11% | -12.60% | 5.93% | 8.01% | 15.76% | -4.15% |
Correlation
The correlation between FLHY and HYGV is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2018 | 0.87 |
The correlation between FLHY and HYGV has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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
FLHY vs. HYGV — Risk / Return Rank
FLHY
HYGV
FLHY vs. HYGV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty High Yield Corporate ETF (FLHY) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV). 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.
| FLHY | HYGV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.25 | +0.56 |
| Martin ratioReturn relative to average drawdown | 13.14 | 9.67 | +3.47 |
Loading charts...
Drawdowns
FLHY vs. HYGV - Drawdown Comparison
The maximum FLHY drawdown since its inception was -22.58%, roughly equal to the maximum HYGV drawdown of -23.47%. Use the drawdown chart below to compare losses from any high point for FLHY and HYGV.
Loading charts...
Drawdown Indicators
| FLHY | HYGV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.58% | -23.47% | +0.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -2.68% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -4.49% | -5.56% | +1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -15.19% | -17.12% | +1.93% |
Current DrawdownCurrent decline from peak | -0.21% | -0.25% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -2.53% | -3.30% | +0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 0.62% | -0.10% |
Volatility
FLHY vs. HYGV - Volatility Comparison
The current volatility for Franklin Liberty High Yield Corporate ETF (FLHY) is 0.97%, while FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) has a volatility of 1.04%. This indicates that FLHY experiences smaller price fluctuations and is considered to be less risky than HYGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FLHY | HYGV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 1.04% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | 3.09% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 3.88% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.95% | 7.60% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.09% | 9.17% | -1.08% |
FLHY vs. HYGV - Expense Ratio Comparison
FLHY has a 0.40% expense ratio, which is higher than HYGV's 0.37% expense ratio.
Dividends
FLHY vs. HYGV - Dividend Comparison
FLHY's dividend yield for the trailing twelve months is around 6.46%, less than HYGV's 7.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FLHY Franklin Liberty High Yield Corporate ETF | 6.46% | 6.53% | 6.51% | 6.26% | 6.54% | 5.76% | 5.47% | 5.61% | 4.27% |
HYGV FlexShares High Yield Value-Scored US Bond Index Fund | 7.38% | 7.48% | 8.20% | 8.77% | 7.64% | 6.07% | 6.18% | 7.95% | 5.63% |
Frequently Asked Questions
With a correlation of 0.92, FLHY and HYGV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
HYGV has higher volatility (1.04%) compared to FLHY (0.97%). In terms of maximum drawdown, FLHY dropped -22.58% vs HYGV's -23.47%.
On 5-year performance, FLHY leads with 4.57% vs 3.36% for HYGV. On fees, HYGV is cheaper at 0.37% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLHY has performed better with a 4.57% return vs 3.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGV is cheaper with a 0.37% expense ratio, compared with 0.40% for FLHY.
HYGV has the higher dividend yield at 7.38%, compared with 6.46% for FLHY.
They also come from different issuers: Franklin Templeton and Northern Trust. Their fees differ too: 0.40% for FLHY and 0.37% for HYGV.
FLHY currently has the higher Sharpe Ratio (1.78 vs 1.56), 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 FLHY and HYGV
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