FLHY vs. MHY
FLHY (Franklin Liberty High Yield Corporate ETF) and MHY (Man Active High Yield ETF) are both High Yield Bonds funds. Both are actively managed. A 0.78 correlation means they provide meaningful diversification when combined. FLHY charges 0.40%/yr vs 0.69%/yr for MHY.
Performance
FLHY vs. MHY - Performance Comparison
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Returns By Period
In the year-to-date period, FLHY achieves a 1.96% return, which is significantly lower than MHY's 4.31% return.
FLHY
- 1D
- 0.02%
- 1M
- 0.11%
- YTD
- 1.96%
- 6M
- 2.02%
- 1Y
- 6.82%
- 3Y*
- 9.31%
- 5Y*
- 4.57%
- 10Y*
- —
MHY
- 1D
- 0.28%
- 1M
- 1.65%
- YTD
- 4.31%
- 6M
- 4.20%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLHY vs. MHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FLHY Franklin Liberty High Yield Corporate ETF | 1.96% | 1.91% |
MHY Man Active High Yield ETF | 4.31% | 1.54% |
Correlation
The correlation between FLHY and MHY is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025 | 0.78 |
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Return for Risk
FLHY vs. MHY — Risk / Return Rank
FLHY
MHY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FLHY vs. MHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty High Yield Corporate ETF (FLHY) and Man Active High Yield ETF (MHY). 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 | MHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.35 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | — | — |
| Martin ratioReturn relative to average drawdown | 13.18 | — | — |
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Drawdowns
FLHY vs. MHY - Drawdown Comparison
The maximum FLHY drawdown since its inception was -22.58%, which is greater than MHY's maximum drawdown of -1.58%. Use the drawdown chart below to compare losses from any high point for FLHY and MHY.
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Drawdown Indicators
| FLHY | MHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.58% | -1.58% | -21.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.49% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.19% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | 0.00% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -2.52% | -0.29% | -2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | — | — |
Volatility
FLHY vs. MHY - Volatility Comparison
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Volatility by Period
| FLHY | MHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.84% | 2.99% | +0.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.95% | 2.99% | +3.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.09% | 2.99% | +5.10% |
FLHY vs. MHY - Expense Ratio Comparison
FLHY has a 0.40% expense ratio, which is lower than MHY's 0.69% expense ratio.
Dividends
FLHY vs. MHY - Dividend Comparison
FLHY's dividend yield for the trailing twelve months is around 6.46%, more than MHY's 5.29% 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% |
MHY Man Active High Yield ETF | 5.29% | 3.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLHY and MHY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FLHY is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLHY is cheaper with a 0.40% expense ratio, compared with 0.69% for MHY.
FLHY has the higher dividend yield at 6.46%, compared with 5.29% for MHY.
They also come from different issuers: Franklin Templeton and Man Group. Their fees differ too: 0.40% for FLHY and 0.69% for MHY.
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