FLHY vs. SHYD
FLHY (Franklin Liberty High Yield Corporate ETF) and SHYD (VanEck Short High Yield Muni ETF) are both exchange-traded funds - FLHY is a High Yield Bonds fund actively managed by Franklin Templeton, while SHYD is a Municipal Bonds fund tracking the Bloomberg Municipal High Yield Short Duration. FLHY is actively managed, while SHYD is passively managed. Over the past 5 years, FLHY returned 4.80%/yr vs 0.97%/yr for SHYD. At a 0.22 correlation, their price movements are largely independent. FLHY charges 0.40%/yr vs 0.35%/yr for SHYD.
Performance
FLHY vs. SHYD - Performance Comparison
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Returns By Period
In the year-to-date period, FLHY achieves a 1.94% return, which is significantly higher than SHYD's 0.83% return.
FLHY
- 1D
- 0.04%
- 1M
- 0.34%
- YTD
- 1.94%
- 6M
- 2.66%
- 1Y
- 8.18%
- 3Y*
- 9.33%
- 5Y*
- 4.80%
- 10Y*
- —
SHYD
- 1D
- 0.15%
- 1M
- 0.57%
- YTD
- 0.83%
- 6M
- 1.67%
- 1Y
- 5.51%
- 3Y*
- 4.43%
- 5Y*
- 0.97%
- 10Y*
- 2.02%
FLHY vs. SHYD - 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% | -1.31% |
SHYD VanEck Short High Yield Muni ETF | 0.83% | 5.58% | 4.85% | 2.39% | -9.11% | 4.04% | 1.56% | 7.55% | 1.19% |
Correlation
The correlation between FLHY and SHYD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2018 | 0.22 |
The correlation between FLHY and SHYD shifts across timeframes, from 0.22 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FLHY vs. SHYD — Risk / Return Rank
FLHY
SHYD
FLHY vs. SHYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty High Yield Corporate ETF (FLHY) and VanEck Short High Yield Muni ETF (SHYD). 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.
| FLHY | SHYD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.15 | 1.85 | +0.30 |
Sortino ratioReturn per unit of downside risk | 3.28 | 2.78 | +0.50 |
Omega ratioGain probability vs. loss probability | 1.42 | 1.38 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 3.38 | 2.45 | +0.93 |
Martin ratioReturn relative to average drawdown | 15.92 | 8.09 | +7.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FLHY | SHYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.15 | 1.85 | +0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.18 | +0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.21 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 0.26 | +0.48 |
Drawdowns
FLHY vs. SHYD - Drawdown Comparison
The maximum FLHY drawdown since its inception was -22.58%, smaller than the maximum SHYD drawdown of -31.22%. Use the drawdown chart below to compare losses from any high point for FLHY and SHYD.
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Drawdown Indicators
| FLHY | SHYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.58% | -31.22% | +8.64% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -2.17% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -4.49% | -4.17% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -15.19% | -13.32% | -1.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.22% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.31% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -2.54% | -3.03% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 0.66% | -0.14% |
Volatility
FLHY vs. SHYD - Volatility Comparison
Franklin Liberty High Yield Corporate ETF (FLHY) has a higher volatility of 1.25% compared to VanEck Short High Yield Muni ETF (SHYD) at 0.83%. This indicates that FLHY's price experiences larger fluctuations and is considered to be riskier than SHYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLHY | SHYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 0.83% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 1.93% | +1.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.83% | 3.00% | +0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.94% | 5.37% | +1.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.12% | 9.70% | -1.58% |
FLHY vs. SHYD - Expense Ratio Comparison
FLHY has a 0.40% expense ratio, which is higher than SHYD's 0.35% expense ratio.
Dividends
FLHY vs. SHYD - Dividend Comparison
FLHY's dividend yield for the trailing twelve months is around 6.46%, more than SHYD's 3.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
SHYD VanEck Short High Yield Muni ETF | 3.50% | 3.50% | 3.16% | 2.99% | 2.66% | 2.56% | 3.05% | 3.19% | 3.17% | 3.11% | 2.97% | 3.26% |
Frequently Asked Questions
FLHY and SHYD have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLHY has higher volatility (1.25%) compared to SHYD (0.83%). In terms of maximum drawdown, FLHY dropped -22.58% vs SHYD's -31.22%.
On 5-year performance, FLHY leads with 4.80% vs 0.97% for SHYD. On fees, SHYD is cheaper at 0.35% per year. On volatility, SHYD has been the lower-risk option at 0.83%. 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 4.80% return vs 0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYD is cheaper with a 0.35% expense ratio, compared with 0.40% for FLHY.
FLHY has the higher dividend yield at 6.46%, compared with 3.50% for SHYD.
FLHY is categorized as High Yield Bonds, while SHYD is Municipal Bonds. They also come from different issuers: Franklin Templeton and VanEck. Their fees differ too: 0.40% for FLHY and 0.35% for SHYD.
FLHY currently has the higher Sharpe Ratio (2.15 vs 1.85), 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.
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