FLRN vs. HYFI
FLRN (SPDR Bloomberg Barclays Investment Grade Floating Rate ETF) and HYFI (AB High Yield ETF) are both exchange-traded funds - FLRN is a Corporate Bonds fund tracking the Bloomberg US Floating Rate Notes (<5 Y), while HYFI is a High Yield Bonds fund actively managed by AllianceBernstein. FLRN is passively managed, while HYFI is actively managed. Over the past 3 years, FLRN returned 5.67%/yr vs 9.12%/yr for HYFI. At a 0.17 correlation, their price movements are largely independent. FLRN charges 0.15%/yr vs 0.40%/yr for HYFI.
Performance
FLRN vs. HYFI - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FLRN having a 1.87% return and HYFI slightly higher at 1.95%.
FLRN
- 1D
- 0.03%
- 1M
- 0.45%
- YTD
- 1.87%
- 6M
- 2.19%
- 1Y
- 4.88%
- 3Y*
- 5.67%
- 5Y*
- 4.19%
- 10Y*
- 3.03%
HYFI
- 1D
- -0.24%
- 1M
- 0.55%
- YTD
- 1.95%
- 6M
- 2.21%
- 1Y
- 7.81%
- 3Y*
- 9.12%
- 5Y*
- —
- 10Y*
- —
FLRN vs. HYFI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 1.87% | 5.01% | 6.32% | 4.28% |
HYFI AB High Yield ETF | 1.95% | 8.91% | 7.98% | 8.66% |
Correlation
The correlation between FLRN and HYFI is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 16, 2023 | 0.17 |
The correlation between FLRN and HYFI shifts across timeframes, from 0.17 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FLRN vs. HYFI — Risk / Return Rank
FLRN
HYFI
FLRN vs. HYFI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) and AB High Yield ETF (HYFI). 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.
| FLRN | HYFI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.20 | ||
| Sortino ratioReturn per unit of downside risk | +10.10 | ||
| Omega ratioGain probability vs. loss probability | 3.44 | 1.38 | +2.06 |
| Calmar ratioReturn relative to maximum drawdown | 21.54 | 3.15 | +18.39 |
| Martin ratioReturn relative to average drawdown | 130.06 | 14.18 | +115.88 |
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
| FLRN | HYFI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 7.18 | 1.99 | +5.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.50 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 1.70 | -1.20 |
Drawdowns
FLRN vs. HYFI - Drawdown Comparison
The maximum FLRN drawdown since its inception was -14.64%, which is greater than HYFI's maximum drawdown of -6.34%. Use the drawdown chart below to compare losses from any high point for FLRN and HYFI.
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Drawdown Indicators
| FLRN | HYFI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.64% | -6.34% | -8.30% |
Max Drawdown (1Y)Largest decline over 1 year | -0.23% | -2.49% | +2.26% |
Max Drawdown (3Y)Largest decline over 3 years | -1.43% | -6.34% | +4.91% |
Max Drawdown (5Y)Largest decline over 5 years | -2.16% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.64% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.24% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -1.83% | -0.51% | -1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.55% | -0.51% |
Volatility
FLRN vs. HYFI - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) is 0.15%, while AB High Yield ETF (HYFI) has a volatility of 1.09%. This indicates that FLRN experiences smaller price fluctuations and is considered to be less risky than HYFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLRN | HYFI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 1.09% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 0.52% | 3.10% | -2.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.68% | 3.95% | -3.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.69% | 5.36% | -3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 5.36% | -1.16% |
FLRN vs. HYFI - Expense Ratio Comparison
FLRN has a 0.15% expense ratio, which is lower than HYFI's 0.40% expense ratio.
Dividends
FLRN vs. HYFI - Dividend Comparison
FLRN's dividend yield for the trailing twelve months is around 4.51%, less than HYFI's 6.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 4.51% | 4.89% | 5.67% | 5.68% | 1.95% | 0.39% | 1.22% | 2.76% | 2.39% | 1.64% | 1.06% | 0.63% |
HYFI AB High Yield ETF | 6.64% | 6.66% | 6.57% | 4.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLRN and HYFI have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYFI has higher volatility (1.09%) compared to FLRN (0.15%). In terms of maximum drawdown, FLRN dropped -14.64% vs HYFI's -6.34%.
On 3-year performance, HYFI leads with 9.12% vs 5.67% for FLRN. On fees, FLRN is cheaper at 0.15% per year. On volatility, FLRN has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYFI has performed better with a 9.12% return vs 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLRN is cheaper with a 0.15% expense ratio, compared with 0.40% for HYFI.
HYFI has the higher dividend yield at 6.64%, compared with 4.51% for FLRN.
FLRN is categorized as Corporate Bonds, while HYFI is High Yield Bonds. They also come from different issuers: State Street and AllianceBernstein. Their fees differ too: 0.15% for FLRN and 0.40% for HYFI.
FLRN currently has the higher Sharpe Ratio (7.18 vs 1.99), 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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