FLRN vs. HYGH
FLRN (SPDR Bloomberg Barclays Investment Grade Floating Rate ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both exchange-traded funds - FLRN is a Corporate Bonds fund tracking the Bloomberg US Floating Rate Notes (<5 Y), while HYGH is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Interest Hedged Index. Both are passively managed. Over the past 10 years, FLRN returned 3.04%/yr vs 6.40%/yr for HYGH. At a 0.12 correlation, their price movements are largely independent. FLRN charges 0.15%/yr vs 0.52%/yr for HYGH.
Performance
FLRN vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, FLRN achieves a 2.03% return, which is significantly lower than HYGH's 3.41% return. Over the past 10 years, FLRN has underperformed HYGH with an annualized return of 3.04%, while HYGH has yielded a comparatively higher 6.40% annualized return.
FLRN
- 1D
- 0.10%
- 1M
- 0.38%
- YTD
- 2.03%
- 6M
- 2.13%
- 1Y
- 4.85%
- 3Y*
- 5.60%
- 5Y*
- 4.21%
- 10Y*
- 3.04%
HYGH
- 1D
- 0.28%
- 1M
- 0.71%
- YTD
- 3.41%
- 6M
- 4.09%
- 1Y
- 7.89%
- 3Y*
- 9.56%
- 5Y*
- 7.02%
- 10Y*
- 6.40%
FLRN vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 2.03% | 5.01% | 6.32% | 6.54% | 1.31% | 0.39% | 0.77% | 4.02% | 1.39% | 1.81% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.41% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 0.54% | 11.09% | -0.85% | 6.38% |
Correlation
The correlation between FLRN and HYGH is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 29, 2014 | 0.12 |
Over the past year, FLRN and HYGH have become more correlated (0.33) than their long-term average of 0.12, meaning their price movements have been converging.
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Return for Risk
FLRN vs. HYGH — Risk / Return Rank
FLRN
HYGH
FLRN vs. HYGH - 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 iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| FLRN | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.80 | ||
| Sortino ratioReturn per unit of downside risk | +9.37 | ||
| Omega ratioGain probability vs. loss probability | 3.27 | 1.41 | +1.86 |
| Calmar ratioReturn relative to maximum drawdown | 21.39 | 4.89 | +16.50 |
| Martin ratioReturn relative to average drawdown | 126.55 | 19.13 | +107.42 |
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Drawdowns
FLRN vs. HYGH - Drawdown Comparison
The maximum FLRN drawdown since its inception was -14.64%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for FLRN and HYGH.
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Drawdown Indicators
| FLRN | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.64% | -23.88% | +9.24% |
Max Drawdown (1Y)Largest decline over 1 year | -0.23% | -1.62% | +1.39% |
Max Drawdown (3Y)Largest decline over 3 years | -1.43% | -8.06% | +6.63% |
Max Drawdown (5Y)Largest decline over 5 years | -2.16% | -8.24% | +6.08% |
Max Drawdown (10Y)Largest decline over 10 years | -14.64% | -23.88% | +9.24% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.82% | -2.22% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 0.41% | -0.37% |
Volatility
FLRN vs. HYGH - Volatility Comparison
The current volatility for SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN) is 0.20%, while iShares Interest Rate Hedged High Yield Bond ETF (HYGH) has a volatility of 0.71%. This indicates that FLRN experiences smaller price fluctuations and is considered to be less risky than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLRN | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 0.71% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 0.54% | 2.81% | -2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.70% | 3.65% | -2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.69% | 7.07% | -5.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 8.34% | -4.14% |
FLRN vs. HYGH - Expense Ratio Comparison
FLRN has a 0.15% expense ratio, which is lower than HYGH's 0.52% expense ratio.
Dividends
FLRN vs. HYGH - Dividend Comparison
FLRN's dividend yield for the trailing twelve months is around 4.50%, less than HYGH's 6.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLRN SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 4.50% | 4.89% | 5.67% | 5.68% | 1.95% | 0.39% | 1.22% | 2.76% | 2.39% | 1.64% | 1.06% | 0.63% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.59% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
Frequently Asked Questions
FLRN and HYGH have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYGH has higher volatility (0.71%) compared to FLRN (0.20%). In terms of maximum drawdown, FLRN dropped -14.64% vs HYGH's -23.88%.
On 10-year performance, HYGH leads with 6.40% vs 3.04% for FLRN. On fees, FLRN is cheaper at 0.15% per year. On volatility, FLRN has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYGH has performed better with a 6.40% return vs 3.04%. 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 0.52% for HYGH.
HYGH has the higher dividend yield at 6.59%, compared with 4.50% for FLRN.
FLRN is categorized as Corporate Bonds, while HYGH is High Yield Bonds. FLRN tracks Bloomberg US Floating Rate Notes (<5 Y), while HYGH tracks Markit iBoxx USD Liquid High Yield Interest Hedged Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.15% for FLRN and 0.52% for HYGH.
FLRN currently has the higher Sharpe Ratio (6.98 vs 2.18), 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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