FLXN vs. USHY

Last updated Jun 5, 2026

FLXN (Horizon Flexible Income ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds. FLXN is actively managed, while USHY is passively managed. Their correlation of 0.93 suggests significant overlap in exposure. FLXN charges 0.82%/yr vs 0.15%/yr for USHY.

Performance

FLXN vs. USHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Flexible Income ETF (FLXN) and iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLXN achieves a 2.50% return, which is significantly higher than USHY's 1.64% return.

FLXN

• 1D: 0.20%
• 1M: 0.60%
• YTD: 2.50%
• 6M: 2.95%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USHY

• 1D: 0.22%
• 1M: 0.46%
• YTD: 1.64%
• 6M: 1.98%
• 1Y: 6.99%
• 3Y*: 9.01%
• 5Y*: 4.29%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FLXN vs. USHY - Yearly Performance Comparison

	2026 (YTD)	2025
FLXN Horizon Flexible Income ETF	2.50%	4.71%
USHY iShares Broad USD High Yield Corporate Bond ETF	1.64%	3.56%

Correlation

The correlation between FLXN and USHY is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 7, 2025	0.93

Return for Risk

FLXN vs. USHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USHY

USHY Risk / Return Rank: 63
USHY Sharpe Ratio Rank: 58
USHY Sortino Ratio Rank: 64
USHY Omega Ratio Rank: 63
USHY Calmar Ratio Rank: 59
USHY Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FLXN vs. USHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Flexible Income ETF (FLXN) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FLXN	USHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.93	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	0.58	+1.01

Drawdowns

FLXN vs. USHY - Drawdown Comparison

The maximum FLXN drawdown since its inception was -3.39%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for FLXN and USHY.

Drawdown Indicators

	FLXN	USHY	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-22.44%	+19.05%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.43%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.56%	—
Current Drawdown Current decline from peak	-0.14%	-0.06%	-0.08%
Average Drawdown Average peak-to-trough decline	-0.38%	-2.66%	+2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.54%	—

Volatility

Volatility by Period

	FLXN	USHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	3.65%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.04%	7.34%	-2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	8.25%	-3.21%

FLXN vs. USHY - Expense Ratio Comparison

FLXN has a 0.82% expense ratio, which is higher than USHY's 0.15% expense ratio.

Dividends

FLXN vs. USHY - Dividend Comparison

FLXN's dividend yield for the trailing twelve months is around 7.49%, more than USHY's 6.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLXN Horizon Flexible Income ETF	7.49%	3.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USHY iShares Broad USD High Yield Corporate Bond ETF	6.91%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%

Frequently Asked Questions

Can I hold both FLXN and USHY in my portfolio?

With a correlation of 0.93, FLXN and USHY 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.

Which ETF is better, FLXN or USHY?

On fees, USHY is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLXN or USHY?

USHY is cheaper with a 0.15% expense ratio, compared with 0.82% for FLXN.

Which ETF pays a higher dividend yield, FLXN or USHY?

FLXN has the higher dividend yield at 7.49%, compared with 6.91% for USHY.

What is the main difference between FLXN and USHY?

They also come from different issuers: Horizon and iShares. Their fees differ too: 0.82% for FLXN and 0.15% for USHY.