FLYRX vs. FDHIX

Last updated Jun 3, 2026

FLYRX (Pioneer Floating Rate Fund) and FDHIX (First Trust Short Duration High Income Fund) are both Bank Loan funds. Over the past 10 years, FLYRX returned 3.95%/yr vs 4.31%/yr for FDHIX. A 0.56 correlation means they provide meaningful diversification when combined. FLYRX charges 0.75%/yr vs 1.01%/yr for FDHIX.

Performance

FLYRX vs. FDHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Floating Rate Fund (FLYRX) and First Trust Short Duration High Income Fund (FDHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLYRX achieves a 1.75% return, which is significantly higher than FDHIX's -0.14% return. Over the past 10 years, FLYRX has underperformed FDHIX with an annualized return of 3.95%, while FDHIX has yielded a comparatively higher 4.31% annualized return.

FLYRX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 1.75%
• 6M: 2.36%
• 1Y: 5.00%
• 3Y*: 6.25%
• 5Y*: 4.00%
• 10Y*: 3.95%

FDHIX

• 1D: 0.00%
• 1M: 0.28%
• YTD: -0.14%
• 6M: 0.52%
• 1Y: 4.73%
• 3Y*: 7.10%
• 5Y*: 4.01%
• 10Y*: 4.31%

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

FLYRX vs. FDHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLYRX Pioneer Floating Rate Fund	1.75%	4.90%	6.94%	8.31%	-3.26%	4.32%	2.10%	7.57%	0.17%	3.74%
FDHIX First Trust Short Duration High Income Fund	-0.14%	7.31%	7.09%	10.41%	-5.22%	3.56%	3.66%	9.62%	-0.63%	4.34%

Correlation

The correlation between FLYRX and FDHIX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Nov 5, 2012	0.56

The correlation between FLYRX and FDHIX shifts across timeframes, from 0.42 (3 years) to 0.58 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

FLYRX vs. FDHIX — Risk / Return Rank

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

FLYRX

FLYRX Risk / Return Rank: 83
FLYRX Sharpe Ratio Rank: 47
FLYRX Sortino Ratio Rank: 92
FLYRX Omega Ratio Rank: 93
FLYRX Calmar Ratio Rank: 95
FLYRX Martin Ratio Rank: 89

FDHIX

FDHIX Risk / Return Rank: 37
FDHIX Sharpe Ratio Rank: 34
FDHIX Sortino Ratio Rank: 53
FDHIX Omega Ratio Rank: 51
FDHIX Calmar Ratio Rank: 20
FDHIX Martin Ratio Rank: 27

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.

FLYRX vs. FDHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Floating Rate Fund (FLYRX) and First Trust Short Duration High Income Fund (FDHIX). 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.

	FLYRX	FDHIX	Difference
Sharpe ratio Return per unit of total volatility	2.03	1.69	+0.34
Sortino ratio Return per unit of downside risk	4.61	3.07	+1.54
Omega ratio Gain probability vs. loss probability	1.72	1.39	+0.33
Calmar ratio Return relative to maximum drawdown	5.97	1.65	+4.32
Martin ratio Return relative to average drawdown	17.65	6.66	+11.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLYRX vs. FDHIX - Sharpe Ratio Comparison

The current FLYRX Sharpe Ratio is 2.03, which is comparable to the FDHIX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of FLYRX and FDHIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FLYRX	FDHIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	1.69	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.50	1.22	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.11	0.97	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	1.04	+0.01

Drawdowns

FLYRX vs. FDHIX - Drawdown Comparison

The maximum FLYRX drawdown since its inception was -30.67%, which is greater than FDHIX's maximum drawdown of -20.32%. Use the drawdown chart below to compare losses from any high point for FLYRX and FDHIX.

Drawdown Indicators

	FLYRX	FDHIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.67%	-20.32%	-10.35%
Max Drawdown (1Y) Largest decline over 1 year	-0.94%	-3.21%	+2.27%
Max Drawdown (3Y) Largest decline over 3 years	-2.05%	-3.21%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-6.61%	-9.09%	+2.48%
Max Drawdown (10Y) Largest decline over 10 years	-19.05%	-20.32%	+1.27%
Current Drawdown Current decline from peak	0.00%	-0.25%	+0.25%
Average Drawdown Average peak-to-trough decline	-1.99%	-1.06%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.79%	-0.47%

Volatility

FLYRX vs. FDHIX - Volatility Comparison

The current volatility for Pioneer Floating Rate Fund (FLYRX) is 0.68%, while First Trust Short Duration High Income Fund (FDHIX) has a volatility of 0.86%. This indicates that FLYRX experiences smaller price fluctuations and is considered to be less risky than FDHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLYRX	FDHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.86%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	1.87%	2.40%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	2.48%	2.92%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.68%	3.33%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.59%	4.50%	-0.91%

FLYRX vs. FDHIX - Expense Ratio Comparison

FLYRX has a 0.75% expense ratio, which is lower than FDHIX's 1.01% expense ratio.

Dividends

FLYRX vs. FDHIX - Dividend Comparison

FLYRX's dividend yield for the trailing twelve months is around 7.27%, more than FDHIX's 5.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDHIX First Trust Short Duration High Income Fund	5.69%	6.34%	7.99%	6.76%	4.86%	3.51%	4.09%	4.57%	4.94%	4.83%	4.81%	4.59%
FLYRX Pioneer Floating Rate Fund	7.27%	7.48%	5.87%	6.45%	5.40%	3.46%	3.91%	5.01%	4.70%	4.13%	3.88%	3.85%

Frequently Asked Questions

Can I hold both FLYRX and FDHIX in my portfolio?

FLYRX and FDHIX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLYRX or FDHIX?

FDHIX has higher volatility (0.86%) compared to FLYRX (0.68%). In terms of maximum drawdown, FLYRX dropped -30.67% vs FDHIX's -20.32%.

Which has better risk-adjusted returns?

FLYRX currently has the higher Sharpe Ratio (2.03 vs 1.69), 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.