FSHGX vs. HYGV

Last updated Jun 4, 2026

FSHGX (Fidelity SAI High Income Fund) and HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) are both High Yield Bonds funds. Over the past 5 years, FSHGX returned 4.67%/yr vs 3.49%/yr for HYGV. A 0.61 correlation means they provide meaningful diversification when combined. FSHGX charges 0.60%/yr vs 0.37%/yr for HYGV.

Performance

FSHGX vs. HYGV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity SAI High Income Fund (FSHGX) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSHGX achieves a 3.81% return, which is significantly higher than HYGV's 1.42% return.

FSHGX

• 1D: 0.10%
• 1M: 1.05%
• YTD: 3.81%
• 6M: 4.61%
• 1Y: 10.66%
• 3Y*: 10.42%
• 5Y*: 4.67%
• 10Y*: —

HYGV

• 1D: -0.24%
• 1M: 0.33%
• YTD: 1.42%
• 6M: 1.66%
• 1Y: 6.94%
• 3Y*: 8.38%
• 5Y*: 3.49%
• 10Y*: —

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

FSHGX vs. HYGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSHGX Fidelity SAI High Income Fund	3.81%	10.26%	9.79%	10.82%	-12.03%	2.72%
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	1.42%	7.92%	8.02%	12.11%	-12.60%	3.34%

Correlation

The correlation between FSHGX and HYGV is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since May 19, 2021	0.61

The correlation between FSHGX and HYGV has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

Return for Risk

FSHGX vs. HYGV — Risk / Return Rank

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

FSHGX

FSHGX Risk / Return Rank: 95
FSHGX Sharpe Ratio Rank: 95
FSHGX Sortino Ratio Rank: 97
FSHGX Omega Ratio Rank: 96
FSHGX Calmar Ratio Rank: 93
FSHGX Martin Ratio Rank: 96

HYGV

HYGV Risk / Return Rank: 56
HYGV Sharpe Ratio Rank: 52
HYGV Sortino Ratio Rank: 58
HYGV Omega Ratio Rank: 56
HYGV Calmar Ratio Rank: 52
HYGV Martin Ratio Rank: 62

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.

FSHGX vs. HYGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI High Income Fund (FSHGX) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV). 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.

	FSHGX	HYGV	Difference
Sharpe ratio Return per unit of total volatility	3.35	1.81	+1.54
Sortino ratio Return per unit of downside risk	5.98	2.79	+3.19
Omega ratio Gain probability vs. loss probability	1.84	1.35	+0.49
Calmar ratio Return relative to maximum drawdown	5.11	2.60	+2.52
Martin ratio Return relative to average drawdown	24.98	11.22	+13.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSHGX vs. HYGV - Sharpe Ratio Comparison

The current FSHGX Sharpe Ratio is 3.35, which is higher than the HYGV Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of FSHGX and HYGV, 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

	FSHGX	HYGV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.35	1.81	+1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.46	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.55	+0.35

Drawdowns

FSHGX vs. HYGV - Drawdown Comparison

The maximum FSHGX drawdown since its inception was -15.77%, smaller than the maximum HYGV drawdown of -23.47%. Use the drawdown chart below to compare losses from any high point for FSHGX and HYGV.

Drawdown Indicators

	FSHGX	HYGV	Difference
Max Drawdown Largest peak-to-trough decline	-15.77%	-23.47%	+7.70%
Max Drawdown (1Y) Largest decline over 1 year	-2.31%	-2.68%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	-3.93%	-5.56%	+1.63%
Max Drawdown (5Y) Largest decline over 5 years	-15.77%	-17.12%	+1.35%
Current Drawdown Current decline from peak	0.00%	-0.27%	+0.27%
Average Drawdown Average peak-to-trough decline	-3.83%	-3.32%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.62%	-0.15%

Volatility

FSHGX vs. HYGV - Volatility Comparison

The current volatility for Fidelity SAI High Income Fund (FSHGX) is 1.06%, while FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) has a volatility of 1.17%. This indicates that FSHGX experiences smaller price fluctuations and is considered to be less risky than HYGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSHGX	HYGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	1.17%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	3.02%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	3.85%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.26%	7.59%	-2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.24%	9.20%	-3.96%

FSHGX vs. HYGV - Expense Ratio Comparison

FSHGX has a 0.60% expense ratio, which is higher than HYGV's 0.37% expense ratio.

Dividends

FSHGX vs. HYGV - Dividend Comparison

FSHGX's dividend yield for the trailing twelve months is around 6.31%, less than HYGV's 7.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FSHGX Fidelity SAI High Income Fund	6.31%	6.34%	6.15%	5.47%	3.99%	2.28%	0.00%	0.00%	0.00%
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	7.41%	7.48%	8.20%	8.77%	7.64%	6.07%	6.18%	7.95%	5.63%

Frequently Asked Questions

Can I hold both FSHGX and HYGV in my portfolio?

FSHGX and HYGV have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSHGX or HYGV?

HYGV has higher volatility (1.17%) compared to FSHGX (1.06%). In terms of maximum drawdown, FSHGX dropped -15.77% vs HYGV's -23.47%.

Which has better risk-adjusted returns?

FSHGX currently has the higher Sharpe Ratio (3.35 vs 1.81), 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.