FSHNX vs. SPHY
FSHNX (Fidelity Series High Income Fund) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds. Over the past 10 years, FSHNX returned 6.18%/yr vs 5.17%/yr for SPHY. At a 0.44 correlation, their price movements are largely independent. FSHNX charges 0.00%/yr vs 0.05%/yr for SPHY.
Performance
FSHNX vs. SPHY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FSHNX achieves a 3.22% return, which is significantly higher than SPHY's 1.89% return. Over the past 10 years, FSHNX has outperformed SPHY with an annualized return of 6.18%, while SPHY has yielded a comparatively lower 5.17% annualized return.
FSHNX
- 1D
- 0.00%
- 1M
- 0.77%
- YTD
- 3.22%
- 6M
- 3.90%
- 1Y
- 10.25%
- 3Y*
- 9.91%
- 5Y*
- 5.10%
- 10Y*
- 6.18%
SPHY
- 1D
- -0.09%
- 1M
- 0.63%
- YTD
- 1.89%
- 6M
- 2.19%
- 1Y
- 6.80%
- 3Y*
- 9.20%
- 5Y*
- 4.36%
- 10Y*
- 5.17%
FSHNX vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSHNX Fidelity Series High Income Fund | 3.22% | 11.17% | 8.75% | 11.25% | -11.52% | 6.05% | 4.57% | 15.20% | -2.14% | 9.40% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.89% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between FSHNX and SPHY is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.44 |
Over the past year, FSHNX and SPHY have become more correlated (0.72) than their long-term average of 0.44, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FSHNX vs. SPHY — Risk / Return Rank
FSHNX
SPHY
FSHNX vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series High Income Fund (FSHNX) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.
| FSHNX | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +2.85 | ||
| Omega ratioGain probability vs. loss probability | 1.76 | 1.36 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 4.90 | 2.83 | +2.07 |
| Martin ratioReturn relative to average drawdown | 25.37 | 12.76 | +12.61 |
Loading charts...
Drawdowns
FSHNX vs. SPHY - Drawdown Comparison
The maximum FSHNX drawdown since its inception was -21.98%, roughly equal to the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FSHNX and SPHY.
Loading charts...
Drawdown Indicators
| FSHNX | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.98% | -21.97% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -2.13% | -2.41% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -4.05% | -4.85% | +0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -15.32% | -15.29% | -0.03% |
Max Drawdown (10Y)Largest decline over 10 years | -21.98% | -21.97% | -0.01% |
Current DrawdownCurrent decline from peak | -0.22% | -0.13% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -2.41% | -2.28% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.53% | -0.12% |
Volatility
FSHNX vs. SPHY - Volatility Comparison
The current volatility for Fidelity Series High Income Fund (FSHNX) is 0.89%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 0.95%. This indicates that FSHNX experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FSHNX | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 0.95% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 2.98% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 3.72% | -0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.31% | 7.18% | -1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.82% | 7.86% | -2.04% |
FSHNX vs. SPHY - Expense Ratio Comparison
FSHNX has a 0.00% expense ratio, which is lower than SPHY's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FSHNX vs. SPHY - Dividend Comparison
FSHNX's dividend yield for the trailing twelve months is around 6.97%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSHNX Fidelity Series High Income Fund | 6.97% | 7.04% | 5.97% | 6.21% | 4.90% | 5.01% | 5.57% | 6.35% | 6.95% | 6.03% | 6.24% | 5.79% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.24% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
FSHNX and SPHY have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (0.95%) compared to FSHNX (0.89%). In terms of maximum drawdown, FSHNX dropped -21.98% vs SPHY's -21.97%.
FSHNX currently has the higher Sharpe Ratio (3.10 vs 1.84), 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.
Find the right allocation for FSHNX and SPHY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer