FSYD vs. IBHE

Last updated Jun 24, 2026

FSYD (Fidelity Sustainable High Yield ETF) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds. FSYD is actively managed, while IBHE is passively managed. Over the past 3 years, FSYD returned 9.71%/yr vs 5.93%/yr for IBHE. A 0.65 correlation means they provide meaningful diversification when combined. FSYD charges 0.55%/yr vs 0.35%/yr for IBHE.

Performance

FSYD vs. IBHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Sustainable High Yield ETF (FSYD) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FSYD

• 1D: -0.11%
• 1M: 0.47%
• YTD: 3.40%
• 6M: 3.65%
• 1Y: 9.25%
• 3Y*: 9.71%
• 5Y*: —
• 10Y*: —

IBHE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 1.96%
• 3Y*: 5.93%
• 5Y*: 3.89%
• 10Y*: —

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

FSYD vs. IBHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FSYD Fidelity Sustainable High Yield ETF	3.40%	9.09%	8.74%	12.22%	-6.63%
IBHE iShares iBonds 2025 Term High Yield & Income ETF	0.00%	4.45%	7.62%	10.32%	-2.57%

Correlation

The correlation between FSYD and IBHE is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Feb 17, 2022	0.65

The correlation between FSYD and IBHE shifts across timeframes, from -0.04 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSYD vs. IBHE — Risk / Return Rank

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

FSYD

FSYD Risk / Return Rank: 77
FSYD Sharpe Ratio Rank: 75
FSYD Sortino Ratio Rank: 83
FSYD Omega Ratio Rank: 80
FSYD Calmar Ratio Rank: 72
FSYD Martin Ratio Rank: 77

IBHE

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

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.

FSYD vs. IBHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable High Yield ETF (FSYD) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). 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.

	FSYD	IBHE	Difference
Sharpe ratio: Return per unit of total volatility	2.26	3.89	-1.64
Sortino ratio: Return per unit of downside risk	3.45	7.42	-3.97
Omega ratio: Gain probability vs. loss probability	1.45	2.32	-0.87
Calmar ratio: Return relative to maximum drawdown	3.47	25.02	-21.55
Martin ratio: Return relative to average drawdown	13.85	98.47	-84.63

FSYD vs. IBHE - Sharpe Ratio Comparison

The current FSYD Sharpe Ratio is 2.26, which is lower than the IBHE Sharpe Ratio of 3.89. The chart below compares the historical Sharpe Ratios of FSYD and IBHE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FSYD vs. IBHE - Drawdown Comparison

The maximum FSYD drawdown since its inception was -12.11%, smaller than the maximum IBHE drawdown of -26.91%. Use the drawdown chart below to compare losses from any high point for FSYD and IBHE.

Drawdown Indicators

	FSYD	IBHE	Difference
Max Drawdown Largest peak-to-trough decline	-12.11%	-26.91%	+14.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-0.11%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-5.49%	-0.94%	-4.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-8.51%	—
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-2.38%	-1.42%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.05%	+0.62%

Volatility

FSYD vs. IBHE - Volatility Comparison

Fidelity Sustainable High Yield ETF (FSYD) has a higher volatility of 0.98% compared to iShares iBonds 2025 Term High Yield & Income ETF (IBHE) at 0.00%. This indicates that FSYD's price experiences larger fluctuations and is considered to be riskier than IBHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSYD	IBHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.00%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	0.38%	+2.79%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	0.74%	+3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.81%	4.87%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.81%	11.52%	-3.71%

FSYD vs. IBHE - Expense Ratio Comparison

FSYD has a 0.55% expense ratio, which is higher than IBHE's 0.35% expense ratio.

Dividends

FSYD vs. IBHE - Dividend Comparison

FSYD's dividend yield for the trailing twelve months is around 6.32%, while IBHE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSYD Fidelity Sustainable High Yield ETF	6.32%	6.49%	6.47%	6.70%	5.29%	0.00%	0.00%	0.00%
IBHE iShares iBonds 2025 Term High Yield & Income ETF	2.29%	4.53%	6.92%	7.17%	5.77%	4.84%	5.74%	3.73%

Frequently Asked Questions

Can I hold both FSYD and IBHE in my portfolio?

FSYD and IBHE have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSYD or IBHE?

FSYD has higher volatility (0.98%) compared to IBHE (0.00%). In terms of maximum drawdown, FSYD dropped -12.11% vs IBHE's -26.91%.

Which ETF is better, FSYD or IBHE?

On 3-year performance, FSYD leads with 9.71% vs 5.93% for IBHE. On fees, IBHE is cheaper at 0.35% per year. On volatility, IBHE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSYD or IBHE?

Over the 3-year period, FSYD has performed better with a 9.71% return vs 5.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSYD or IBHE?

IBHE is cheaper with a 0.35% expense ratio, compared with 0.55% for FSYD.

Which ETF pays a higher dividend yield, FSYD or IBHE?

FSYD has the higher dividend yield at 6.32%, compared with 2.29% for IBHE.

What is the main difference between FSYD and IBHE?

They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.55% for FSYD and 0.35% for IBHE.

Which has better risk-adjusted returns?

IBHE currently has the higher Sharpe Ratio (3.89 vs 2.26), 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.