FTHY vs. HYI
FTHY (First Trust High Yield Opportunities 2027 Term Fund) and HYI (Western Asset High Yield Opportunity Fund Inc) are both High Yield Bonds funds. Over the past 5 years, FTHY returned 2.63%/yr vs 1.16%/yr for HYI. Their 0.36 correlation means their historical movements had little consistent relationship. FTHY charges 0.02%/yr vs 0.01%/yr for HYI.
Performance
FTHY vs. HYI - Performance Comparison
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Returns By Period
In the year-to-date period, FTHY achieves a 3.22% return, which is significantly higher than HYI's -0.98% return.
FTHY
- 1D
- 0.22%
- 1M
- 0.29%
- 6M
- 1.51%
- YTD
- 3.22%
- 1Y
- 3.64%
- 3Y*
- 10.78%
- 5Y*
- 2.63%
- 10Y*
- —
- ALL TIME*
- 3.44%
HYI
- 1D
- -0.10%
- 1M
- -1.18%
- 6M
- -1.64%
- YTD
- -0.98%
- 1Y
- -2.96%
- 3Y*
- 5.58%
- 5Y*
- 1.16%
- 10Y*
- 5.12%
- ALL TIME*
- 4.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.02M | $1.13M | $1.23M | |
| $738.90K | $713.52K | $693.84K |
FTHY vs. HYI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FTHY First Trust High Yield Opportunities 2027 Term Fund | 3.22% | 7.80% | 15.71% | 14.65% | -26.09% | 7.63% | 4.66% |
HYI Western Asset High Yield Opportunity Fund Inc | -0.98% | 4.09% | 7.58% | 6.72% | -13.48% | 10.04% | 14.58% |
Correlation
The correlation between FTHY and HYI is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.48 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2020 | 0.36 |
The correlation between FTHY and HYI shifts across timeframes, from 0.36 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FTHY vs. HYI — Risk / Return Rank
FTHY
HYI
FTHY vs. HYI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust High Yield Opportunities 2027 Term Fund (FTHY) and Western Asset High Yield Opportunity Fund Inc (HYI). 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.
| FTHY | HYI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.94 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.69 | -0.34 | +1.03 |
| Martin ratioReturn relative to average drawdown | 1.86 | -0.62 | +2.48 |
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Drawdowns
FTHY vs. HYI - Drawdown Comparison
The maximum FTHY drawdown since its inception was -31.17%, smaller than the maximum HYI drawdown of -36.06%. Use the drawdown chart below to compare losses from any high point for FTHY and HYI.
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Drawdown Indicators
| FTHY | HYI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.17% | -36.06% | +4.89% |
Max Drawdown (1Y)Largest decline over 1 year | -5.44% | -8.19% | +2.75% |
Max Drawdown (3Y)Largest decline over 3 years | -8.70% | -8.19% | -0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -31.17% | -26.35% | -4.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.06% | — |
Current DrawdownCurrent decline from peak | -0.22% | -5.48% | +5.26% |
Average DrawdownAverage peak-to-trough decline | -9.95% | -5.79% | -4.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 4.54% | -2.52% |
Volatility
FTHY vs. HYI - Volatility Comparison
First Trust High Yield Opportunities 2027 Term Fund (FTHY) and Western Asset High Yield Opportunity Fund Inc (HYI) have volatilities of 1.83% and 1.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTHY | HYI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 1.80% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 5.81% | 5.52% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.14% | 7.11% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.80% | 11.25% | +1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.14% | 12.90% | +0.24% |
FTHY vs. HYI - Expense Ratio Comparison
FTHY has a 0.02% expense ratio, which is higher than HYI's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FTHY vs. HYI - Dividend Comparison
FTHY's dividend yield for the trailing twelve months is around 11.01%, which matches HYI's 10.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTHY First Trust High Yield Opportunities 2027 Term Fund | 10.09% | 10.66% | 10.70% | 10.22% | 11.85% | 7.83% | 2.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYI Western Asset High Yield Opportunity Fund Inc | 10.97% | 10.22% | 9.64% | 9.40% | 9.09% | 7.19% | 7.35% | 6.87% | 8.10% | 7.81% | 8.73% | 9.36% |
Frequently Asked Questions
FTHY and HYI have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTHY has higher volatility (1.83%) compared to HYI (1.80%). In terms of maximum drawdown, FTHY dropped -31.17% vs HYI's -36.06%.
FTHY currently has the higher Sharpe Ratio (0.53 vs -0.39), 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.
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