HYBX vs. FHYS

Last updated Jun 27, 2026

HYBX (TCW High Yield Bond ETF) and FHYS (Federated Hermes Short Duration High Yield ETF) are both High Yield Bonds funds. Both are actively managed. Over the past year, HYBX returned 4.91% vs 5.20% for FHYS. At a 0.27 correlation, their price movements are largely independent. HYBX charges 0.50%/yr vs 0.51%/yr for FHYS.

Performance

HYBX vs. FHYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW High Yield Bond ETF (HYBX) and Federated Hermes Short Duration High Yield ETF (FHYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYBX achieves a 2.89% return, which is significantly higher than FHYS's 1.65% return.

HYBX

• 1D: 0.15%
• 1M: 0.34%
• YTD: 2.89%
• 6M: 2.53%
• 1Y: 4.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FHYS

• 1D: -0.02%
• 1M: 0.17%
• YTD: 1.65%
• 6M: 1.63%
• 1Y: 5.20%
• 3Y*: 7.67%
• 5Y*: —
• 10Y*: —

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

HYBX vs. FHYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HYBX TCW High Yield Bond ETF	2.89%	6.26%	-0.04%
FHYS Federated Hermes Short Duration High Yield ETF	1.65%	7.72%	0.42%

Correlation

The correlation between HYBX and FHYS is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.27

The correlation between HYBX and FHYS shifts across timeframes, from 0.17 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HYBX vs. FHYS — Risk / Return Rank

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

HYBX

HYBX Risk / Return Rank: 34
HYBX Sharpe Ratio Rank: 22
HYBX Sortino Ratio Rank: 23
HYBX Omega Ratio Rank: 22
HYBX Calmar Ratio Rank: 54
HYBX Martin Ratio Rank: 50

FHYS

FHYS Risk / Return Rank: 78
FHYS Sharpe Ratio Rank: 71
FHYS Sortino Ratio Rank: 79
FHYS Omega Ratio Rank: 80
FHYS Calmar Ratio Rank: 72
FHYS Martin Ratio Rank: 87

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.

HYBX vs. FHYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW High Yield Bond ETF (HYBX) and Federated Hermes Short Duration High Yield ETF (FHYS). 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.

	HYBX	FHYS	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.96	-1.22
Sortino ratio: Return per unit of downside risk	1.19	3.05	-1.87
Omega ratio: Gain probability vs. loss probability	1.15	1.41	-0.26
Calmar ratio: Return relative to maximum drawdown	2.29	3.14	-0.85
Martin ratio: Return relative to average drawdown	7.33	16.09	-8.76

HYBX vs. FHYS - Sharpe Ratio Comparison

The current HYBX Sharpe Ratio is 0.75, which is lower than the FHYS Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of HYBX and FHYS, 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

HYBX vs. FHYS - Drawdown Comparison

The maximum HYBX drawdown since its inception was -3.93%, smaller than the maximum FHYS drawdown of -11.62%. Use the drawdown chart below to compare losses from any high point for HYBX and FHYS.

Drawdown Indicators

	HYBX	FHYS	Difference
Max Drawdown Largest peak-to-trough decline	-3.93%	-11.62%	+7.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.15%	-1.66%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.16%	—
Current Drawdown Current decline from peak	-0.23%	-0.12%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.56%	-2.25%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.32%	+0.35%

Volatility

HYBX vs. FHYS - Volatility Comparison

TCW High Yield Bond ETF (HYBX) has a higher volatility of 0.91% compared to Federated Hermes Short Duration High Yield ETF (FHYS) at 0.62%. This indicates that HYBX's price experiences larger fluctuations and is considered to be riskier than FHYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYBX	FHYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.62%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	2.19%	+2.33%
Volatility (1Y) Calculated over the trailing 1-year period	6.62%	2.67%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.54%	4.92%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.54%	4.92%	+2.62%

HYBX vs. FHYS - Expense Ratio Comparison

HYBX has a 0.50% expense ratio, which is lower than FHYS's 0.51% expense ratio.

Dividends

HYBX vs. FHYS - Dividend Comparison

HYBX's dividend yield for the trailing twelve months is around 7.68%, more than FHYS's 5.76% yield.

Position	TTM	2025	2024	2023	2022	2021
FHYS Federated Hermes Short Duration High Yield ETF	5.76%	5.96%	6.42%	6.76%	6.25%	0.16%
HYBX TCW High Yield Bond ETF	7.68%	7.82%	1.08%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYBX and FHYS in my portfolio?

HYBX and FHYS have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYBX or FHYS?

HYBX has higher volatility (0.91%) compared to FHYS (0.62%). In terms of maximum drawdown, HYBX dropped -3.93% vs FHYS's -11.62%.

Which ETF is better, HYBX or FHYS?

On 1-year performance, FHYS leads with 5.20% vs 4.91% for HYBX. On fees, HYBX is cheaper at 0.50% per year. On volatility, FHYS has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYBX or FHYS?

Over the 1-year period, FHYS has performed better with a 5.20% return vs 4.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYBX or FHYS?

HYBX is cheaper with a 0.50% expense ratio, compared with 0.51% for FHYS.

Which ETF pays a higher dividend yield, HYBX or FHYS?

HYBX has the higher dividend yield at 7.68%, compared with 5.76% for FHYS.

What is the main difference between HYBX and FHYS?

They also come from different issuers: TCW and Federated. Their fees differ too: 0.50% for HYBX and 0.51% for FHYS.

Which has better risk-adjusted returns?

FHYS currently has the higher Sharpe Ratio (1.96 vs 0.74), 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.