HYDB vs. FFRHX
HYDB (iShares High Yield Bond Factor ETF) and FFRHX (Fidelity Floating Rate High Income Fund) are both funds - HYDB is a High Yield Bonds fund tracking the BlackRock High Yield Defensive Bond Index, while FFRHX is a Bank Loan fund actively managed by Fidelity. HYDB is passively managed, while FFRHX is actively managed. Over the past 5 years, HYDB returned 4.57%/yr vs 5.42%/yr for FFRHX. At a 0.30 correlation, their price movements are largely independent. HYDB charges 0.35%/yr vs 0.67%/yr for FFRHX.
Performance
HYDB vs. FFRHX - Performance Comparison
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Returns By Period
In the year-to-date period, HYDB achieves a 1.01% return, which is significantly lower than FFRHX's 1.82% return.
HYDB
- 1D
- 0.04%
- 1M
- -0.30%
- YTD
- 1.01%
- 6M
- 1.80%
- 1Y
- 6.90%
- 3Y*
- 8.94%
- 5Y*
- 4.57%
- 10Y*
- —
FFRHX
- 1D
- -0.11%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 2.24%
- 1Y
- 5.90%
- 3Y*
- 7.48%
- 5Y*
- 5.42%
- 10Y*
- 4.91%
HYDB vs. FFRHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Bond Factor ETF | 1.01% | 8.10% | 9.11% | 14.02% | -9.99% | 5.14% | 7.39% | 16.13% | -3.18% | 3.38% |
FFRHX Fidelity Floating Rate High Income Fund | 1.82% | 5.47% | 7.10% | 12.63% | -1.55% | 5.01% | 1.69% | 8.63% | 0.10% | 1.91% |
Correlation
The correlation between HYDB and FFRHX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2017 | 0.30 |
The correlation between HYDB and FFRHX shifts across timeframes, from 0.20 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYDB vs. FFRHX — Risk / Return Rank
HYDB
FFRHX
HYDB vs. FFRHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Bond Factor ETF (HYDB) and Fidelity Floating Rate High Income Fund (FFRHX). 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.
| HYDB | FFRHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -3.25 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.89 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 4.97 | -2.52 |
| Martin ratioReturn relative to average drawdown | 10.80 | 17.53 | -6.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYDB | FFRHX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.82 | 2.51 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 1.89 | -1.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 1.15 | -0.44 |
Drawdowns
HYDB vs. FFRHX - Drawdown Comparison
The maximum HYDB drawdown since its inception was -21.58%, roughly equal to the maximum FFRHX drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for HYDB and FFRHX.
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Drawdown Indicators
| HYDB | FFRHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.58% | -22.20% | +0.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -1.19% | -1.64% |
Max Drawdown (3Y)Largest decline over 3 years | -5.58% | -3.29% | -2.29% |
Max Drawdown (5Y)Largest decline over 5 years | -14.28% | -5.90% | -8.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.20% | — |
Current DrawdownCurrent decline from peak | -0.51% | -0.33% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -1.15% | -1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.34% | +0.30% |
Volatility
HYDB vs. FFRHX - Volatility Comparison
iShares High Yield Bond Factor ETF (HYDB) has a higher volatility of 1.09% compared to Fidelity Floating Rate High Income Fund (FFRHX) at 0.63%. This indicates that HYDB's price experiences larger fluctuations and is considered to be riskier than FFRHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYDB | FFRHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.63% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 1.63% | +1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.81% | 2.36% | +1.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.04% | 2.88% | +4.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.76% | 4.14% | +3.62% |
HYDB vs. FFRHX - Expense Ratio Comparison
HYDB has a 0.35% expense ratio, which is lower than FFRHX's 0.67% expense ratio.
Dividends
HYDB vs. FFRHX - Dividend Comparison
HYDB's dividend yield for the trailing twelve months is around 7.02%, which matches FFRHX's 7.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFRHX Fidelity Floating Rate High Income Fund | 7.09% | 7.41% | 6.94% | 8.24% | 3.81% | 2.74% | 3.84% | 5.15% | 4.74% | 4.05% | 4.44% | 3.69% |
HYDB iShares High Yield Bond Factor ETF | 7.02% | 7.04% | 6.95% | 7.00% | 6.30% | 4.70% | 5.81% | 5.68% | 6.16% | 2.70% | 0.00% | 0.00% |
Frequently Asked Questions
HYDB and FFRHX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYDB has higher volatility (1.09%) compared to FFRHX (0.63%). In terms of maximum drawdown, HYDB dropped -21.58% vs FFRHX's -22.20%.
FFRHX currently has the higher Sharpe Ratio (2.51 vs 1.82), 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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