HYDB vs. FLHY
HYDB (iShares High Yield Bond Factor ETF) and FLHY (Franklin Liberty High Yield Corporate ETF) are both High Yield Bonds funds. HYDB is passively managed, while FLHY is actively managed. Over the past 5 years, HYDB returned 4.57%/yr vs 4.61%/yr for FLHY. Their correlation of 0.86 suggests significant overlap in exposure. HYDB charges 0.35%/yr vs 0.40%/yr for FLHY.
Performance
HYDB vs. FLHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYDB achieves a 1.47% return, which is significantly lower than FLHY's 1.96% return.
HYDB
- 1D
- -0.11%
- 1M
- 0.41%
- YTD
- 1.47%
- 6M
- 1.60%
- 1Y
- 6.31%
- 3Y*
- 9.35%
- 5Y*
- 4.57%
- 10Y*
- —
FLHY
- 1D
- -0.08%
- 1M
- 0.44%
- YTD
- 1.96%
- 6M
- 2.31%
- 1Y
- 7.09%
- 3Y*
- 9.52%
- 5Y*
- 4.61%
- 10Y*
- —
HYDB vs. FLHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Bond Factor ETF | 1.47% | 8.10% | 9.11% | 14.02% | -9.99% | 5.14% | 7.39% | 16.13% | -2.47% |
FLHY Franklin Liberty High Yield Corporate ETF | 1.96% | 9.26% | 8.70% | 13.40% | -10.45% | 4.27% | 7.77% | 16.39% | -1.59% |
Correlation
The correlation between HYDB and FLHY is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2018 | 0.86 |
The correlation between HYDB and FLHY has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.
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Return for Risk
HYDB vs. FLHY — Risk / Return Rank
HYDB
FLHY
HYDB vs. FLHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Bond Factor ETF (HYDB) and Franklin Liberty High Yield Corporate ETF (FLHY). 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.
| HYDB | FLHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.36 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 2.92 | -0.69 |
| Martin ratioReturn relative to average drawdown | 9.85 | 13.70 | -3.84 |
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Drawdowns
HYDB vs. FLHY - Drawdown Comparison
The maximum HYDB drawdown since its inception was -21.58%, roughly equal to the maximum FLHY drawdown of -22.58%. Use the drawdown chart below to compare losses from any high point for HYDB and FLHY.
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Drawdown Indicators
| HYDB | FLHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.58% | -22.58% | +1.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -2.43% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -5.58% | -4.49% | -1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -14.28% | -15.19% | +0.91% |
Current DrawdownCurrent decline from peak | -0.31% | -0.19% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -2.53% | +0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.52% | +0.12% |
Volatility
HYDB vs. FLHY - Volatility Comparison
iShares High Yield Bond Factor ETF (HYDB) has a higher volatility of 1.06% compared to Franklin Liberty High Yield Corporate ETF (FLHY) at 0.98%. This indicates that HYDB's price experiences larger fluctuations and is considered to be riskier than FLHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYDB | FLHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.98% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 3.04% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.84% | 3.85% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.05% | 6.95% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.74% | 8.09% | -0.35% |
HYDB vs. FLHY - Expense Ratio Comparison
HYDB has a 0.35% expense ratio, which is lower than FLHY's 0.40% expense ratio.
Dividends
HYDB vs. FLHY - Dividend Comparison
HYDB's dividend yield for the trailing twelve months is around 6.99%, more than FLHY's 6.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLHY Franklin Liberty High Yield Corporate ETF | 6.46% | 6.53% | 6.51% | 6.26% | 6.54% | 5.76% | 5.47% | 5.61% | 4.27% | 0.00% |
HYDB iShares High Yield Bond Factor ETF | 6.99% | 7.04% | 6.95% | 7.00% | 6.30% | 4.70% | 5.81% | 5.68% | 6.16% | 2.70% |
Frequently Asked Questions
With a correlation of 0.93, HYDB and FLHY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
HYDB has higher volatility (1.06%) compared to FLHY (0.98%). In terms of maximum drawdown, HYDB dropped -21.58% vs FLHY's -22.58%.
On 5-year performance, FLHY leads with 4.61% vs 4.57% for HYDB. On fees, HYDB is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLHY has performed better with a 4.61% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYDB is cheaper with a 0.35% expense ratio, compared with 0.40% for FLHY.
HYDB has the higher dividend yield at 6.99%, compared with 6.46% for FLHY.
They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.35% for HYDB and 0.40% for FLHY.
FLHY currently has the higher Sharpe Ratio (1.85 vs 1.65), 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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