HYGH vs. FLBL
HYGH (iShares Interest Rate Hedged High Yield Bond ETF) and FLBL (Franklin Liberty Senior Loan ETF) are both High Yield Bonds funds. Both are actively managed. Over the past 5 years, HYGH returned 7.00%/yr vs 5.11%/yr for FLBL. At a 0.38 correlation, their price movements are largely independent. HYGH charges 0.53%/yr vs 0.45%/yr for FLBL.
Performance
HYGH vs. FLBL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HYGH achieves a 3.24% return, which is significantly higher than FLBL's 0.47% return.
HYGH
- 1D
- 0.17%
- 1M
- 0.74%
- YTD
- 3.24%
- 6M
- 3.69%
- 1Y
- 8.03%
- 3Y*
- 9.63%
- 5Y*
- 7.00%
- 10Y*
- 6.50%
FLBL
- 1D
- 0.00%
- 1M
- -0.50%
- YTD
- 0.47%
- 6M
- 0.11%
- 1Y
- 2.09%
- 3Y*
- 6.81%
- 5Y*
- 5.11%
- 10Y*
- —
HYGH vs. FLBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.24% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 0.54% | 11.09% | -2.28% |
FLBL Franklin Liberty Senior Loan ETF | 0.47% | 3.59% | 8.26% | 14.83% | -2.69% | 4.35% | 2.17% | 7.67% | -1.39% |
Correlation
The correlation between HYGH and FLBL is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2018 | 0.38 |
The correlation between HYGH and FLBL shifts across timeframes, from 0.32 (1 year) to 0.43 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HYGH vs. FLBL — Risk / Return Rank
HYGH
FLBL
HYGH vs. FLBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged High Yield Bond ETF (HYGH) and Franklin Liberty Senior Loan ETF (FLBL). 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.
| HYGH | FLBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.15 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 4.88 | 0.63 | +4.25 |
| Martin ratioReturn relative to average drawdown | 19.08 | 2.11 | +16.97 |
Loading charts...
Drawdowns
HYGH vs. FLBL - Drawdown Comparison
The maximum HYGH drawdown since its inception was -23.88%, which is greater than FLBL's maximum drawdown of -19.52%. Use the drawdown chart below to compare losses from any high point for HYGH and FLBL.
Loading charts...
Drawdown Indicators
| HYGH | FLBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.88% | -19.52% | -4.36% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -3.18% | +1.56% |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | -3.91% | -4.15% |
Max Drawdown (5Y)Largest decline over 5 years | -8.24% | -6.80% | -1.44% |
Max Drawdown (10Y)Largest decline over 10 years | -23.88% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.53% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -2.22% | -1.00% | -1.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.94% | -0.53% |
Volatility
HYGH vs. FLBL - Volatility Comparison
iShares Interest Rate Hedged High Yield Bond ETF (HYGH) and Franklin Liberty Senior Loan ETF (FLBL) have volatilities of 0.68% and 0.67%, 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.
Loading charts...
Volatility by Period
| HYGH | FLBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.67% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 2.25% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.66% | 2.62% | +1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.07% | 3.86% | +3.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.34% | 5.71% | +2.63% |
HYGH vs. FLBL - Expense Ratio Comparison
HYGH has a 0.53% expense ratio, which is higher than FLBL's 0.45% expense ratio.
Dividends
HYGH vs. FLBL - Dividend Comparison
HYGH's dividend yield for the trailing twelve months is around 6.60%, less than FLBL's 7.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLBL Franklin Liberty Senior Loan ETF | 7.61% | 7.24% | 8.05% | 8.37% | 5.53% | 3.57% | 3.22% | 3.97% | 2.21% | 0.00% | 0.00% | 0.00% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
Frequently Asked Questions
HYGH and FLBL have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYGH has higher volatility (0.68%) compared to FLBL (0.67%). In terms of maximum drawdown, HYGH dropped -23.88% vs FLBL's -19.52%.
On 5-year performance, HYGH leads with 7.00% vs 5.11% for FLBL. On fees, FLBL is cheaper at 0.45% 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, HYGH has performed better with a 7.00% return vs 5.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLBL is cheaper with a 0.45% expense ratio, compared with 0.53% for HYGH.
FLBL has the higher dividend yield at 7.61%, compared with 6.60% for HYGH.
They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.53% for HYGH and 0.45% for FLBL.
HYGH currently has the higher Sharpe Ratio (2.16 vs 0.76), 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.
Find the right allocation for HYGH and FLBL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer