HYGH vs. FLRG
HYGH (iShares Interest Rate Hedged High Yield Bond ETF) and FLRG (Fidelity U.S. Multifactor ETF) are both exchange-traded funds - HYGH is a High Yield Bonds fund actively managed by iShares, while FLRG is a Large Cap Growth Equities fund tracking the Fidelity U.S. Multifactor Index. HYGH is actively managed, while FLRG is passively managed. Over the past 5 years, HYGH returned 7.00%/yr vs 12.45%/yr for FLRG. A 0.66 correlation means they provide meaningful diversification when combined. HYGH charges 0.53%/yr vs 0.29%/yr for FLRG.
Performance
HYGH vs. FLRG - Performance Comparison
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Returns By Period
In the year-to-date period, HYGH achieves a 3.24% return, which is significantly lower than FLRG's 7.49% 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%
FLRG
- 1D
- 0.59%
- 1M
- -0.73%
- YTD
- 7.49%
- 6M
- 6.89%
- 1Y
- 17.66%
- 3Y*
- 18.22%
- 5Y*
- 12.45%
- 10Y*
- —
HYGH vs. FLRG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.24% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 5.04% |
FLRG Fidelity U.S. Multifactor ETF | 7.49% | 13.92% | 23.36% | 18.31% | -10.98% | 29.36% | 9.90% |
Correlation
The correlation between HYGH and FLRG is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2020 | 0.66 |
The correlation between HYGH and FLRG has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.
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Return for Risk
HYGH vs. FLRG — Risk / Return Rank
HYGH
FLRG
HYGH vs. FLRG - 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 Fidelity U.S. Multifactor ETF (FLRG). 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 | FLRG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.28 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 4.88 | 2.31 | +2.57 |
| Martin ratioReturn relative to average drawdown | 19.08 | 8.93 | +10.15 |
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Drawdowns
HYGH vs. FLRG - Drawdown Comparison
The maximum HYGH drawdown since its inception was -23.88%, which is greater than FLRG's maximum drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for HYGH and FLRG.
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Drawdown Indicators
| HYGH | FLRG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.88% | -19.64% | -4.24% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -7.16% | +5.54% |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | -16.53% | +8.47% |
Max Drawdown (5Y)Largest decline over 5 years | -8.24% | -19.64% | +11.40% |
Max Drawdown (10Y)Largest decline over 10 years | -23.88% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.87% | +1.87% |
Average DrawdownAverage peak-to-trough decline | -2.22% | -3.73% | +1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 1.86% | -1.45% |
Volatility
HYGH vs. FLRG - Volatility Comparison
The current volatility for iShares Interest Rate Hedged High Yield Bond ETF (HYGH) is 0.68%, while Fidelity U.S. Multifactor ETF (FLRG) has a volatility of 3.57%. This indicates that HYGH experiences smaller price fluctuations and is considered to be less risky than FLRG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGH | FLRG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 3.57% | -2.89% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 8.13% | -5.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.66% | 10.49% | -6.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.07% | 15.22% | -8.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.34% | 15.03% | -6.69% |
HYGH vs. FLRG - Expense Ratio Comparison
HYGH has a 0.53% expense ratio, which is higher than FLRG's 0.29% expense ratio.
Dividends
HYGH vs. FLRG - Dividend Comparison
HYGH's dividend yield for the trailing twelve months is around 6.60%, more than FLRG's 1.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLRG Fidelity U.S. Multifactor ETF | 1.36% | 1.42% | 1.42% | 1.39% | 1.62% | 1.36% | 1.47% | 0.00% | 0.00% | 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 FLRG have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLRG has higher volatility (3.57%) compared to HYGH (0.68%). In terms of maximum drawdown, HYGH dropped -23.88% vs FLRG's -19.64%.
On 5-year performance, FLRG leads with 12.45% vs 7.00% for HYGH. On fees, FLRG is cheaper at 0.29% per year. On volatility, HYGH has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLRG has performed better with a 12.45% return vs 7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLRG is cheaper with a 0.29% expense ratio, compared with 0.53% for HYGH.
HYGH has the higher dividend yield at 6.60%, compared with 1.36% for FLRG.
HYGH is categorized as High Yield Bonds, while FLRG is Large Cap Growth Equities. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.53% for HYGH and 0.29% for FLRG.
HYGH currently has the higher Sharpe Ratio (2.16 vs 1.58), 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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