HYLS vs. HYZD
HYLS (First Trust Tactical High Yield ETF) and HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) are both High Yield Bonds funds. HYLS is actively managed, while HYZD is passively managed. Over the past 10 years, HYLS returned 4.19%/yr vs 5.36%/yr for HYZD. Their 0.42 correlation means their historical movements had little consistent relationship. HYLS charges 1.01%/yr vs 0.43%/yr for HYZD.
Performance
HYLS vs. HYZD - Performance Comparison
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Returns By Period
In the year-to-date period, HYLS achieves a 0.57% return, which is significantly lower than HYZD's 3.50% return. Over the past 10 years, HYLS has underperformed HYZD with an annualized return of 4.19%, while HYZD has yielded a comparatively higher 5.36% annualized return.
HYLS
- 1D
- -0.05%
- 1M
- -0.20%
- 6M
- 0.66%
- YTD
- 0.57%
- 1Y
- 3.86%
- 3Y*
- 7.28%
- 5Y*
- 2.88%
- 10Y*
- 4.19%
- ALL TIME*
- 4.23%
HYZD
- 1D
- 0.15%
- 1M
- 0.51%
- 6M
- 2.66%
- YTD
- 3.50%
- 1Y
- 7.45%
- 3Y*
- 8.44%
- 5Y*
- 6.27%
- 10Y*
- 5.36%
- ALL TIME*
- 4.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.90M | $12.15M | $7.99M | |
| $1.53M | $1.90M | $1.53M |
HYLS vs. HYZD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYLS First Trust Tactical High Yield ETF | 0.57% | 8.00% | 5.85% | 13.66% | -12.83% | 3.69% | 5.32% | 14.66% | -2.46% | 6.39% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 3.50% | 7.67% | 9.39% | 11.17% | -2.35% | 6.27% | -0.63% | 9.17% | -2.21% | 6.32% |
Correlation
The correlation between HYLS and HYZD is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2013 | 0.42 |
The correlation between HYLS and HYZD shifts across timeframes, from 0.37 (1 year) to 0.53 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYLS vs. HYZD — Risk / Return Rank
HYLS
HYZD
HYLS vs. HYZD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Tactical High Yield ETF (HYLS) and WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD). 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.
| HYLS | HYZD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.48 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | 3.66 | -2.37 |
| Martin ratioReturn relative to average drawdown | 5.43 | 15.97 | -10.55 |
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Drawdowns
HYLS vs. HYZD - Drawdown Comparison
The maximum HYLS drawdown since its inception was -22.99%, smaller than the maximum HYZD drawdown of -25.66%. Use the drawdown chart below to compare losses from any high point for HYLS and HYZD.
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Drawdown Indicators
| HYLS | HYZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.99% | -25.66% | +2.67% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -1.91% | -1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -3.96% | -5.85% | +1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -15.75% | -8.97% | -6.78% |
Max Drawdown (10Y)Largest decline over 10 years | -22.99% | -25.66% | +2.67% |
Current DrawdownCurrent decline from peak | -0.47% | 0.00% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -2.13% | -2.18% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.44% | +0.29% |
Volatility
HYLS vs. HYZD - Volatility Comparison
First Trust Tactical High Yield ETF (HYLS) has a higher volatility of 0.75% compared to WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) at 0.44%. This indicates that HYLS's price experiences larger fluctuations and is considered to be riskier than HYZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYLS | HYZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.44% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 2.39% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.50% | 3.01% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.62% | 6.69% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.68% | 8.50% | -1.82% |
HYLS vs. HYZD - Expense Ratio Comparison
HYLS has a 1.01% expense ratio, which is higher than HYZD's 0.43% expense ratio.
Dividends
HYLS vs. HYZD - Dividend Comparison
HYLS's dividend yield for the trailing twelve months is around 6.79%, more than HYZD's 5.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYLS First Trust Tactical High Yield ETF | 6.79% | 6.38% | 6.25% | 5.98% | 7.38% | 5.48% | 5.09% | 5.17% | 5.81% | 5.53% | 5.37% | 6.11% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 5.89% | 6.05% | 6.08% | 5.94% | 5.14% | 4.02% | 5.13% | 5.50% | 5.58% | 4.94% | 5.07% | 4.38% |
Frequently Asked Questions
HYLS and HYZD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYLS has higher volatility (0.75%) compared to HYZD (0.44%). In terms of maximum drawdown, HYLS dropped -22.99% vs HYZD's -25.66%.
On 10-year performance, HYZD leads with 5.36% vs 4.19% for HYLS. On fees, HYZD is cheaper at 0.43% per year. On volatility, HYZD has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYZD has performed better with a 5.36% return vs 4.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYZD is cheaper with a 0.43% expense ratio, compared with 1.01% for HYLS.
HYLS has the higher dividend yield at 6.79%, compared with 5.89% for HYZD.
They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 1.01% for HYLS and 0.43% for HYZD.
HYZD currently has the higher Sharpe Ratio (2.32 vs 1.14), 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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