HYSA vs. FRA

Last updated Jun 5, 2026

HYSA (Bondbloxx USD High Yield Bond Sector Rotation ETF) and FRA (BlackRock Floating Rate Income Strategies Fund Inc) are both funds - HYSA is a High Yield Bonds fund actively managed by BondBloxx, while FRA is a Bank Loan fund managed by BlackRock. Over the past year, HYSA returned 6.36% vs -2.59% for FRA. At a 0.28 correlation, their price movements are largely independent. HYSA charges 0.55%/yr vs 2.17%/yr for FRA.

Performance

HYSA vs. FRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bondbloxx USD High Yield Bond Sector Rotation ETF (HYSA) and BlackRock Floating Rate Income Strategies Fund Inc (FRA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYSA achieves a 1.26% return, which is significantly higher than FRA's -1.74% return.

HYSA

• 1D: 0.19%
• 1M: 0.40%
• YTD: 1.26%
• 6M: 1.49%
• 1Y: 6.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FRA

• 1D: -0.18%
• 1M: -0.07%
• YTD: -1.74%
• 6M: -1.53%
• 1Y: -2.59%
• 3Y*: 9.06%
• 5Y*: 6.67%
• 10Y*: 6.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HYSA vs. FRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HYSA Bondbloxx USD High Yield Bond Sector Rotation ETF	1.26%	8.37%	6.71%	5.98%
FRA BlackRock Floating Rate Income Strategies Fund Inc	-1.74%	-3.75%	21.56%	4.02%

Correlation

The correlation between HYSA and FRA is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Sep 19, 2023	0.28

Return for Risk

HYSA vs. FRA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYSA

HYSA Risk / Return Rank: 42
HYSA Sharpe Ratio Rank: 39
HYSA Sortino Ratio Rank: 41
HYSA Omega Ratio Rank: 38
HYSA Calmar Ratio Rank: 42
HYSA Martin Ratio Rank: 49

FRA

FRA Risk / Return Rank: 2
FRA Sharpe Ratio Rank: 2
FRA Sortino Ratio Rank: 2
FRA Omega Ratio Rank: 2
FRA Calmar Ratio Rank: 2
FRA Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HYSA vs. FRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bondbloxx USD High Yield Bond Sector Rotation ETF (HYSA) and BlackRock Floating Rate Income Strategies Fund Inc (FRA). 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.

	HYSA	FRA	Difference
Sharpe ratio: Return per unit of total volatility	1.37	-0.26	+1.63
Sortino ratio: Return per unit of downside risk	2.02	-0.31	+2.32
Omega ratio: Gain probability vs. loss probability	1.25	0.96	+0.28
Calmar ratio: Return relative to maximum drawdown	2.03	-0.17	+2.19
Martin ratio: Return relative to average drawdown	8.16	-0.35	+8.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYSA vs. FRA - Sharpe Ratio Comparison

The current HYSA Sharpe Ratio is 1.37, which is higher than the FRA Sharpe Ratio of -0.26. The chart below compares the historical Sharpe Ratios of HYSA and FRA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYSA	FRA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	-0.26	+1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	0.32	+1.06

Drawdowns

HYSA vs. FRA - Drawdown Comparison

The maximum HYSA drawdown since its inception was -4.90%, smaller than the maximum FRA drawdown of -51.43%. Use the drawdown chart below to compare losses from any high point for HYSA and FRA.

Drawdown Indicators

	HYSA	FRA	Difference
Max Drawdown Largest peak-to-trough decline	-4.90%	-51.43%	+46.53%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-15.47%	+12.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.77%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.80%	—
Current Drawdown Current decline from peak	-0.27%	-10.11%	+9.84%
Average Drawdown Average peak-to-trough decline	-0.68%	-7.21%	+6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	7.51%	-6.73%

Volatility

HYSA vs. FRA - Volatility Comparison

The current volatility for Bondbloxx USD High Yield Bond Sector Rotation ETF (HYSA) is 1.28%, while BlackRock Floating Rate Income Strategies Fund Inc (FRA) has a volatility of 2.05%. This indicates that HYSA experiences smaller price fluctuations and is considered to be less risky than FRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYSA	FRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	2.05%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	3.55%	8.25%	-4.70%
Volatility (1Y) Calculated over the trailing 1-year period	4.68%	9.96%	-5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.08%	12.90%	-6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.08%	15.52%	-9.44%

HYSA vs. FRA - Expense Ratio Comparison

HYSA has a 0.55% expense ratio, which is lower than FRA's 2.17% expense ratio.

Dividends

HYSA vs. FRA - Dividend Comparison

HYSA's dividend yield for the trailing twelve months is around 6.76%, less than FRA's 13.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRA BlackRock Floating Rate Income Strategies Fund Inc	13.56%	12.62%	10.81%	10.44%	6.88%	5.96%	7.61%	6.44%	6.90%	5.31%	5.65%	6.17%
HYSA Bondbloxx USD High Yield Bond Sector Rotation ETF	6.76%	6.70%	6.99%	2.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYSA and FRA in my portfolio?

HYSA and FRA have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYSA or FRA?

FRA has higher volatility (2.05%) compared to HYSA (1.28%). In terms of maximum drawdown, HYSA dropped -4.90% vs FRA's -51.43%.

Which has better risk-adjusted returns?

HYSA currently has the higher Sharpe Ratio (1.37 vs -0.26), 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.