IBHK vs. FHYS

Last updated Jun 24, 2026

IBHK (iShares iBonds 2031 Term High Yield and Income ETF) and FHYS (Federated Hermes Short Duration High Yield ETF) are both High Yield Bonds funds. IBHK is passively managed, while FHYS is actively managed. Over the past year, IBHK returned 6.70% vs 5.76% for FHYS. A 0.78 correlation means they provide meaningful diversification when combined. IBHK charges 0.35%/yr vs 0.51%/yr for FHYS.

Performance

IBHK vs. FHYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds 2031 Term High Yield and Income ETF (IBHK) and Federated Hermes Short Duration High Yield ETF (FHYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBHK achieves a 2.07% return, which is significantly higher than FHYS's 1.65% return.

IBHK

• 1D: -0.11%
• 1M: 0.66%
• YTD: 2.07%
• 6M: 2.31%
• 1Y: 6.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FHYS

• 1D: -0.09%
• 1M: 0.35%
• YTD: 1.65%
• 6M: 1.72%
• 1Y: 5.76%
• 3Y*: 7.76%
• 5Y*: —
• 10Y*: —

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

IBHK vs. FHYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBHK iShares iBonds 2031 Term High Yield and Income ETF	2.07%	9.05%	5.05%
FHYS Federated Hermes Short Duration High Yield ETF	1.65%	7.72%	4.25%

Correlation

The correlation between IBHK and FHYS is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since May 24, 2024	0.78

The correlation between IBHK and FHYS has been stable across timeframes, ranging from 0.78 to 0.78 - a consistent structural relationship.

Return for Risk

IBHK vs. FHYS — Risk / Return Rank

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

IBHK

IBHK Risk / Return Rank: 55
IBHK Sharpe Ratio Rank: 52
IBHK Sortino Ratio Rank: 56
IBHK Omega Ratio Rank: 53
IBHK Calmar Ratio Rank: 53
IBHK Martin Ratio Rank: 63

FHYS

FHYS Risk / Return Rank: 80
FHYS Sharpe Ratio Rank: 73
FHYS Sortino Ratio Rank: 83
FHYS Omega Ratio Rank: 83
FHYS Calmar Ratio Rank: 74
FHYS Martin Ratio Rank: 88

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.

IBHK vs. FHYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2031 Term High Yield and Income ETF (IBHK) and Federated Hermes Short Duration High Yield ETF (FHYS). 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.

	IBHK	FHYS	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.16	-0.55
Sortino ratio: Return per unit of downside risk	2.44	3.38	-0.93
Omega ratio: Gain probability vs. loss probability	1.30	1.45	-0.15
Calmar ratio: Return relative to maximum drawdown	2.38	3.48	-1.10
Martin ratio: Return relative to average drawdown	10.38	17.86	-7.48

IBHK vs. FHYS - Sharpe Ratio Comparison

The current IBHK Sharpe Ratio is 1.62, which is comparable to the FHYS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of IBHK and FHYS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBHK vs. FHYS - Drawdown Comparison

The maximum IBHK drawdown since its inception was -4.83%, smaller than the maximum FHYS drawdown of -11.62%. Use the drawdown chart below to compare losses from any high point for IBHK and FHYS.

Drawdown Indicators

	IBHK	FHYS	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-11.62%	+6.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-1.66%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.16%	—
Current Drawdown Current decline from peak	-0.23%	-0.12%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.48%	-2.26%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.32%	+0.33%

Volatility

IBHK vs. FHYS - Volatility Comparison

iShares iBonds 2031 Term High Yield and Income ETF (IBHK) has a higher volatility of 1.30% compared to Federated Hermes Short Duration High Yield ETF (FHYS) at 0.64%. This indicates that IBHK's price experiences larger fluctuations and is considered to be riskier than FHYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBHK	FHYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	0.64%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	2.20%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	2.69%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.11%	4.92%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.11%	4.92%	+0.19%

IBHK vs. FHYS - Expense Ratio Comparison

IBHK has a 0.35% expense ratio, which is lower than FHYS's 0.51% expense ratio.

Dividends

IBHK vs. FHYS - Dividend Comparison

IBHK's dividend yield for the trailing twelve months is around 6.45%, more than FHYS's 5.76% yield.

Position	TTM	2025	2024	2023	2022	2021
FHYS Federated Hermes Short Duration High Yield ETF	5.76%	5.96%	6.42%	6.76%	6.25%	0.16%
IBHK iShares iBonds 2031 Term High Yield and Income ETF	6.45%	6.52%	4.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBHK and FHYS in my portfolio?

IBHK and FHYS have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBHK or FHYS?

IBHK has higher volatility (1.30%) compared to FHYS (0.64%). In terms of maximum drawdown, IBHK dropped -4.83% vs FHYS's -11.62%.

Which ETF is better, IBHK or FHYS?

On 1-year performance, IBHK leads with 6.70% vs 5.76% for FHYS. On fees, IBHK is cheaper at 0.35% per year. On volatility, FHYS has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBHK or FHYS?

Over the 1-year period, IBHK has performed better with a 6.70% return vs 5.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBHK or FHYS?

IBHK is cheaper with a 0.35% expense ratio, compared with 0.51% for FHYS.

Which ETF pays a higher dividend yield, IBHK or FHYS?

IBHK has the higher dividend yield at 6.45%, compared with 5.76% for FHYS.

What is the main difference between IBHK and FHYS?

They also come from different issuers: iShares and Federated. Their fees differ too: 0.35% for IBHK and 0.51% for FHYS.

Which has better risk-adjusted returns?

FHYS currently has the higher Sharpe Ratio (2.16 vs 1.62), 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.