KBWY vs. FFRHX

Last updated Jun 20, 2026

KBWY (Invesco KBW Premium Yield Equity REIT ETF) and FFRHX (Fidelity Floating Rate High Income Fund) are both funds - KBWY is a REIT fund tracking the KBW Nasdaq Premium Yield Equity REIT Index, while FFRHX is a Bank Loan fund actively managed by Fidelity. KBWY is passively managed, while FFRHX is actively managed. Over the past 10 years, KBWY returned 1.32%/yr vs 4.94%/yr for FFRHX. At a 0.21 correlation, their price movements are largely independent. KBWY charges 0.35%/yr vs 0.67%/yr for FFRHX.

Performance

KBWY vs. FFRHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Premium Yield Equity REIT ETF (KBWY) and Fidelity Floating Rate High Income Fund (FFRHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBWY achieves a 20.98% return, which is significantly higher than FFRHX's 1.71% return. Over the past 10 years, KBWY has underperformed FFRHX with an annualized return of 1.32%, while FFRHX has yielded a comparatively higher 4.94% annualized return.

KBWY

• 1D: 1.08%
• 1M: 4.24%
• YTD: 20.98%
• 6M: 21.39%
• 1Y: 25.16%
• 3Y*: 8.41%
• 5Y*: 3.26%
• 10Y*: 1.32%

FFRHX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 1.71%
• 6M: 2.32%
• 1Y: 5.89%
• 3Y*: 7.17%
• 5Y*: 5.40%
• 10Y*: 4.94%

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

KBWY vs. FFRHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWY Invesco KBW Premium Yield Equity REIT ETF	20.98%	-5.30%	-3.49%	12.88%	-19.00%	31.22%	-25.83%	23.36%	-18.20%	0.81%
FFRHX Fidelity Floating Rate High Income Fund	1.71%	5.47%	7.10%	12.63%	-1.55%	5.01%	1.69%	8.63%	0.10%	3.91%

Correlation

The correlation between KBWY and FFRHX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010	0.21

The correlation between KBWY and FFRHX shifts across timeframes, from 0.06 (1 year) to 0.23 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

KBWY vs. FFRHX — Risk / Return Rank

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

KBWY

KBWY Risk / Return Rank: 46
KBWY Sharpe Ratio Rank: 45
KBWY Sortino Ratio Rank: 45
KBWY Omega Ratio Rank: 40
KBWY Calmar Ratio Rank: 58
KBWY Martin Ratio Rank: 42

FFRHX

FFRHX Risk / Return Rank: 93
FFRHX Sharpe Ratio Rank: 85
FFRHX Sortino Ratio Rank: 98
FFRHX Omega Ratio Rank: 97
FFRHX Calmar Ratio Rank: 94
FFRHX Martin Ratio Rank: 92

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.

KBWY vs. FFRHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) and Fidelity Floating Rate High Income Fund (FFRHX). 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.

	KBWY	FFRHX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.50	-0.99
Sortino ratio: Return per unit of downside risk	2.17	5.94	-3.77
Omega ratio: Gain probability vs. loss probability	1.25	1.87	-0.62
Calmar ratio: Return relative to maximum drawdown	2.73	4.97	-2.23
Martin ratio: Return relative to average drawdown	6.50	17.11	-10.61

KBWY vs. FFRHX - Sharpe Ratio Comparison

The current KBWY Sharpe Ratio is 1.51, which is lower than the FFRHX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of KBWY and FFRHX, 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

KBWY vs. FFRHX - Drawdown Comparison

The maximum KBWY drawdown since its inception was -57.68%, which is greater than FFRHX's maximum drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for KBWY and FFRHX.

Drawdown Indicators

	KBWY	FFRHX	Difference
Max Drawdown Largest peak-to-trough decline	-57.68%	-22.20%	-35.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-1.19%	-8.05%
Max Drawdown (3Y) Largest decline over 3 years	-29.93%	-3.29%	-26.64%
Max Drawdown (5Y) Largest decline over 5 years	-32.29%	-5.90%	-26.39%
Max Drawdown (10Y) Largest decline over 10 years	-57.68%	-22.20%	-35.48%
Current Drawdown Current decline from peak	-7.84%	-0.44%	-7.40%
Average Drawdown Average peak-to-trough decline	-14.16%	-1.15%	-13.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	0.35%	+3.53%

Volatility

KBWY vs. FFRHX - Volatility Comparison

Invesco KBW Premium Yield Equity REIT ETF (KBWY) has a higher volatility of 5.12% compared to Fidelity Floating Rate High Income Fund (FFRHX) at 0.66%. This indicates that KBWY's price experiences larger fluctuations and is considered to be riskier than FFRHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KBWY	FFRHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	0.66%	+4.46%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	1.63%	+10.50%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	2.37%	+14.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	2.88%	+18.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.06%	4.14%	+22.92%

KBWY vs. FFRHX - Expense Ratio Comparison

KBWY has a 0.35% expense ratio, which is lower than FFRHX's 0.67% expense ratio.

Dividends

KBWY vs. FFRHX - Dividend Comparison

KBWY's dividend yield for the trailing twelve months is around 8.37%, more than FFRHX's 7.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFRHX Fidelity Floating Rate High Income Fund	7.09%	7.41%	6.94%	8.24%	3.81%	2.74%	3.84%	5.15%	4.74%	4.05%	4.44%	3.69%
KBWY Invesco KBW Premium Yield Equity REIT ETF	8.37%	9.79%	8.74%	7.90%	7.41%	5.05%	10.35%	6.19%	8.64%	7.25%	6.55%	5.72%

Frequently Asked Questions

Can I hold both KBWY and FFRHX in my portfolio?

KBWY and FFRHX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWY or FFRHX?

KBWY has higher volatility (5.12%) compared to FFRHX (0.66%). In terms of maximum drawdown, KBWY dropped -57.68% vs FFRHX's -22.20%.

Which has better risk-adjusted returns?

FFRHX currently has the higher Sharpe Ratio (2.50 vs 1.51), 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.