LVHD vs. FFHCX

Last updated Jun 3, 2026

LVHD (Legg Mason Low Volatility High Dividend ETF) and FFHCX (Fidelity Series Floating Rate High Income Fund) are both funds - LVHD is a Volatility Hedged Equity fund tracking the QS Low Volatility High Dividend Index, while FFHCX is a High Yield Bonds fund managed by Fidelity. Over the past 10 years, LVHD returned 8.05%/yr vs 5.71%/yr for FFHCX. At a 0.21 correlation, their price movements are largely independent. LVHD charges 0.27%/yr vs 0.00%/yr for FFHCX.

Performance

LVHD vs. FFHCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Legg Mason Low Volatility High Dividend ETF (LVHD) and Fidelity Series Floating Rate High Income Fund (FFHCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LVHD achieves a 6.87% return, which is significantly higher than FFHCX's 2.34% return. Over the past 10 years, LVHD has outperformed FFHCX with an annualized return of 8.05%, while FFHCX has yielded a comparatively lower 5.71% annualized return.

LVHD

• 1D: 0.65%
• 1M: -1.96%
• YTD: 6.87%
• 6M: 7.02%
• 1Y: 9.87%
• 3Y*: 9.38%
• 5Y*: 6.16%
• 10Y*: 8.05%

FFHCX

• 1D: 0.11%
• 1M: 0.97%
• YTD: 2.34%
• 6M: 2.99%
• 1Y: 6.86%
• 3Y*: 8.52%
• 5Y*: 6.16%
• 10Y*: 5.71%

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

LVHD vs. FFHCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LVHD Legg Mason Low Volatility High Dividend ETF	6.87%	7.50%	10.18%	-0.95%	-1.82%	26.90%	-1.28%	22.91%	-5.58%	14.25%
FFHCX Fidelity Series Floating Rate High Income Fund	2.34%	6.02%	8.49%	13.19%	-1.55%	5.66%	2.54%	9.42%	1.36%	4.80%

Correlation

The correlation between LVHD and FFHCX 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	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Dec 30, 2015	0.21

The correlation between LVHD and FFHCX shifts across timeframes, from -0.06 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LVHD vs. FFHCX — Risk / Return Rank

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

LVHD

LVHD Risk / Return Rank: 29
LVHD Sharpe Ratio Rank: 29
LVHD Sortino Ratio Rank: 29
LVHD Omega Ratio Rank: 26
LVHD Calmar Ratio Rank: 32
LVHD Martin Ratio Rank: 29

FFHCX

FFHCX Risk / Return Rank: 94
FFHCX Sharpe Ratio Rank: 82
FFHCX Sortino Ratio Rank: 98
FFHCX Omega Ratio Rank: 97
FFHCX Calmar Ratio Rank: 97
FFHCX Martin Ratio Rank: 96

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.

LVHD vs. FFHCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Legg Mason Low Volatility High Dividend ETF (LVHD) and Fidelity Series Floating Rate High Income Fund (FFHCX). 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.

	LVHD	FFHCX	Difference
Sharpe ratio Return per unit of total volatility	1.04	2.66	-1.62
Sortino ratio Return per unit of downside risk	1.55	6.81	-5.26
Omega ratio Gain probability vs. loss probability	1.18	2.04	-0.87
Calmar ratio Return relative to maximum drawdown	1.60	6.66	-5.06
Martin ratio Return relative to average drawdown	4.11	24.90	-20.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LVHD vs. FFHCX - Sharpe Ratio Comparison

The current LVHD Sharpe Ratio is 1.04, which is lower than the FFHCX Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of LVHD and FFHCX, 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

	LVHD	FFHCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	2.66	-1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	2.00	-1.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	1.38	-0.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.40	-0.84

Drawdowns

LVHD vs. FFHCX - Drawdown Comparison

The maximum LVHD drawdown since its inception was -37.32%, which is greater than FFHCX's maximum drawdown of -21.45%. Use the drawdown chart below to compare losses from any high point for LVHD and FFHCX.

Drawdown Indicators

	LVHD	FFHCX	Difference
Max Drawdown Largest peak-to-trough decline	-37.32%	-21.45%	-15.87%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-1.14%	-5.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-3.12%	-11.17%
Max Drawdown (5Y) Largest decline over 5 years	-16.75%	-5.81%	-10.94%
Max Drawdown (10Y) Largest decline over 10 years	-37.32%	-21.45%	-15.87%
Current Drawdown Current decline from peak	-4.70%	0.00%	-4.70%
Average Drawdown Average peak-to-trough decline	-4.05%	-0.93%	-3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	0.31%	+2.09%

Volatility

LVHD vs. FFHCX - Volatility Comparison

Legg Mason Low Volatility High Dividend ETF (LVHD) has a higher volatility of 2.97% compared to Fidelity Series Floating Rate High Income Fund (FFHCX) at 0.67%. This indicates that LVHD's price experiences larger fluctuations and is considered to be riskier than FFHCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LVHD	FFHCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	0.67%	+2.30%
Volatility (6M) Calculated over the trailing 6-month period	6.73%	1.96%	+4.77%
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	2.60%	+6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	3.09%	+9.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.51%	4.17%	+11.34%

LVHD vs. FFHCX - Expense Ratio Comparison

LVHD has a 0.27% expense ratio, which is higher than FFHCX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

LVHD vs. FFHCX - Dividend Comparison

LVHD's dividend yield for the trailing twelve months is around 3.40%, less than FFHCX's 7.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFHCX Fidelity Series Floating Rate High Income Fund	7.67%	8.11%	8.46%	9.47%	3.83%	3.64%	4.61%	5.92%	6.68%	4.80%	5.16%	4.37%
LVHD Legg Mason Low Volatility High Dividend ETF	3.40%	3.35%	4.23%	3.55%	3.30%	2.56%	3.27%	3.30%	3.82%	3.33%	2.48%	0.00%

Frequently Asked Questions

Can I hold both LVHD and FFHCX in my portfolio?

LVHD and FFHCX 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, LVHD or FFHCX?

LVHD has higher volatility (2.97%) compared to FFHCX (0.67%). In terms of maximum drawdown, LVHD dropped -37.32% vs FFHCX's -21.45%.

Which has better risk-adjusted returns?

FFHCX currently has the higher Sharpe Ratio (2.66 vs 1.04), 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.