MGHYX vs. FFRHX

Last updated Jun 23, 2026

MGHYX (DWS Global High Income Fund) and FFRHX (Fidelity Floating Rate High Income Fund) are both mutual funds - MGHYX is a High Yield Bonds fund managed by DWS, while FFRHX is a Bank Loan fund actively managed by Fidelity. Over the past 10 years, MGHYX returned 4.96%/yr vs 4.94%/yr for FFRHX. At a 0.48 correlation, their price movements are largely independent. MGHYX charges 0.60%/yr vs 0.67%/yr for FFRHX.

Performance

MGHYX vs. FFRHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Global High Income Fund (MGHYX) 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, MGHYX achieves a 1.59% return, which is significantly lower than FFRHX's 1.71% return. Both investments have delivered pretty close results over the past 10 years, with MGHYX having a 4.96% annualized return and FFRHX not far behind at 4.94%.

MGHYX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.59%
• 6M: 2.43%
• 1Y: 7.41%
• 3Y*: 8.06%
• 5Y*: 3.57%
• 10Y*: 4.96%

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)

MGHYX vs. FFRHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGHYX DWS Global High Income Fund	1.59%	9.82%	6.99%	11.17%	-11.67%	3.22%	6.83%	16.36%	-1.85%	6.49%
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 MGHYX and FFRHX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Aug 31, 2000	0.48

Over the past year, the correlation between MGHYX and FFRHX has dropped to 0.27 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

Return for Risk

MGHYX vs. FFRHX — Risk / Return Rank

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

MGHYX

MGHYX Risk / Return Rank: 76
MGHYX Sharpe Ratio Rank: 79
MGHYX Sortino Ratio Rank: 91
MGHYX Omega Ratio Rank: 87
MGHYX Calmar Ratio Rank: 57
MGHYX Martin Ratio Rank: 64

FFRHX

FFRHX Risk / Return Rank: 92
FFRHX Sharpe Ratio Rank: 83
FFRHX Sortino Ratio Rank: 98
FFRHX Omega Ratio Rank: 97
FFRHX Calmar Ratio Rank: 94
FFRHX Martin Ratio Rank: 91

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.

MGHYX vs. FFRHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Global High Income Fund (MGHYX) 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.

	MGHYX	FFRHX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.50	-0.11
Sortino ratio: Return per unit of downside risk	4.14	5.94	-1.80
Omega ratio: Gain probability vs. loss probability	1.56	1.87	-0.31
Calmar ratio: Return relative to maximum drawdown	2.78	4.97	-2.19
Martin ratio: Return relative to average drawdown	11.81	17.11	-5.30

MGHYX vs. FFRHX - Sharpe Ratio Comparison

The current MGHYX Sharpe Ratio is 2.39, which is comparable to the FFRHX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of MGHYX 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

MGHYX vs. FFRHX - Drawdown Comparison

The maximum MGHYX drawdown since its inception was -53.47%, which is greater than FFRHX's maximum drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for MGHYX and FFRHX.

Drawdown Indicators

	MGHYX	FFRHX	Difference
Max Drawdown Largest peak-to-trough decline	-53.47%	-22.20%	-31.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.69%	-1.19%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-4.33%	-3.29%	-1.04%
Max Drawdown (5Y) Largest decline over 5 years	-15.93%	-5.90%	-10.03%
Max Drawdown (10Y) Largest decline over 10 years	-21.84%	-22.20%	+0.36%
Current Drawdown Current decline from peak	-0.16%	-0.44%	+0.28%
Average Drawdown Average peak-to-trough decline	-24.08%	-1.15%	-22.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.35%	+0.28%

Volatility

MGHYX vs. FFRHX - Volatility Comparison

DWS Global High Income Fund (MGHYX) has a higher volatility of 0.84% compared to Fidelity Floating Rate High Income Fund (FFRHX) at 0.66%. This indicates that MGHYX'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

	MGHYX	FFRHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.66%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.34%	1.63%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.13%	2.37%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.08%	2.88%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.88%	4.14%	+1.74%

MGHYX vs. FFRHX - Expense Ratio Comparison

MGHYX has a 0.60% expense ratio, which is lower than FFRHX's 0.67% expense ratio.

Dividends

MGHYX vs. FFRHX - Dividend Comparison

MGHYX's dividend yield for the trailing twelve months is around 5.69%, less 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%
MGHYX DWS Global High Income Fund	5.69%	7.17%	5.58%	4.35%	5.81%	4.20%	5.81%	5.63%	6.96%	3.76%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MGHYX and FFRHX in my portfolio?

MGHYX and FFRHX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGHYX or FFRHX?

MGHYX has higher volatility (0.84%) compared to FFRHX (0.66%). In terms of maximum drawdown, MGHYX dropped -53.47% vs FFRHX's -22.20%.

Which has better risk-adjusted returns?

FFRHX currently has the higher Sharpe Ratio (2.50 vs 2.39), 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.