PFFR vs. FDHY

Last updated Jun 23, 2026

PFFR (InfraCap REIT Preferred ETF) and FDHY (Fidelity High Yield Factor ETF) are both exchange-traded funds - PFFR is a Preferred Stock/Convertible Bonds fund tracking the Indxx REIT Preferred Stock Index, while FDHY is a High Yield Bonds fund actively managed by Fidelity. PFFR is passively managed, while FDHY is actively managed. Over the past 5 years, PFFR returned 1.07%/yr vs 3.91%/yr for FDHY. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.45% expense ratio.

Performance

PFFR vs. FDHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap REIT Preferred ETF (PFFR) and Fidelity High Yield Factor ETF (FDHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFFR achieves a 2.11% return, which is significantly lower than FDHY's 2.46% return.

PFFR

• 1D: -0.13%
• 1M: 1.55%
• YTD: 2.11%
• 6M: 1.32%
• 1Y: 6.89%
• 3Y*: 9.48%
• 5Y*: 1.07%
• 10Y*: —

FDHY

• 1D: -0.08%
• 1M: 0.61%
• YTD: 2.46%
• 6M: 2.85%
• 1Y: 7.95%
• 3Y*: 9.12%
• 5Y*: 3.91%
• 10Y*: —

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

PFFR vs. FDHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PFFR InfraCap REIT Preferred ETF	2.11%	5.36%	7.12%	21.04%	-23.90%	6.76%	0.19%	20.28%	-6.22%
FDHY Fidelity High Yield Factor ETF	2.46%	9.24%	7.53%	11.14%	-11.30%	4.33%	10.71%	16.87%	-2.35%

Correlation

The correlation between PFFR and FDHY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jun 14, 2018	0.43

Return for Risk

PFFR vs. FDHY — Risk / Return Rank

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

PFFR

PFFR Risk / Return Rank: 23
PFFR Sharpe Ratio Rank: 25
PFFR Sortino Ratio Rank: 24
PFFR Omega Ratio Rank: 24
PFFR Calmar Ratio Rank: 23
PFFR Martin Ratio Rank: 21

FDHY

FDHY Risk / Return Rank: 78
FDHY Sharpe Ratio Rank: 72
FDHY Sortino Ratio Rank: 81
FDHY Omega Ratio Rank: 80
FDHY Calmar Ratio Rank: 76
FDHY Martin Ratio Rank: 82

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.

PFFR vs. FDHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap REIT Preferred ETF (PFFR) and Fidelity High Yield Factor ETF (FDHY). 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.

	PFFR	FDHY	Difference
Sharpe ratio: Return per unit of total volatility	0.89	2.23	-1.35
Sortino ratio: Return per unit of downside risk	1.30	3.42	-2.13
Omega ratio: Gain probability vs. loss probability	1.16	1.45	-0.29
Calmar ratio: Return relative to maximum drawdown	1.05	3.76	-2.70
Martin ratio: Return relative to average drawdown	2.42	15.80	-13.38

PFFR vs. FDHY - Sharpe Ratio Comparison

The current PFFR Sharpe Ratio is 0.89, which is lower than the FDHY Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of PFFR and FDHY, 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

PFFR vs. FDHY - Drawdown Comparison

The maximum PFFR drawdown since its inception was -53.02%, which is greater than FDHY's maximum drawdown of -20.01%. Use the drawdown chart below to compare losses from any high point for PFFR and FDHY.

Drawdown Indicators

	PFFR	FDHY	Difference
Max Drawdown Largest peak-to-trough decline	-53.02%	-20.01%	-33.01%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-2.12%	-4.45%
Max Drawdown (3Y) Largest decline over 3 years	-11.16%	-5.26%	-5.90%
Max Drawdown (5Y) Largest decline over 5 years	-29.80%	-16.38%	-13.42%
Current Drawdown Current decline from peak	-1.79%	-0.18%	-1.61%
Average Drawdown Average peak-to-trough decline	-6.97%	-2.86%	-4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	0.50%	+2.35%

Volatility

PFFR vs. FDHY - Volatility Comparison

InfraCap REIT Preferred ETF (PFFR) has a higher volatility of 2.34% compared to Fidelity High Yield Factor ETF (FDHY) at 0.81%. This indicates that PFFR's price experiences larger fluctuations and is considered to be riskier than FDHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFFR	FDHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	0.81%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	6.05%	2.78%	+3.27%
Volatility (1Y) Calculated over the trailing 1-year period	7.81%	3.58%	+4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.48%	7.14%	+3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	8.03%	+12.45%

PFFR vs. FDHY - Expense Ratio Comparison

Both PFFR and FDHY have an expense ratio of 0.45%.

Dividends

PFFR vs. FDHY - Dividend Comparison

PFFR's dividend yield for the trailing twelve months is around 8.26%, more than FDHY's 6.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDHY Fidelity High Yield Factor ETF	6.50%	6.56%	6.58%	6.26%	5.34%	6.09%	5.78%	4.94%	2.55%	0.00%
PFFR InfraCap REIT Preferred ETF	8.26%	7.99%	7.78%	7.72%	8.60%	6.08%	6.11%	5.77%	6.48%	6.59%

Frequently Asked Questions

Can I hold both PFFR and FDHY in my portfolio?

PFFR and FDHY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFFR or FDHY?

PFFR has higher volatility (2.34%) compared to FDHY (0.81%). In terms of maximum drawdown, PFFR dropped -53.02% vs FDHY's -20.01%.

Which ETF is better, PFFR or FDHY?

On 5-year performance, FDHY leads with 3.91% vs 1.07% for PFFR. Both ETFs have the same 0.45% expense ratio. On volatility, FDHY has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFFR or FDHY?

Over the 5-year period, FDHY has performed better with a 3.91% return vs 1.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFFR or FDHY?

PFFR and FDHY have the same expense ratio: 0.45% per year.

Which ETF pays a higher dividend yield, PFFR or FDHY?

PFFR has the higher dividend yield at 8.26%, compared with 6.50% for FDHY.

What is the main difference between PFFR and FDHY?

PFFR is categorized as Preferred Stock/Convertible Bonds, while FDHY is High Yield Bonds. They also come from different issuers: Virtus Investment Partners and Fidelity.

Which has better risk-adjusted returns?

FDHY currently has the higher Sharpe Ratio (2.23 vs 0.89), 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.