SCYB vs. FEPI

Last updated Jun 16, 2026

SCYB (Schwab High Yield Bond ETF) and FEPI (REX FANG & Innovation Equity Premium Income ETF) are both exchange-traded funds - SCYB is a High Yield Bonds fund tracking the ICE BofA US Cash Pay High Yield Constrained Index, while FEPI is a Derivative Income fund actively managed by REX. SCYB is passively managed, while FEPI is actively managed. Over the past year, SCYB returned 7.51% vs 29.40% for FEPI. A 0.50 correlation means they provide meaningful diversification when combined. SCYB charges 0.03%/yr vs 0.65%/yr for FEPI.

Performance

SCYB vs. FEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab High Yield Bond ETF (SCYB) and REX FANG & Innovation Equity Premium Income ETF (FEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCYB achieves a 2.07% return, which is significantly lower than FEPI's 8.42% return.

SCYB

• 1D: 0.21%
• 1M: 1.31%
• YTD: 2.07%
• 6M: 2.45%
• 1Y: 7.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FEPI

• 1D: 2.85%
• 1M: 1.58%
• YTD: 8.42%
• 6M: 10.88%
• 1Y: 29.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SCYB vs. FEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SCYB Schwab High Yield Bond ETF	2.07%	8.33%	8.15%	7.32%
FEPI REX FANG & Innovation Equity Premium Income ETF	8.42%	18.33%	15.69%	11.75%

Correlation

The correlation between SCYB and FEPI is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.50

The correlation between SCYB and FEPI has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.

Return for Risk

SCYB vs. FEPI — Risk / Return Rank

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

SCYB

SCYB Risk / Return Rank: 73
SCYB Sharpe Ratio Rank: 68
SCYB Sortino Ratio Rank: 75
SCYB Omega Ratio Rank: 75
SCYB Calmar Ratio Rank: 68
SCYB Martin Ratio Rank: 79

FEPI

FEPI Risk / Return Rank: 53
FEPI Sharpe Ratio Rank: 56
FEPI Sortino Ratio Rank: 51
FEPI Omega Ratio Rank: 56
FEPI Calmar Ratio Rank: 51
FEPI Martin Ratio Rank: 49

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.

SCYB vs. FEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab High Yield Bond ETF (SCYB) and REX FANG & Innovation Equity Premium Income ETF (FEPI). 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.

	SCYB	FEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.71	+0.28
Sortino ratio: Return per unit of downside risk	2.99	2.28	+0.71
Omega ratio: Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	3.09	2.29	+0.80
Martin ratio: Return relative to average drawdown	13.74	7.48	+6.26

SCYB vs. FEPI - Sharpe Ratio Comparison

The current SCYB Sharpe Ratio is 1.99, which is comparable to the FEPI Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of SCYB and FEPI, 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

SCYB vs. FEPI - Drawdown Comparison

The maximum SCYB drawdown since its inception was -4.92%, smaller than the maximum FEPI drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for SCYB and FEPI.

Drawdown Indicators

	SCYB	FEPI	Difference
Max Drawdown Largest peak-to-trough decline	-4.92%	-23.56%	+18.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.44%	-12.91%	+10.47%
Current Drawdown Current decline from peak	0.00%	-3.24%	+3.24%
Average Drawdown Average peak-to-trough decline	-0.51%	-3.51%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	3.94%	-3.39%

Volatility

SCYB vs. FEPI - Volatility Comparison

The current volatility for Schwab High Yield Bond ETF (SCYB) is 1.13%, while REX FANG & Innovation Equity Premium Income ETF (FEPI) has a volatility of 6.42%. This indicates that SCYB experiences smaller price fluctuations and is considered to be less risky than FEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCYB	FEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	6.42%	-5.29%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	13.68%	-10.68%
Volatility (1Y) Calculated over the trailing 1-year period	3.79%	17.31%	-13.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.12%	19.19%	-14.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.12%	19.19%	-14.07%

SCYB vs. FEPI - Expense Ratio Comparison

SCYB has a 0.03% expense ratio, which is lower than FEPI's 0.65% expense ratio.

Dividends

SCYB vs. FEPI - Dividend Comparison

SCYB's dividend yield for the trailing twelve months is around 6.90%, less than FEPI's 24.96% yield.

Position	TTM	2025	2024	2023
FEPI REX FANG & Innovation Equity Premium Income ETF	24.96%	25.48%	27.18%	4.21%
SCYB Schwab High Yield Bond ETF	6.90%	6.99%	7.06%	3.36%

Frequently Asked Questions

Can I hold both SCYB and FEPI in my portfolio?

SCYB and FEPI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCYB or FEPI?

FEPI has higher volatility (6.42%) compared to SCYB (1.13%). In terms of maximum drawdown, SCYB dropped -4.92% vs FEPI's -23.56%.

Which ETF is better, SCYB or FEPI?

On 1-year performance, FEPI leads with 29.40% vs 7.51% for SCYB. On fees, SCYB is cheaper at 0.03% per year. On volatility, SCYB has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCYB or FEPI?

Over the 1-year period, FEPI has performed better with a 29.40% return vs 7.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCYB or FEPI?

SCYB is cheaper with a 0.03% expense ratio, compared with 0.65% for FEPI.

Which ETF pays a higher dividend yield, SCYB or FEPI?

FEPI has the higher dividend yield at 24.96%, compared with 6.90% for SCYB.

What is the main difference between SCYB and FEPI?

SCYB is categorized as High Yield Bonds, while FEPI is Derivative Income. They also come from different issuers: Charles Schwab and REX. Their fees differ too: 0.03% for SCYB and 0.65% for FEPI.

Which has better risk-adjusted returns?

SCYB currently has the higher Sharpe Ratio (1.99 vs 1.71), 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.