SPHIX vs. DGRO

Last updated Jun 4, 2026

SPHIX (Fidelity High Income Fund) and DGRO (iShares Core Dividend Growth ETF) are both funds - SPHIX is a High Yield Bonds fund managed by Fidelity, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Over the past 10 years, SPHIX returned 5.28%/yr vs 13.30%/yr for DGRO. At a 0.44 correlation, their price movements are largely independent. SPHIX charges 0.70%/yr vs 0.08%/yr for DGRO.

Performance

SPHIX vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity High Income Fund (SPHIX) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHIX achieves a 3.57% return, which is significantly lower than DGRO's 8.76% return. Over the past 10 years, SPHIX has underperformed DGRO with an annualized return of 5.28%, while DGRO has yielded a comparatively higher 13.30% annualized return.

SPHIX

• 1D: 0.00%
• 1M: 0.87%
• YTD: 3.57%
• 6M: 4.43%
• 1Y: 10.31%
• 3Y*: 10.21%
• 5Y*: 4.38%
• 10Y*: 5.28%

DGRO

• 1D: -0.28%
• 1M: 3.14%
• YTD: 8.76%
• 6M: 8.75%
• 1Y: 22.54%
• 3Y*: 16.99%
• 5Y*: 10.54%
• 10Y*: 13.30%

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

SPHIX vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHIX Fidelity High Income Fund	3.57%	9.85%	9.57%	10.99%	-13.08%	3.55%	2.47%	14.27%	-2.39%	8.60%
DGRO iShares Core Dividend Growth ETF	8.76%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between SPHIX and DGRO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.44

Return for Risk

SPHIX vs. DGRO — Risk / Return Rank

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

SPHIX

SPHIX Risk / Return Rank: 95
SPHIX Sharpe Ratio Rank: 95
SPHIX Sortino Ratio Rank: 97
SPHIX Omega Ratio Rank: 96
SPHIX Calmar Ratio Rank: 91
SPHIX Martin Ratio Rank: 96

DGRO

DGRO Risk / Return Rank: 71
DGRO Sharpe Ratio Rank: 71
DGRO Sortino Ratio Rank: 76
DGRO Omega Ratio Rank: 70
DGRO Calmar Ratio Rank: 69
DGRO Martin Ratio Rank: 71

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.

SPHIX vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Income Fund (SPHIX) and iShares Core Dividend Growth ETF (DGRO). 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.

	SPHIX	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	3.32	2.39	+0.92
Sortino ratio: Return per unit of downside risk	5.84	3.49	+2.35
Omega ratio: Gain probability vs. loss probability	1.81	1.43	+0.38
Calmar ratio: Return relative to maximum drawdown	4.86	3.50	+1.36
Martin ratio: Return relative to average drawdown	24.56	13.52	+11.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHIX vs. DGRO - Sharpe Ratio Comparison

The current SPHIX Sharpe Ratio is 3.32, which is higher than the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SPHIX and DGRO, 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

	SPHIX	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	2.39	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.77	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.80	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	0.76	+0.69

Drawdowns

SPHIX vs. DGRO - Drawdown Comparison

The maximum SPHIX drawdown since its inception was -31.36%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for SPHIX and DGRO.

Drawdown Indicators

	SPHIX	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-31.36%	-35.10%	+3.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.33%	-6.47%	+4.14%
Max Drawdown (3Y) Largest decline over 3 years	-4.15%	-14.03%	+9.88%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-19.31%	+2.85%
Max Drawdown (10Y) Largest decline over 10 years	-22.44%	-35.10%	+12.66%
Current Drawdown Current decline from peak	0.00%	-0.28%	+0.28%
Average Drawdown Average peak-to-trough decline	-3.48%	-3.44%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	1.67%	-1.21%

Volatility

SPHIX vs. DGRO - Volatility Comparison

The current volatility for Fidelity High Income Fund (SPHIX) is 0.96%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 2.21%. This indicates that SPHIX experiences smaller price fluctuations and is considered to be less risky than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHIX	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	2.21%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	6.91%	-4.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	9.48%	-6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	13.82%	-8.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.79%	16.62%	-10.83%

SPHIX vs. DGRO - Expense Ratio Comparison

SPHIX has a 0.70% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

SPHIX vs. DGRO - Dividend Comparison

SPHIX's dividend yield for the trailing twelve months is around 6.38%, more than DGRO's 1.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.96%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
SPHIX Fidelity High Income Fund	6.38%	6.43%	6.10%	5.41%	3.91%	4.07%	4.71%	5.10%	6.02%	5.40%	6.07%	5.59%

Frequently Asked Questions

Can I hold both SPHIX and DGRO in my portfolio?

SPHIX and DGRO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHIX or DGRO?

DGRO has higher volatility (2.21%) compared to SPHIX (0.96%). In terms of maximum drawdown, SPHIX dropped -31.36% vs DGRO's -35.10%.

Which has better risk-adjusted returns?

SPHIX currently has the higher Sharpe Ratio (3.32 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.