VSHY vs. FFRHX

Last updated Jun 24, 2026

VSHY (Virtus Newfleet Short Duration High Yield Bond ETF) and FFRHX (Fidelity Floating Rate High Income Fund) are both funds - VSHY is a High Yield Bonds fund actively managed by Virtus, while FFRHX is a Bank Loan fund actively managed by Fidelity. Both are actively managed. Over the past year, VSHY returned 6.66% vs 5.89% for FFRHX. At a 0.18 correlation, their price movements are largely independent. VSHY charges 0.40%/yr vs 0.67%/yr for FFRHX.

Performance

VSHY vs. FFRHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet Short Duration High Yield Bond ETF (VSHY) 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, VSHY achieves a 2.61% return, which is significantly higher than FFRHX's 1.71% return.

VSHY

• 1D: 0.31%
• 1M: 0.93%
• YTD: 2.61%
• 6M: 2.68%
• 1Y: 6.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FFRHX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 1.71%
• 6M: 2.32%
• 1Y: 5.89%
• 3Y*: 7.20%
• 5Y*: 5.40%
• 10Y*: 4.98%

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

VSHY vs. FFRHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VSHY Virtus Newfleet Short Duration High Yield Bond ETF	2.61%	6.87%	8.03%	3.76%
FFRHX Fidelity Floating Rate High Income Fund	1.71%	5.47%	7.10%	2.50%

Correlation

The correlation between VSHY and FFRHX is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Nov 28, 2023	0.18

Return for Risk

VSHY vs. FFRHX — Risk / Return Rank

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

VSHY

VSHY Risk / Return Rank: 72
VSHY Sharpe Ratio Rank: 64
VSHY Sortino Ratio Rank: 70
VSHY Omega Ratio Rank: 69
VSHY Calmar Ratio Rank: 80
VSHY Martin Ratio Rank: 80

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.

VSHY vs. FFRHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Short Duration High Yield Bond ETF (VSHY) 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.

	VSHY	FFRHX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.50	-0.57
Sortino ratio: Return per unit of downside risk	2.92	5.94	-3.02
Omega ratio: Gain probability vs. loss probability	1.37	1.87	-0.50
Calmar ratio: Return relative to maximum drawdown	3.86	4.97	-1.11
Martin ratio: Return relative to average drawdown	14.38	17.06	-2.68

VSHY vs. FFRHX - Sharpe Ratio Comparison

The current VSHY Sharpe Ratio is 1.93, which is comparable to the FFRHX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of VSHY 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

VSHY vs. FFRHX - Drawdown Comparison

The maximum VSHY drawdown since its inception was -4.55%, smaller than the maximum FFRHX drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for VSHY and FFRHX.

Drawdown Indicators

	VSHY	FFRHX	Difference
Max Drawdown Largest peak-to-trough decline	-4.55%	-22.20%	+17.65%
Max Drawdown (1Y) Largest decline over 1 year	-1.73%	-1.19%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-5.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.20%	—
Current Drawdown Current decline from peak	-0.08%	-0.44%	+0.36%
Average Drawdown Average peak-to-trough decline	-0.41%	-1.15%	+0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.35%	+0.11%

Volatility

VSHY vs. FFRHX - Volatility Comparison

Virtus Newfleet Short Duration High Yield Bond ETF (VSHY) has a higher volatility of 1.09% compared to Fidelity Floating Rate High Income Fund (FFRHX) at 0.66%. This indicates that VSHY'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

	VSHY	FFRHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.66%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	1.63%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.46%	2.37%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.39%	2.88%	+1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.39%	4.14%	+0.25%

VSHY vs. FFRHX - Expense Ratio Comparison

VSHY has a 0.40% expense ratio, which is lower than FFRHX's 0.67% expense ratio.

Dividends

VSHY vs. FFRHX - Dividend Comparison

VSHY's dividend yield for the trailing twelve months is around 6.34%, 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%
VSHY Virtus Newfleet Short Duration High Yield Bond ETF	6.34%	6.14%	6.81%	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VSHY and FFRHX in my portfolio?

VSHY and FFRHX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSHY or FFRHX?

VSHY has higher volatility (1.09%) compared to FFRHX (0.66%). In terms of maximum drawdown, VSHY dropped -4.55% vs FFRHX's -22.20%.

Which has better risk-adjusted returns?

FFRHX currently has the higher Sharpe Ratio (2.50 vs 1.93), 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.