- ISIN
- US78468R6062
- CUSIP
- 78468R606
- Issuer
- State Street
- Inception Date
- Jun 19, 2012
- Region
- North America (U.S.)
- Category
- High Yield Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- ICE BofA US High Yield Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $11B
Share Price Chart
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Performance
SPHY Performance Chart
SPDR Portfolio High Yield Bond ETF (SPHY) is up 1.8% since the beginning of the year. SPHY is currently trading at $23 per share. Investors who bought $1,000 worth of SPHY shares 5 years ago would now be looking at an investment worth $1,233.
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Returns By Period
SPDR Portfolio High Yield Bond ETF (SPHY) has returned 1.80% so far this year and 6.21% over the past 12 months. Over the last ten years, SPHY has returned 5.16% per year, falling short of the S&P 500 Index benchmark, which averaged 13.70% annually.
SPDR Portfolio High Yield Bond ETF
- 1D
- -0.04%
- 1M
- 0.54%
- YTD
- 1.80%
- 6M
- 1.80%
- 1Y
- 6.21%
- 3Y*
- 9.17%
- 5Y*
- 4.28%
- 10Y*
- 5.16%
Benchmark (S&P 500 Index)
- 1D
- -0.10%
- 1M
- -1.54%
- YTD
- 7.49%
- 6M
- 6.15%
- 1Y
- 20.78%
- 3Y*
- 19.17%
- 5Y*
- 11.44%
- 10Y*
- 13.70%
SPHY Monthly Returns History
Based on dividend-adjusted daily data since Jun 19, 2012, SPHY's average daily return is +0.02%, while the average monthly return is +0.42%. At this rate, an investment would double in approximately 13.8 years.
Historically, 63% of months were positive and 37% were negative. The best month was Jul 2022 with a return of +6.5%, while the worst month was Mar 2020 at -12.4%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 7 months.
On a daily basis, SPHY closed higher 51% of trading days. The best single day was Apr 9, 2020 with a return of +5.4%, while the worst single day was Mar 9, 2020 at -6.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.63% | 0.08% | -1.02% | 1.59% | 0.50% | 0.03% | 1.80% | ||||||
| 2025 | 1.32% | 0.90% | -1.15% | -0.10% | 1.72% | 1.91% | 0.20% | 1.22% | 1.04% | 0.02% | 0.69% | 0.55% | 8.59% |
| 2024 | 0.34% | 0.13% | 1.23% | -1.10% | 1.59% | 0.52% | 2.22% | 1.55% | 1.71% | -0.92% | 1.72% | -0.70% | 8.54% |
| 2023 | 3.72% | -1.47% | 1.83% | 0.41% | -1.19% | 2.02% | 1.39% | 0.17% | -1.56% | -0.89% | 4.51% | 3.43% | 12.81% |
| 2022 | -2.48% | -0.86% | -1.46% | -3.74% | 1.15% | -6.86% | 6.47% | -3.47% | -3.88% | 3.12% | 3.27% | -1.59% | -10.57% |
| 2021 | 0.09% | 0.34% | 0.75% | 0.94% | 0.21% | 1.46% | 0.31% | 0.48% | -0.01% | -0.04% | -1.28% | 2.26% | 5.61% |
Benchmark Metrics
SPDR Portfolio High Yield Bond ETF has an annualized alpha of 1.72%, beta of 0.25, and R2 of 0.30 versus S&P 500 Index. Calculated based on daily prices since June 19, 2012.
- This ETF participated in 35.38% of S&P 500 Index downside but only 30.90% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.25 may look defensive, but with R2 of 0.30 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.30 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 1.72%
- Beta
- 0.25
- R²
- 0.30
- Upside Capture
- 30.90%
- Downside Capture
- 35.38%
Expense Ratio
SPHY has an expense ratio of 0.05%, which is considered low.
Return for Risk
Risk / Return Rank
SPHY ranks 61 for risk / return — better than 61% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and compare them to S&P 500 Index.
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.
| SPHY | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.30 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.29 | +0.29 |
| Martin ratioReturn relative to average drawdown | 11.65 | 10.15 | +1.51 |
Dividends
Dividend History
SPDR Portfolio High Yield Bond ETF provided a 7.25% dividend yield over the last twelve months, with an annual payout of $1.70 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.70 | $1.75 | $1.83 | $1.71 | $1.44 | $1.36 | $1.49 | $1.51 | $1.01 | $1.17 | $1.11 | $1.03 |
Dividend yield | 7.25% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Monthly Dividends
The table displays the monthly dividend distributions for SPDR Portfolio High Yield Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.69 | ||||||
| 2025 | $0.00 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.14 | $0.14 | $0.28 | $1.75 |
| 2024 | $0.00 | $0.16 | $0.16 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.16 | $0.15 | $0.15 | $0.29 | $1.83 |
| 2023 | $0.00 | $0.13 | $0.13 | $0.13 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.15 | $0.15 | $0.31 | $1.71 |
| 2022 | $0.00 | $0.11 | $0.11 | $0.11 | $0.12 | $0.12 | $0.12 | $0.12 | $0.13 | $0.13 | $0.13 | $0.27 | $1.44 |
| 2021 | $0.00 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.11 | $0.11 | $0.11 | $0.11 | $0.11 | $0.22 | $1.36 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the SPDR Portfolio High Yield Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the SPDR Portfolio High Yield Bond ETF was 21.97%, occurring on Mar 23, 2020. Recovery took 139 trading sessions.
The current SPDR Portfolio High Yield Bond ETF drawdown is 0.21%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -21.97%Mar 2020 | 1mo 1d | 6mo 19d | 7mo 20dFeb 2020 - Oct 2020 |
Bear market2022 | -15.29%Sep 2022 | 9mo 2d | 1y 2mo | 1y 11moDec 2021 - Dec 2023 |
2016 pullback2016 | -8.29%Feb 2016 | 9mo 28d | 2mo 16d | 1y 9dApr 2015 - Apr 2016 |
2013 pullback2013 | -7.24%Aug 2013 | 3mo 15d | 6mo 7d | 9mo 22dMay 2013 - Feb 2014 |
2025 selloff2025 | -4.85%Apr 2025 | 1mo 6d | 1mo 4d | 2mo 10dMar 2025 - May 2025 |
Drawdown Indicators
| SPHY | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -56.78% | +34.81% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -9.10% | +6.69% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -18.90% | +14.05% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -25.43% | +10.14% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -33.92% | +11.95% |
Current DrawdownCurrent decline from peak | -0.21% | -3.31% | +3.10% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -10.71% | +8.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 2.05% | -1.52% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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