AHIFX vs. SPHY

Last updated Jun 17, 2026

AHIFX (American Funds American High-Inc F2) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds. Over the past 10 years, AHIFX returned 6.16%/yr vs 5.20%/yr for SPHY. At a 0.44 correlation, their price movements are largely independent. AHIFX charges 0.43%/yr vs 0.05%/yr for SPHY.

Performance

AHIFX vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds American High-Inc F2 (AHIFX) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AHIFX achieves a 2.20% return, which is significantly higher than SPHY's 2.02% return. Over the past 10 years, AHIFX has outperformed SPHY with an annualized return of 6.16%, while SPHY has yielded a comparatively lower 5.20% annualized return.

AHIFX

• 1D: 0.20%
• 1M: 1.15%
• YTD: 2.20%
• 6M: 2.98%
• 1Y: 8.20%
• 3Y*: 9.42%
• 5Y*: 4.52%
• 10Y*: 6.16%

SPHY

• 1D: 0.04%
• 1M: 1.28%
• YTD: 2.02%
• 6M: 2.46%
• 1Y: 7.30%
• 3Y*: 8.91%
• 5Y*: 4.41%
• 10Y*: 5.20%

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

AHIFX vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AHIFX American Funds American High-Inc F2	2.20%	8.57%	9.80%	11.17%	-10.18%	8.62%	7.32%	12.15%	-1.57%	7.56%
SPHY SPDR Portfolio High Yield Bond ETF	2.02%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between AHIFX and SPHY is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012	0.44

Over the past year, AHIFX and SPHY have become more correlated (0.71) than their long-term average of 0.44, meaning their price movements have been converging.

Return for Risk

AHIFX vs. SPHY — Risk / Return Rank

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

AHIFX

AHIFX Risk / Return Rank: 86
AHIFX Sharpe Ratio Rank: 83
AHIFX Sortino Ratio Rank: 92
AHIFX Omega Ratio Rank: 86
AHIFX Calmar Ratio Rank: 82
AHIFX Martin Ratio Rank: 89

SPHY

SPHY Risk / Return Rank: 68
SPHY Sharpe Ratio Rank: 61
SPHY Sortino Ratio Rank: 70
SPHY Omega Ratio Rank: 70
SPHY Calmar Ratio Rank: 63
SPHY Martin Ratio Rank: 75

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.

AHIFX vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds American High-Inc F2 (AHIFX) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.

	AHIFX	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.98	+0.44
Sortino ratio: Return per unit of downside risk	4.19	3.02	+1.17
Omega ratio: Gain probability vs. loss probability	1.54	1.40	+0.14
Calmar ratio: Return relative to maximum drawdown	3.50	3.04	+0.47
Martin ratio: Return relative to average drawdown	15.62	13.72	+1.91

AHIFX vs. SPHY - Sharpe Ratio Comparison

The current AHIFX Sharpe Ratio is 2.42, which is comparable to the SPHY Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of AHIFX and SPHY, 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

AHIFX vs. SPHY - Drawdown Comparison

The maximum AHIFX drawdown since its inception was -21.21%, roughly equal to the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for AHIFX and SPHY.

Drawdown Indicators

	AHIFX	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-21.21%	-21.97%	+0.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-2.41%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-3.93%	-4.85%	+0.92%
Max Drawdown (5Y) Largest decline over 5 years	-13.80%	-15.29%	+1.49%
Max Drawdown (10Y) Largest decline over 10 years	-21.21%	-21.97%	+0.76%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-2.19%	-2.28%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.53%	+0.01%

Volatility

AHIFX vs. SPHY - Volatility Comparison

American Funds American High-Inc F2 (AHIFX) has a higher volatility of 1.19% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.05%. This indicates that AHIFX's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AHIFX	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.05%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	2.95%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	3.50%	3.71%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.01%	7.18%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.50%	7.87%	-2.37%

AHIFX vs. SPHY - Expense Ratio Comparison

AHIFX has a 0.43% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

AHIFX vs. SPHY - Dividend Comparison

AHIFX's dividend yield for the trailing twelve months is around 6.54%, less than SPHY's 7.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AHIFX American Funds American High-Inc F2	6.54%	6.53%	6.56%	5.64%	4.42%	4.54%	6.08%	6.45%	6.56%	6.24%	5.26%	7.17%
SPHY SPDR Portfolio High Yield Bond ETF	7.23%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%

Frequently Asked Questions

Can I hold both AHIFX and SPHY in my portfolio?

AHIFX and SPHY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AHIFX or SPHY?

AHIFX has higher volatility (1.19%) compared to SPHY (1.05%). In terms of maximum drawdown, AHIFX dropped -21.21% vs SPHY's -21.97%.

Which has better risk-adjusted returns?

AHIFX currently has the higher Sharpe Ratio (2.42 vs 1.98), 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.