BAICX vs. SPHY
BAICX (BlackRock Multi-Asset Income Portfolio) and SPHY (SPDR Portfolio High Yield Bond ETF) are both funds - BAICX is a Diversified Portfolio fund managed by BlackRock, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Over the past 10 years, BAICX returned 5.22%/yr vs 5.17%/yr for SPHY. A 0.51 correlation means they provide meaningful diversification when combined. BAICX charges 0.81%/yr vs 0.05%/yr for SPHY.
Performance
BAICX vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, BAICX achieves a 3.55% return, which is significantly higher than SPHY's 1.89% return. Both investments have delivered pretty close results over the past 10 years, with BAICX having a 5.22% annualized return and SPHY not far behind at 5.17%.
BAICX
- 1D
- 0.38%
- 1M
- 0.91%
- YTD
- 3.55%
- 6M
- 4.29%
- 1Y
- 10.80%
- 3Y*
- 9.20%
- 5Y*
- 3.88%
- 10Y*
- 5.22%
SPHY
- 1D
- -0.09%
- 1M
- 0.63%
- YTD
- 1.89%
- 6M
- 2.19%
- 1Y
- 6.80%
- 3Y*
- 9.20%
- 5Y*
- 4.36%
- 10Y*
- 5.17%
BAICX vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BAICX BlackRock Multi-Asset Income Portfolio | 3.55% | 11.53% | 7.19% | 9.24% | -12.42% | 6.61% | 6.34% | 13.61% | -3.78% | 8.79% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.89% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between BAICX and SPHY is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.51 |
Over the past year, BAICX and SPHY have become more correlated (0.80) than their long-term average of 0.51, meaning their price movements have been converging.
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Return for Risk
BAICX vs. SPHY — Risk / Return Rank
BAICX
SPHY
BAICX vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Multi-Asset Income Portfolio (BAICX) 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.
| BAICX | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.36 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.83 | -0.68 |
| Martin ratioReturn relative to average drawdown | 9.28 | 12.76 | -3.49 |
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Drawdowns
BAICX vs. SPHY - Drawdown Comparison
The maximum BAICX drawdown since its inception was -33.29%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for BAICX and SPHY.
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Drawdown Indicators
| BAICX | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.29% | -21.97% | -11.32% |
Max Drawdown (1Y)Largest decline over 1 year | -5.00% | -2.41% | -2.59% |
Max Drawdown (3Y)Largest decline over 3 years | -5.85% | -4.85% | -1.00% |
Max Drawdown (5Y)Largest decline over 5 years | -17.64% | -15.29% | -2.35% |
Max Drawdown (10Y)Largest decline over 10 years | -19.76% | -21.97% | +2.21% |
Current DrawdownCurrent decline from peak | -0.37% | -0.13% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -3.73% | -2.28% | -1.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 0.53% | +0.63% |
Volatility
BAICX vs. SPHY - Volatility Comparison
BlackRock Multi-Asset Income Portfolio (BAICX) has a higher volatility of 2.15% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.95%. This indicates that BAICX'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.
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Volatility by Period
| BAICX | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.15% | 0.95% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 4.67% | 2.98% | +1.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.59% | 3.72% | +1.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.32% | 7.18% | -0.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.08% | 7.86% | -1.78% |
BAICX vs. SPHY - Expense Ratio Comparison
BAICX has a 0.81% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
BAICX vs. SPHY - Dividend Comparison
BAICX's dividend yield for the trailing twelve months is around 6.36%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BAICX BlackRock Multi-Asset Income Portfolio | 6.36% | 6.26% | 5.85% | 4.20% | 4.21% | 4.90% | 4.07% | 4.69% | 5.28% | 4.60% | 4.71% | 5.34% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.24% | 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
BAICX and SPHY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BAICX has higher volatility (2.15%) compared to SPHY (0.95%). In terms of maximum drawdown, BAICX dropped -33.29% vs SPHY's -21.97%.
BAICX currently has the higher Sharpe Ratio (1.92 vs 1.84), 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.
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