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BBHY vs. SPHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

BBHY vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with BBHY at 1.89% and SPHY at 1.89%.


BBHY

1D
-0.08%
1M
0.64%
YTD
1.89%
6M
2.20%
1Y
6.68%
3Y*
8.90%
5Y*
4.05%
10Y*

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

BBHY vs. SPHY - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
BBHY
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
1.89%8.51%7.81%11.98%-10.37%3.88%5.36%14.35%-2.50%6.57%
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 BBHY and SPHY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.


Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.97

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.95

Correlation (All Time)
Calculated using the full available price history since Sep 15, 2016

0.76

Over the past year, BBHY and SPHY have become more correlated (0.97) than their long-term average of 0.76, meaning their price movements have been converging.

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Return for Risk

BBHY vs. SPHY — Risk / Return Rank

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

BBHY
BBHY Risk / Return Rank: 6161
Overall Rank
BBHY Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
BBHY Sortino Ratio Rank: 6161
Sortino Ratio Rank
BBHY Omega Ratio Rank: 6060
Omega Ratio Rank
BBHY Calmar Ratio Rank: 5959
Calmar Ratio Rank
BBHY Martin Ratio Rank: 7070
Martin Ratio Rank

SPHY
SPHY Risk / Return Rank: 6262
Overall Rank
SPHY Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SPHY Sortino Ratio Rank: 6262
Sortino Ratio Rank
SPHY Omega Ratio Rank: 6262
Omega Ratio Rank
SPHY Calmar Ratio Rank: 5959
Calmar Ratio Rank
SPHY Martin Ratio Rank: 7171
Martin Ratio Rank
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.

BBHY vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) 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.


BBHYSPHYDifference
Sharpe ratioReturn per unit of total volatility

-0.01

Sortino ratioReturn per unit of downside risk

-0.03

Omega ratioGain probability vs. loss probability

1.36

1.36

-0.01

Calmar ratioReturn relative to maximum drawdown

2.83

2.83

0.00

Martin ratioReturn relative to average drawdown

12.61

12.76

-0.15

BBHY vs. SPHY - Sharpe Ratio Comparison

The current BBHY Sharpe Ratio is 1.83, which is comparable to the SPHY Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of BBHY 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.


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Drawdowns

BBHY vs. SPHY - Drawdown Comparison

The maximum BBHY drawdown since its inception was -24.98%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for BBHY and SPHY.


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Drawdown Indicators


BBHYSPHYDifference

Max Drawdown

Largest peak-to-trough decline

-24.98%

-21.97%

-3.01%

Max Drawdown (1Y)

Largest decline over 1 year

-2.37%

-2.41%

+0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-5.00%

-4.85%

-0.15%

Max Drawdown (5Y)

Largest decline over 5 years

-15.32%

-15.29%

-0.03%

Max Drawdown (10Y)

Largest decline over 10 years

-21.97%

Current Drawdown

Current decline from peak

-0.14%

-0.13%

-0.01%

Average Drawdown

Average peak-to-trough decline

-2.36%

-2.28%

-0.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.53%

0.53%

0.00%

Volatility

BBHY vs. SPHY - Volatility Comparison

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) has a higher volatility of 1.04% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.95%. This indicates that BBHY'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


BBHYSPHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.04%

0.95%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

2.94%

2.98%

-0.04%

Volatility (1Y)

Calculated over the trailing 1-year period

3.68%

3.72%

-0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.28%

7.18%

+0.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.52%

7.86%

-0.34%

BBHY vs. SPHY - Expense Ratio Comparison

BBHY has a 0.15% expense ratio, which is higher than SPHY's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.


Dividends

BBHY vs. SPHY - Dividend Comparison

BBHY's dividend yield for the trailing twelve months is around 6.92%, less than SPHY's 7.24% yield.


PositionTTM20252024202320222021202020192018201720162015
BBHY
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
6.92%7.24%7.18%6.49%5.92%4.06%4.73%4.99%5.02%4.81%1.42%0.00%
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


With a correlation of 0.97, BBHY and SPHY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

BBHY has higher volatility (1.04%) compared to SPHY (0.95%). In terms of maximum drawdown, BBHY dropped -24.98% vs SPHY's -21.97%.

On 5-year performance, SPHY leads with 4.36% vs 4.05% for BBHY. On fees, SPHY is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SPHY has performed better with a 4.36% return vs 4.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPHY is cheaper with a 0.05% expense ratio, compared with 0.15% for BBHY.

SPHY has the higher dividend yield at 7.24%, compared with 6.92% for BBHY.

Both ETFs track ICE BofA US High Yield Index. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.15% for BBHY and 0.05% for SPHY.

SPHY currently has the higher Sharpe Ratio (1.84 vs 1.83), 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.

Portfolio Optimizer

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