BFRAX vs. SPHY

Last updated Aug 4, 2026

BFRAX (BlackRock Floating Rate Income Fund) and SPHY (SPDR Portfolio High Yield Bond ETF) are both funds - BFRAX is a Bank Loan 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, BFRAX returned 4.23%/yr vs 4.86%/yr for SPHY. Their 0.27 correlation means their historical movements had little consistent relationship. BFRAX charges 0.90%/yr vs 0.05%/yr for SPHY.

Performance

BFRAX vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Floating Rate Income Fund (BFRAX) 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, BFRAX achieves a 0.92% return, which is significantly lower than SPHY's 2.13% return. Over the past 10 years, BFRAX has underperformed SPHY with an annualized return of 4.23%, while SPHY has yielded a comparatively higher 4.86% annualized return.

BFRAX

• 1D: 0.00%
• 1M: 0.11%
• 6M: 1.15%
• YTD: 0.92%
• 1Y: 3.05%
• 3Y*: 6.07%
• 5Y*: 4.75%
• 10Y*: 4.23%
• ALL TIME*: 1.09%

SPHY

• 1D: 0.28%
• 1M: -0.02%
• 6M: 1.41%
• YTD: 2.13%
• 1Y: 5.77%
• 3Y*: 8.59%
• 5Y*: 4.30%
• 10Y*: 4.86%
• ALL TIME*: 4.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BFRAX BlackRock Floating Rate Income Fund	$0.00	$0.00	$0.00
SPHY SPDR Portfolio High Yield Bond ETF	$261.99M	$177.04M	$128.39M

BFRAX vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BFRAX BlackRock Floating Rate Income Fund	0.92%	5.35%	8.12%	9.94%	-1.43%	3.59%	2.39%	8.60%	-0.74%	3.10%
SPHY SPDR Portfolio High Yield Bond ETF	2.13%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between BFRAX and SPHY is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.33
Correlation (5Y) Shows whether the relationship held over a longer period.	0.36
Correlation (10Y) Provides a long-term view across more market conditions.	0.32
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012	0.27

The correlation between BFRAX and SPHY shifts across timeframes, from 0.27 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BFRAX vs. SPHY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BFRAX

BFRAX Risk / Return Rank: 55
BFRAX Sharpe Ratio Rank: 44
BFRAX Sortino Ratio Rank: 77
BFRAX Omega Ratio Rank: 80
BFRAX Calmar Ratio Rank: 39
BFRAX Martin Ratio Rank: 34

SPHY

SPHY Risk / Return Rank: 72
SPHY Sharpe Ratio Rank: 67
SPHY Sortino Ratio Rank: 73
SPHY Omega Ratio Rank: 73
SPHY Calmar Ratio Rank: 68
SPHY Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BFRAX vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Fund (BFRAX) 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.

	BFRAX	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.58	-0.20
Sortino ratio: Return per unit of downside risk	2.71	2.39	+0.32
Omega ratio: Gain probability vs. loss probability	1.38	1.31	+0.07
Calmar ratio: Return relative to maximum drawdown	1.74	2.40	-0.67
Martin ratio: Return relative to average drawdown	5.33	10.68	-5.36

BFRAX vs. SPHY - Sharpe Ratio Comparison

The current BFRAX Sharpe Ratio is 1.37, which is comparable to the SPHY Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of BFRAX 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

BFRAX vs. SPHY - Drawdown Comparison

The maximum BFRAX drawdown since its inception was -44.69%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for BFRAX and SPHY.

Drawdown Indicators

	BFRAX	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-44.69%	-21.97%	-22.72%
Max Drawdown (1Y) Largest decline over 1 year	-1.70%	-2.41%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-2.81%	-4.85%	+2.04%
Max Drawdown (5Y) Largest decline over 5 years	-6.43%	-15.29%	+8.86%
Max Drawdown (10Y) Largest decline over 10 years	-20.61%	-21.97%	+1.36%
Current Drawdown Current decline from peak	-0.11%	-0.15%	+0.04%
Average Drawdown Average peak-to-trough decline	-6.76%	-2.27%	-4.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.54%	+0.02%

Volatility

BFRAX vs. SPHY - Volatility Comparison

The current volatility for BlackRock Floating Rate Income Fund (BFRAX) is 0.26%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 0.79%. This indicates that BFRAX experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFRAX	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	0.79%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	1.59%	3.03%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	2.19%	3.69%	-1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.80%	7.18%	-4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.94%	7.83%	-3.89%

BFRAX vs. SPHY - Expense Ratio Comparison

BFRAX has a 0.90% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

BFRAX vs. SPHY - Dividend Comparison

BFRAX's dividend yield for the trailing twelve months is around 5.80%, less than SPHY's 7.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BFRAX BlackRock Floating Rate Income Fund	5.80%	6.68%	8.00%	6.24%	4.09%	2.91%	3.81%	4.65%	4.58%	3.45%	3.90%	4.02%
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 BFRAX and SPHY in my portfolio?

BFRAX and SPHY have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BFRAX or SPHY?

SPHY has higher volatility (0.79%) compared to BFRAX (0.26%). In terms of maximum drawdown, BFRAX dropped -44.69% vs SPHY's -21.97%.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (1.58 vs 1.37), 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.