BHYB vs. SPHY
BHYB (Xtrackers USD High Yield BB-B ex Financials ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - BHYB tracks the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index - Benchmark TR Gross while SPHY tracks the ICE BofAML US High Yield Index. Both are passively managed. Over the past year, BHYB returned 7.34% vs 7.16% for SPHY. Their correlation of 0.94 suggests significant overlap in exposure. BHYB charges 0.20%/yr vs 0.10%/yr for SPHY.
Performance
BHYB vs. SPHY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BHYB achieves a 1.69% return, which is significantly higher than SPHY's 1.54% return.
BHYB
- 1D
- -0.18%
- 1M
- 0.48%
- YTD
- 1.69%
- 6M
- 1.99%
- 1Y
- 7.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPHY
- 1D
- -0.21%
- 1M
- 0.42%
- YTD
- 1.54%
- 6M
- 1.93%
- 1Y
- 7.16%
- 3Y*
- 8.97%
- 5Y*
- 4.39%
- 10Y*
- 5.15%
BHYB vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 1.69% | 8.90% | 6.44% | 8.23% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.54% | 8.59% | 8.54% | 8.49% |
Correlation
The correlation between BHYB and SPHY is 0.91, 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 | 0.91 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2023 | 0.94 |
The correlation between BHYB and SPHY has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BHYB vs. SPHY — Risk / Return Rank
BHYB
SPHY
BHYB vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers USD High Yield BB-B ex Financials ETF (BHYB) 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.
| BHYB | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.39 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 2.98 | +0.26 |
| Martin ratioReturn relative to average drawdown | 14.88 | 13.52 | +1.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BHYB | SPHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 1.96 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.62 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.10 | 0.64 | +1.47 |
Drawdowns
BHYB vs. SPHY - Drawdown Comparison
The maximum BHYB drawdown since its inception was -4.23%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for BHYB and SPHY.
Loading charts...
Drawdown Indicators
| BHYB | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.23% | -21.97% | +17.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.27% | -2.41% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.85% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -0.21% | -0.22% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -0.40% | -2.29% | +1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.53% | -0.04% |
Volatility
BHYB vs. SPHY - Volatility Comparison
The current volatility for Xtrackers USD High Yield BB-B ex Financials ETF (BHYB) is 1.02%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 1.14%. This indicates that BHYB 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.
Loading charts...
Volatility by Period
| BHYB | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 1.14% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 2.91% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 3.68% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.71% | 7.17% | -2.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.71% | 7.89% | -3.18% |
BHYB vs. SPHY - Expense Ratio Comparison
BHYB has a 0.20% expense ratio, which is higher than SPHY's 0.10% 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
BHYB vs. SPHY - Dividend Comparison
BHYB's dividend yield for the trailing twelve months is around 6.33%, less than SPHY's 7.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 6.33% | 6.57% | 7.04% | 0.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.27% | 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 0.91, BHYB 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.
SPHY has higher volatility (1.14%) compared to BHYB (1.02%). In terms of maximum drawdown, BHYB dropped -4.23% vs SPHY's -21.97%.
On 1-year performance, BHYB leads with 7.34% vs 7.16% for SPHY. On fees, SPHY is cheaper at 0.10% per year. On volatility, BHYB has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BHYB has performed better with a 7.34% return vs 7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.10% expense ratio, compared with 0.20% for BHYB.
SPHY has the higher dividend yield at 7.27%, compared with 6.33% for BHYB.
BHYB tracks ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index - Benchmark TR Gross, while SPHY tracks ICE BofAML US High Yield Index. They also come from different issuers: Xtrackers and State Street. Their fees differ too: 0.20% for BHYB and 0.10% for SPHY.
BHYB currently has the higher Sharpe Ratio (2.17 vs 1.96), 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.
Find the right allocation for BHYB and SPHY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer