BSJQ vs. SPHY
BSJQ (Invesco BulletShares 2026 High Yield Corp Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - BSJQ tracks the NASDAQ BulletShares USD High Yield Corporate Bond 2026 TR Index while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, BSJQ returned 3.76%/yr vs 4.43%/yr for SPHY. Their correlation of 0.81 suggests significant overlap in exposure. BSJQ charges 0.42%/yr vs 0.05%/yr for SPHY.
Performance
BSJQ vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, BSJQ achieves a 1.16% return, which is significantly lower than SPHY's 1.98% return.
BSJQ
- 1D
- 0.15%
- 1M
- -0.13%
- YTD
- 1.16%
- 6M
- 1.31%
- 1Y
- 4.65%
- 3Y*
- 6.94%
- 5Y*
- 3.76%
- 10Y*
- —
SPHY
- 1D
- 0.30%
- 1M
- 0.80%
- YTD
- 1.98%
- 6M
- 2.32%
- 1Y
- 7.25%
- 3Y*
- 8.90%
- 5Y*
- 4.43%
- 10Y*
- 5.17%
BSJQ vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BSJQ Invesco BulletShares 2026 High Yield Corp Bond ETF | 1.16% | 6.59% | 7.49% | 9.83% | -7.35% | 4.53% | 2.80% | 16.74% | -4.08% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.98% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -1.41% |
Correlation
The correlation between BSJQ and SPHY is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2018 | 0.81 |
The correlation between BSJQ and SPHY shifts across timeframes, from 0.69 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BSJQ vs. SPHY — Risk / Return Rank
BSJQ
SPHY
BSJQ vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2026 High Yield Corp Bond ETF (BSJQ) 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.
| BSJQ | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +2.36 | ||
| Omega ratioGain probability vs. loss probability | 1.78 | 1.39 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 8.64 | 3.02 | +5.62 |
| Martin ratioReturn relative to average drawdown | 35.55 | 13.62 | +21.93 |
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Drawdowns
BSJQ vs. SPHY - Drawdown Comparison
The maximum BSJQ drawdown since its inception was -24.13%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for BSJQ and SPHY.
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Drawdown Indicators
| BSJQ | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.13% | -21.97% | -2.16% |
Max Drawdown (1Y)Largest decline over 1 year | -0.54% | -2.41% | +1.87% |
Max Drawdown (3Y)Largest decline over 3 years | -2.66% | -4.85% | +2.19% |
Max Drawdown (5Y)Largest decline over 5 years | -11.95% | -15.29% | +3.34% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -0.13% | -0.04% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -2.28% | +0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 0.53% | -0.40% |
Volatility
BSJQ vs. SPHY - Volatility Comparison
The current volatility for Invesco BulletShares 2026 High Yield Corp Bond ETF (BSJQ) is 0.62%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 1.12%. This indicates that BSJQ 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.
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Volatility by Period
| BSJQ | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 1.12% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 1.00% | 2.98% | -1.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.37% | 3.73% | -2.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 7.18% | -1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.42% | 7.87% | +0.55% |
BSJQ vs. SPHY - Expense Ratio Comparison
BSJQ has a 0.42% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
BSJQ vs. SPHY - Dividend Comparison
BSJQ's dividend yield for the trailing twelve months is around 5.81%, less than SPHY's 7.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSJQ Invesco BulletShares 2026 High Yield Corp Bond ETF | 5.81% | 6.10% | 6.58% | 6.58% | 5.58% | 4.27% | 4.64% | 4.59% | 2.39% | 0.00% | 0.00% | 0.00% |
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
BSJQ and SPHY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (1.12%) compared to BSJQ (0.62%). In terms of maximum drawdown, BSJQ dropped -24.13% vs SPHY's -21.97%.
On 5-year performance, SPHY leads with 4.43% vs 3.76% for BSJQ. On fees, SPHY is cheaper at 0.05% per year. On volatility, BSJQ has been the lower-risk option at 0.62%. 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 4.43% return vs 3.76%. 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 0.42% for BSJQ.
SPHY has the higher dividend yield at 7.23%, compared with 5.81% for BSJQ.
BSJQ tracks NASDAQ BulletShares USD High Yield Corporate Bond 2026 TR Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.42% for BSJQ and 0.05% for SPHY.
BSJQ currently has the higher Sharpe Ratio (3.42 vs 1.95), 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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