BSJS vs. SPHY
BSJS (Invesco BulletShares 2028 High Yield Corporate Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - BSJS tracks the Nasdaq BulletSharesUSD High Yield Corporate Bond 2028 Index while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, BSJS returned 3.13%/yr vs 4.30%/yr for SPHY. Their correlation of 0.85 suggests significant overlap in exposure. BSJS charges 0.42%/yr vs 0.05%/yr for SPHY.
Performance
BSJS vs. SPHY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BSJS having a 1.81% return and SPHY slightly higher at 1.85%.
BSJS
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.81%
- 6M
- 1.90%
- 1Y
- 5.59%
- 3Y*
- 8.65%
- 5Y*
- 3.13%
- 10Y*
- —
SPHY
- 1D
- -0.04%
- 1M
- 0.59%
- YTD
- 1.85%
- 6M
- 2.02%
- 1Y
- 6.57%
- 3Y*
- 9.19%
- 5Y*
- 4.30%
- 10Y*
- 5.16%
BSJS vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BSJS Invesco BulletShares 2028 High Yield Corporate Bond ETF | 1.81% | 8.31% | 7.38% | 12.28% | -13.69% | 3.40% | 3.92% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.85% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.10% |
Correlation
The correlation between BSJS and SPHY is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2020 | 0.85 |
The correlation between BSJS and SPHY has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.
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Return for Risk
BSJS vs. SPHY — Risk / Return Rank
BSJS
SPHY
BSJS vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) 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.
| BSJS | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.35 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | 2.74 | +0.69 |
| Martin ratioReturn relative to average drawdown | 16.65 | 12.33 | +4.32 |
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Drawdowns
BSJS vs. SPHY - Drawdown Comparison
The maximum BSJS drawdown since its inception was -17.73%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for BSJS and SPHY.
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Drawdown Indicators
| BSJS | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.73% | -21.97% | +4.24% |
Max Drawdown (1Y)Largest decline over 1 year | -1.64% | -2.41% | +0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -4.44% | -4.85% | +0.41% |
Max Drawdown (5Y)Largest decline over 5 years | -17.73% | -15.29% | -2.44% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -0.10% | -0.17% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -3.96% | -2.28% | -1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 0.53% | -0.19% |
Volatility
BSJS vs. SPHY - Volatility Comparison
The current volatility for Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) is 0.61%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 0.96%. This indicates that BSJS 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
| BSJS | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.96% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 2.07% | 2.97% | -0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 3.72% | -0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.40% | 7.18% | +0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 7.86% | -0.75% |
BSJS vs. SPHY - Expense Ratio Comparison
BSJS has a 0.42% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
BSJS vs. SPHY - Dividend Comparison
BSJS's dividend yield for the trailing twelve months is around 6.22%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSJS Invesco BulletShares 2028 High Yield Corporate Bond ETF | 6.22% | 6.49% | 7.04% | 6.75% | 5.82% | 4.86% | 0.75% | 0.00% | 0.00% | 0.00% | 0.00% | 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
BSJS and SPHY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (0.96%) compared to BSJS (0.61%). In terms of maximum drawdown, BSJS dropped -17.73% vs SPHY's -21.97%.
On 5-year performance, SPHY leads with 4.30% vs 3.13% for BSJS. On fees, SPHY is cheaper at 0.05% per year. On volatility, BSJS has been the lower-risk option at 0.61%. 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 4.30% return vs 3.13%. 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 BSJS.
SPHY has the higher dividend yield at 7.24%, compared with 6.22% for BSJS.
BSJS tracks Nasdaq BulletSharesUSD High Yield Corporate Bond 2028 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 BSJS and 0.05% for SPHY.
BSJS currently has the higher Sharpe Ratio (2.00 vs 1.78), 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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