BSJV vs. SPHY

Last updated Jun 3, 2026

BSJV (Invesco BulletShares 2031 High Yield Corporate Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - BSJV tracks the NASDAQ BulletShares USD Corporate Bond 2031 while SPHY tracks the ICE BofAML US High Yield Index. Both are passively managed. Over the past year, BSJV returned 7.11% vs 7.62% for SPHY. Their correlation of 0.87 suggests significant overlap in exposure. BSJV charges 0.42%/yr vs 0.10%/yr for SPHY.

Performance

BSJV vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV) 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, BSJV achieves a 1.22% return, which is significantly lower than SPHY's 1.76% return.

BSJV

• 1D: 0.10%
• 1M: 0.49%
• YTD: 1.22%
• 6M: 2.16%
• 1Y: 7.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPHY

• 1D: 0.09%
• 1M: 0.33%
• YTD: 1.76%
• 6M: 2.28%
• 1Y: 7.62%
• 3Y*: 9.04%
• 5Y*: 4.48%
• 10Y*: 5.17%

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

BSJV vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BSJV Invesco BulletShares 2031 High Yield Corporate Bond ETF	1.22%	9.50%	5.66%	7.24%
SPHY SPDR Portfolio High Yield Bond ETF	1.76%	8.59%	8.54%	6.09%

Correlation

The correlation between BSJV 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 (All Time) Calculated using the full available price history since Sep 21, 2023	0.87

The correlation between BSJV and SPHY has been stable across timeframes, ranging from 0.87 to 0.87 - a consistent structural relationship.

BSJV vs. SPHY - Sectors Allocation Comparison

Sectors	BSJV	SPHY
Consumer Cyclical	7.5%	-
Industrials	6.8%	-
Energy	6.3%	0.1%
Healthcare	4.5%	-
Financial Services	4.3%	99.9%
Basic Materials	3.5%	-
Real Estate	2.8%	-
Communication Services	2.5%	-
Technology	2.5%	-
Utilities	2.1%	-
Consumer Defensive	1.0%	-

Return for Risk

BSJV vs. SPHY — Risk / Return Rank

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

BSJV

BSJV Risk / Return Rank: 48
BSJV Sharpe Ratio Rank: 46
BSJV Sortino Ratio Rank: 49
BSJV Omega Ratio Rank: 49
BSJV Calmar Ratio Rank: 44
BSJV Martin Ratio Rank: 54

SPHY

SPHY Risk / Return Rank: 67
SPHY Sharpe Ratio Rank: 62
SPHY Sortino Ratio Rank: 68
SPHY Omega Ratio Rank: 68
SPHY Calmar Ratio Rank: 63
SPHY Martin Ratio Rank: 74

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.

BSJV vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV) 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.

	BSJV	SPHY	Difference
Sharpe ratio Return per unit of total volatility	1.64	2.08	-0.45
Sortino ratio Return per unit of downside risk	2.43	3.17	-0.74
Omega ratio Gain probability vs. loss probability	1.31	1.42	-0.11
Calmar ratio Return relative to maximum drawdown	2.20	3.15	-0.95
Martin ratio Return relative to average drawdown	9.49	14.32	-4.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSJV vs. SPHY - Sharpe Ratio Comparison

The current BSJV Sharpe Ratio is 1.64, which is comparable to the SPHY Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of BSJV 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.

Sharpe Ratios by Period

	BSJV	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	2.08	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.63	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	0.64	+0.80

Drawdowns

BSJV vs. SPHY - Drawdown Comparison

The maximum BSJV drawdown since its inception was -5.22%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for BSJV and SPHY.

Drawdown Indicators

	BSJV	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-5.22%	-21.97%	+16.75%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-2.41%	-0.80%
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 Drawdown Current decline from peak	0.00%	-0.01%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.79%	-2.29%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.53%	+0.22%

Volatility

BSJV vs. SPHY - Volatility Comparison

Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV) has a higher volatility of 1.23% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.16%. This indicates that BSJV'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.

Volatility by Period

	BSJV	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.16%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	3.32%	2.91%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	4.36%	3.67%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.17%	7.17%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.17%	7.89%	-1.72%

BSJV vs. SPHY - Expense Ratio Comparison

BSJV has a 0.42% expense ratio, which is higher than SPHY's 0.10% expense ratio.

Dividends

BSJV vs. SPHY - Dividend Comparison

BSJV's dividend yield for the trailing twelve months is around 6.57%, less than SPHY's 7.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSJV Invesco BulletShares 2031 High Yield Corporate Bond ETF	6.57%	6.52%	6.67%	1.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHY SPDR Portfolio High Yield Bond ETF	7.25%	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 BSJV and SPHY in my portfolio?

BSJV 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.

Which is riskier, BSJV or SPHY?

BSJV has higher volatility (1.23%) compared to SPHY (1.16%). In terms of maximum drawdown, BSJV dropped -5.22% vs SPHY's -21.97%.

Which ETF is better, BSJV or SPHY?

On 1-year performance, SPHY leads with 7.62% vs 7.11% for BSJV. On fees, SPHY is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSJV or SPHY?

Over the 1-year period, SPHY has performed better with a 7.62% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSJV or SPHY?

SPHY is cheaper with a 0.10% expense ratio, compared with 0.42% for BSJV.

Which ETF pays a higher dividend yield, BSJV or SPHY?

SPHY has the higher dividend yield at 7.25%, compared with 6.57% for BSJV.

What is the main difference between BSJV and SPHY?

BSJV tracks NASDAQ BulletShares USD Corporate Bond 2031, while SPHY tracks ICE BofAML US High Yield Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.42% for BSJV and 0.10% for SPHY.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (2.08 vs 1.64), 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.