EMHC vs. SPHY
EMHC (SPDR Bloomberg Emerging Markets USD Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - EMHC is a Emerging Markets Bonds fund tracking the Bloomberg Emerging USD Bond Core Index - Benchmark TR Net, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, EMHC returned 1.15%/yr vs 4.19%/yr for SPHY. Their 0.71 correlation means they have sometimes moved together and sometimes differently. EMHC charges 0.23%/yr vs 0.05%/yr for SPHY.
Performance
EMHC vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, EMHC achieves a 0.55% return, which is significantly lower than SPHY's 1.84% return.
EMHC
- 1D
- -0.08%
- 1M
- -1.67%
- 6M
- 0.23%
- YTD
- 0.55%
- 1Y
- 6.90%
- 3Y*
- 7.66%
- 5Y*
- 1.15%
- 10Y*
- —
- ALL TIME*
- 1.66%
SPHY
- 1D
- 0.04%
- 1M
- -0.30%
- 6M
- 1.20%
- YTD
- 1.84%
- 1Y
- 5.47%
- 3Y*
- 8.43%
- 5Y*
- 4.19%
- 10Y*
- 4.92%
- ALL TIME*
- 4.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.11M | $1.05M | $1.14M | |
| $242.17M | $164.39M | $124.54M |
EMHC vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 0.55% | 14.07% | 3.52% | 10.06% | -17.75% | 1.56% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.84% | 8.59% | 8.54% | 12.81% | -10.57% | 3.83% |
Correlation
The correlation between EMHC and SPHY is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2021 | 0.71 |
The correlation between EMHC and SPHY has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.
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Return for Risk
EMHC vs. SPHY — Risk / Return Rank
EMHC
SPHY
EMHC vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) 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.
| EMHC | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 2.27 | -0.62 |
| Martin ratioReturn relative to average drawdown | 6.59 | 10.10 | -3.51 |
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Drawdowns
EMHC vs. SPHY - Drawdown Comparison
The maximum EMHC drawdown since its inception was -28.03%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for EMHC and SPHY.
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Drawdown Indicators
| EMHC | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.03% | -21.97% | -6.06% |
Max Drawdown (1Y)Largest decline over 1 year | -4.37% | -2.41% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -6.74% | -4.85% | -1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -28.03% | -15.29% | -12.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -1.90% | -0.43% | -1.47% |
Average DrawdownAverage peak-to-trough decline | -9.63% | -2.27% | -7.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 0.54% | +0.55% |
Volatility
EMHC vs. SPHY - Volatility Comparison
SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC) has a higher volatility of 1.28% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.75%. This indicates that EMHC'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.
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Volatility by Period
| EMHC | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 0.75% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 4.36% | 3.02% | +1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 3.67% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.07% | 7.18% | +1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 7.83% | +1.04% |
EMHC vs. SPHY - Expense Ratio Comparison
EMHC has a 0.23% expense ratio, which is higher than SPHY's 0.05% 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
EMHC vs. SPHY - Dividend Comparison
EMHC's dividend yield for the trailing twelve months is around 6.19%, less than SPHY's 7.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 5.71% | 6.16% | 5.95% | 5.12% | 5.11% | 2.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 6.62% | 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
EMHC and SPHY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMHC has higher volatility (1.28%) compared to SPHY (0.75%). In terms of maximum drawdown, EMHC dropped -28.03% vs SPHY's -21.97%.
On 5-year performance, SPHY leads with 4.19% vs 1.15% for EMHC. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.75%. 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 4.19% return vs 1.15%. 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 0.23% for EMHC.
SPHY has the higher dividend yield at 6.62%, compared with 5.71% for EMHC.
EMHC is categorized as Emerging Markets Bonds, while SPHY is High Yield Bonds. EMHC tracks Bloomberg Emerging USD Bond Core Index - Benchmark TR Net, while SPHY tracks ICE BofA US High Yield Index. Their fees differ too: 0.23% for EMHC and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.49 vs 1.32), 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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