FALN vs. SPHY
FALN (iShares Fallen Angels USD Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - FALN tracks the Bloomberg US High Yield Fallen Angel 3% Capped Index while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, FALN returned 6.24%/yr vs 4.92%/yr for SPHY. Their 0.70 correlation means they have sometimes moved together and sometimes differently. FALN charges 0.25%/yr vs 0.05%/yr for SPHY.
Performance
FALN vs. SPHY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FALN having a 1.86% return and SPHY slightly lower at 1.84%. Over the past 10 years, FALN has outperformed SPHY with an annualized return of 6.24%, while SPHY has yielded a comparatively lower 4.92% annualized return.
FALN
- 1D
- -0.11%
- 1M
- -0.92%
- 6M
- 0.86%
- YTD
- 1.86%
- 1Y
- 6.24%
- 3Y*
- 8.53%
- 5Y*
- 3.39%
- 10Y*
- 6.24%
- ALL TIME*
- 6.52%
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) |
|---|---|---|---|
| $23.72M | $18.39M | $26.66M | |
| $242.17M | $164.39M | $124.54M |
FALN vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FALN iShares Fallen Angels USD Bond ETF | 1.86% | 8.92% | 7.68% | 13.47% | -13.79% | 5.40% | 14.85% | 17.42% | -4.97% | 8.70% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.84% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between FALN and SPHY is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2016 | 0.70 |
Over the past year, FALN and SPHY have become more correlated (0.92) than their long-term average of 0.70, meaning their price movements have been converging.
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Return for Risk
FALN vs. SPHY — Risk / Return Rank
FALN
SPHY
FALN vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Fallen Angels USD Bond ETF (FALN) 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.
| FALN | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.29 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 2.27 | -0.70 |
| Martin ratioReturn relative to average drawdown | 6.42 | 10.10 | -3.69 |
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Drawdowns
FALN vs. SPHY - Drawdown Comparison
The maximum FALN drawdown since its inception was -29.22%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FALN and SPHY.
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Drawdown Indicators
| FALN | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.22% | -21.97% | -7.25% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -2.41% | -1.55% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -4.85% | -1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -18.78% | -15.29% | -3.49% |
Max Drawdown (10Y)Largest decline over 10 years | -29.22% | -21.97% | -7.25% |
Current DrawdownCurrent decline from peak | -1.07% | -0.43% | -0.64% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -2.27% | -1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.54% | +0.43% |
Volatility
FALN vs. SPHY - Volatility Comparison
iShares Fallen Angels USD Bond ETF (FALN) has a higher volatility of 0.99% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.75%. This indicates that FALN'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
| FALN | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 0.75% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 3.79% | 3.02% | +0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.59% | 3.67% | +0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.33% | 7.18% | +0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.86% | 7.83% | +1.03% |
FALN vs. SPHY - Expense Ratio Comparison
FALN has a 0.25% 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
FALN vs. SPHY - Dividend Comparison
FALN's dividend yield for the trailing twelve months is around 6.51%, less than SPHY's 7.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FALN iShares Fallen Angels USD Bond ETF | 5.98% | 6.31% | 6.24% | 5.37% | 5.08% | 3.40% | 5.14% | 5.35% | 5.97% | 6.98% | 3.55% | 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
With a correlation of 0.92, FALN 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.
FALN has higher volatility (0.99%) compared to SPHY (0.75%). In terms of maximum drawdown, FALN dropped -29.22% vs SPHY's -21.97%.
On 10-year performance, FALN leads with 6.24% vs 4.92% for SPHY. 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 10-year period, FALN has performed better with a 6.24% return vs 4.92%. 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 0.25% for FALN.
SPHY has the higher dividend yield at 6.62%, compared with 5.98% for FALN.
FALN tracks Bloomberg US High Yield Fallen Angel 3% Capped Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for FALN and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.49 vs 1.36), 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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