FCOR vs. SPHY
FCOR (Fidelity Corporate Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - FCOR is a Corporate Bonds fund actively managed by Fidelity, while SPHY is a High Yield Bonds fund tracking the ICE BofAML US High Yield Index. FCOR is actively managed, while SPHY is passively managed. Over the past 10 years, FCOR returned 2.89%/yr vs 5.15%/yr for SPHY. At a 0.36 correlation, their price movements are largely independent. FCOR charges 0.36%/yr vs 0.10%/yr for SPHY.
Performance
FCOR vs. SPHY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FCOR achieves a 0.48% return, which is significantly lower than SPHY's 1.54% return. Over the past 10 years, FCOR has underperformed SPHY with an annualized return of 2.89%, while SPHY has yielded a comparatively higher 5.15% annualized return.
FCOR
- 1D
- -0.21%
- 1M
- 0.67%
- YTD
- 0.48%
- 6M
- 0.32%
- 1Y
- 6.06%
- 3Y*
- 5.65%
- 5Y*
- 0.70%
- 10Y*
- 2.89%
SPHY
- 1D
- -0.21%
- 1M
- 0.42%
- YTD
- 1.54%
- 6M
- 1.93%
- 1Y
- 7.16%
- 3Y*
- 8.97%
- 5Y*
- 4.39%
- 10Y*
- 5.15%
FCOR vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FCOR Fidelity Corporate Bond ETF | 0.48% | 7.88% | 3.01% | 8.95% | -15.88% | -1.64% | 11.39% | 14.87% | -3.04% | 6.13% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.54% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between FCOR and SPHY is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2014 | 0.36 |
Over the past year, FCOR and SPHY have become more correlated (0.60) than their long-term average of 0.36, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FCOR vs. SPHY — Risk / Return Rank
FCOR
SPHY
FCOR vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Corporate Bond ETF (FCOR) 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.
| FCOR | SPHY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.39 | 1.96 | -0.57 |
Sortino ratioReturn per unit of downside risk | 2.02 | 2.98 | -0.96 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.39 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | 1.99 | 2.98 | -1.00 |
Martin ratioReturn relative to average drawdown | 6.21 | 13.52 | -7.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FCOR | SPHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 1.96 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.62 | -0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.65 | -0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.64 | -0.21 |
Drawdowns
FCOR vs. SPHY - Drawdown Comparison
The maximum FCOR drawdown since its inception was -22.60%, roughly equal to the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FCOR and SPHY.
Loading charts...
Drawdown Indicators
| FCOR | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.60% | -21.97% | -0.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -2.41% | -0.65% |
Max Drawdown (3Y)Largest decline over 3 years | -6.60% | -4.85% | -1.75% |
Max Drawdown (5Y)Largest decline over 5 years | -22.60% | -15.29% | -7.31% |
Max Drawdown (10Y)Largest decline over 10 years | -22.60% | -21.97% | -0.63% |
Current DrawdownCurrent decline from peak | -1.18% | -0.22% | -0.96% |
Average DrawdownAverage peak-to-trough decline | -4.73% | -2.29% | -2.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.53% | +0.45% |
Volatility
FCOR vs. SPHY - Volatility Comparison
Fidelity Corporate Bond ETF (FCOR) has a higher volatility of 1.61% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.14%. This indicates that FCOR'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.
Loading charts...
Volatility by Period
| FCOR | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 1.14% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 3.32% | 2.91% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.38% | 3.68% | +0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.06% | 7.17% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.10% | 7.89% | -0.79% |
FCOR vs. SPHY - Expense Ratio Comparison
FCOR has a 0.36% expense ratio, which is higher than SPHY's 0.10% expense ratio.
Dividends
FCOR vs. SPHY - Dividend Comparison
FCOR's dividend yield for the trailing twelve months is around 4.55%, less than SPHY's 7.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCOR Fidelity Corporate Bond ETF | 4.55% | 4.47% | 4.35% | 3.70% | 3.30% | 2.34% | 2.99% | 3.10% | 3.65% | 2.81% | 3.04% | 3.82% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.27% | 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
FCOR and SPHY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCOR has higher volatility (1.61%) compared to SPHY (1.14%). In terms of maximum drawdown, FCOR dropped -22.60% vs SPHY's -21.97%.
On 10-year performance, SPHY leads with 5.15% vs 2.89% for FCOR. On fees, SPHY is cheaper at 0.10% per year. On volatility, SPHY has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHY has performed better with a 5.15% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.10% expense ratio, compared with 0.36% for FCOR.
SPHY has the higher dividend yield at 7.27%, compared with 4.55% for FCOR.
FCOR is categorized as Corporate Bonds, while SPHY is High Yield Bonds. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.36% for FCOR and 0.10% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.96 vs 1.39), 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.
Find the right allocation for FCOR and SPHY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer