FISR vs. SPHY
FISR (SPDR SSGA Fixed Income Sector Rotation ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - FISR is a Intermediate Core-Plus Bond fund actively managed by State Street, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. FISR is actively managed, while SPHY is passively managed. Over the past 5 years, FISR returned -0.82%/yr vs 4.30%/yr for SPHY. At a 0.43 correlation, their price movements are largely independent. FISR charges 0.50%/yr vs 0.05%/yr for SPHY.
Performance
FISR vs. SPHY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FISR achieves a 0.28% return, which is significantly lower than SPHY's 1.85% return.
FISR
- 1D
- 0.02%
- 1M
- 0.70%
- YTD
- 0.28%
- 6M
- 0.51%
- 1Y
- 4.01%
- 3Y*
- 3.43%
- 5Y*
- -0.82%
- 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%
FISR vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FISR SPDR SSGA Fixed Income Sector Rotation ETF | 0.28% | 6.32% | 1.01% | 5.28% | -15.73% | -1.70% | 5.86% | 6.74% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.85% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 6.55% |
Correlation
The correlation between FISR and SPHY is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019 | 0.43 |
The correlation between FISR and SPHY shifts across timeframes, from 0.43 (all time) to 0.61 (3 years), reflecting how their relationship changes across market environments.
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
FISR vs. SPHY — Risk / Return Rank
FISR
SPHY
FISR vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA Fixed Income Sector Rotation ETF (FISR) 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.
| FISR | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.35 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 2.74 | -1.42 |
| Martin ratioReturn relative to average drawdown | 3.59 | 12.33 | -8.74 |
Loading charts...
Drawdowns
FISR vs. SPHY - Drawdown Comparison
The maximum FISR drawdown since its inception was -20.27%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FISR and SPHY.
Loading charts...
Drawdown Indicators
| FISR | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.27% | -21.97% | +1.70% |
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 | -20.10% | -15.29% | -4.81% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -6.10% | -0.17% | -5.93% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -2.28% | -5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 0.53% | +0.59% |
Volatility
FISR vs. SPHY - Volatility Comparison
SPDR SSGA Fixed Income Sector Rotation ETF (FISR) has a higher volatility of 1.45% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.96%. This indicates that FISR'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
| FISR | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 0.96% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 3.38% | 2.97% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.37% | 3.72% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.60% | 7.18% | -0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.35% | 7.86% | -1.51% |
FISR vs. SPHY - Expense Ratio Comparison
FISR has a 0.50% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
FISR vs. SPHY - Dividend Comparison
FISR's dividend yield for the trailing twelve months is around 4.18%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FISR SPDR SSGA Fixed Income Sector Rotation ETF | 4.18% | 3.97% | 3.59% | 3.50% | 2.19% | 1.87% | 2.47% | 2.99% | 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
FISR and SPHY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FISR has higher volatility (1.45%) compared to SPHY (0.96%). In terms of maximum drawdown, FISR dropped -20.27% vs SPHY's -21.97%.
On 5-year performance, SPHY leads with 4.30% vs -0.82% for FISR. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.96%. 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 -0.82%. 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 0.50% for FISR.
SPHY has the higher dividend yield at 7.24%, compared with 4.18% for FISR.
FISR is categorized as Intermediate Core-Plus Bond, while SPHY is High Yield Bonds. Their fees differ too: 0.50% for FISR and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.78 vs 0.92), 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 FISR 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