FLXN vs. SPHY

Last updated Jun 5, 2026

FLXN (Horizon Flexible Income ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds. FLXN is actively managed, while SPHY is passively managed. Their correlation of 0.94 suggests significant overlap in exposure. FLXN charges 0.82%/yr vs 0.05%/yr for SPHY.

Performance

FLXN vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Flexible Income ETF (FLXN) 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, FLXN achieves a 2.50% return, which is significantly higher than SPHY's 1.63% return.

FLXN

• 1D: 0.20%
• 1M: 0.60%
• YTD: 2.50%
• 6M: 2.95%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPHY

• 1D: 0.09%
• 1M: 0.42%
• YTD: 1.63%
• 6M: 2.02%
• 1Y: 7.02%
• 3Y*: 8.98%
• 5Y*: 4.41%
• 10Y*: 5.14%

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

FLXN vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025
FLXN Horizon Flexible Income ETF	2.50%	4.71%
SPHY SPDR Portfolio High Yield Bond ETF	1.63%	3.60%

Correlation

The correlation between FLXN and SPHY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 7, 2025	0.94

Return for Risk

FLXN vs. SPHY — Risk / Return Rank

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

SPHY

SPHY Risk / Return Rank: 64
SPHY Sharpe Ratio Rank: 58
SPHY Sortino Ratio Rank: 64
SPHY Omega Ratio Rank: 64
SPHY Calmar Ratio Rank: 60
SPHY Martin Ratio Rank: 72

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.

FLXN vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Flexible Income ETF (FLXN) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FLXN	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.92	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.62	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	0.64	+0.96

Drawdowns

FLXN vs. SPHY - Drawdown Comparison

The maximum FLXN drawdown since its inception was -3.39%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FLXN and SPHY.

Drawdown Indicators

	FLXN	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-21.97%	+18.58%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.41%	—
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	-0.14%	-0.14%	0.00%
Average Drawdown Average peak-to-trough decline	-0.38%	-2.29%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.53%	—

Volatility

Volatility by Period

	FLXN	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	3.68%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.04%	7.17%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	7.89%	-2.85%

FLXN vs. SPHY - Expense Ratio Comparison

FLXN has a 0.82% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

FLXN vs. SPHY - Dividend Comparison

FLXN's dividend yield for the trailing twelve months is around 7.49%, more than SPHY's 7.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLXN Horizon Flexible Income ETF	7.49%	3.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHY SPDR Portfolio High Yield Bond ETF	7.26%	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 FLXN and SPHY in my portfolio?

With a correlation of 0.94, FLXN 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.

Which ETF is better, FLXN or SPHY?

On fees, SPHY is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLXN or SPHY?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.82% for FLXN.

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

FLXN has the higher dividend yield at 7.49%, compared with 7.26% for SPHY.

What is the main difference between FLXN and SPHY?

They also come from different issuers: Horizon and State Street. Their fees differ too: 0.82% for FLXN and 0.05% for SPHY.