FSYD vs. SPHY

Last updated Jun 24, 2026

FSYD (Fidelity Sustainable High Yield ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds. FSYD is actively managed, while SPHY is passively managed. Over the past 3 years, FSYD returned 9.71%/yr vs 9.19%/yr for SPHY. Their correlation of 0.94 suggests significant overlap in exposure. FSYD charges 0.55%/yr vs 0.05%/yr for SPHY.

Performance

FSYD vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Sustainable High Yield ETF (FSYD) 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, FSYD achieves a 3.40% return, which is significantly higher than SPHY's 1.85% return.

FSYD

• 1D: -0.11%
• 1M: 0.47%
• YTD: 3.40%
• 6M: 3.65%
• 1Y: 9.25%
• 3Y*: 9.71%
• 5Y*: —
• 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%

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

FSYD vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FSYD Fidelity Sustainable High Yield ETF	3.40%	9.09%	8.74%	12.22%	-6.63%
SPHY SPDR Portfolio High Yield Bond ETF	1.85%	8.59%	8.54%	12.81%	-6.84%

Correlation

The correlation between FSYD and SPHY is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 17, 2022	0.94

The correlation between FSYD and SPHY has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

FSYD vs. SPHY — Risk / Return Rank

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

FSYD

FSYD Risk / Return Rank: 77
FSYD Sharpe Ratio Rank: 75
FSYD Sortino Ratio Rank: 83
FSYD Omega Ratio Rank: 80
FSYD Calmar Ratio Rank: 72
FSYD Martin Ratio Rank: 77

SPHY

SPHY Risk / Return Rank: 60
SPHY Sharpe Ratio Rank: 54
SPHY Sortino Ratio Rank: 59
SPHY Omega Ratio Rank: 59
SPHY Calmar Ratio Rank: 57
SPHY Martin Ratio Rank: 69

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.

FSYD vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainable High Yield ETF (FSYD) 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.

	FSYD	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.78	+0.48
Sortino ratio: Return per unit of downside risk	3.45	2.70	+0.75
Omega ratio: Gain probability vs. loss probability	1.45	1.35	+0.10
Calmar ratio: Return relative to maximum drawdown	3.47	2.74	+0.74
Martin ratio: Return relative to average drawdown	13.85	12.33	+1.51

FSYD vs. SPHY - Sharpe Ratio Comparison

The current FSYD Sharpe Ratio is 2.26, which is comparable to the SPHY Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of FSYD and SPHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FSYD vs. SPHY - Drawdown Comparison

The maximum FSYD drawdown since its inception was -12.11%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for FSYD and SPHY.

Drawdown Indicators

	FSYD	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-12.11%	-21.97%	+9.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-2.41%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-5.49%	-4.85%	-0.64%
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	-0.38%	-0.17%	-0.21%
Average Drawdown Average peak-to-trough decline	-2.38%	-2.28%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.53%	+0.14%

Volatility

FSYD vs. SPHY - Volatility Comparison

Fidelity Sustainable High Yield ETF (FSYD) and SPDR Portfolio High Yield Bond ETF (SPHY) have volatilities of 0.98% and 0.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSYD	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.96%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	2.97%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	3.72%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.81%	7.18%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.81%	7.86%	-0.05%

FSYD vs. SPHY - Expense Ratio Comparison

FSYD has a 0.55% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

FSYD vs. SPHY - Dividend Comparison

FSYD's dividend yield for the trailing twelve months is around 6.32%, less than SPHY's 7.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSYD Fidelity Sustainable High Yield ETF	6.32%	6.49%	6.47%	6.70%	5.29%	0.00%	0.00%	0.00%	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

Can I hold both FSYD and SPHY in my portfolio?

FSYD and SPHY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSYD or SPHY?

FSYD has higher volatility (0.98%) compared to SPHY (0.96%). In terms of maximum drawdown, FSYD dropped -12.11% vs SPHY's -21.97%.

Which ETF is better, FSYD or SPHY?

On 3-year performance, FSYD leads with 9.71% vs 9.19% for SPHY. On fees, SPHY is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSYD or SPHY?

Over the 3-year period, FSYD has performed better with a 9.71% return vs 9.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSYD or SPHY?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.55% for FSYD.

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

SPHY has the higher dividend yield at 7.24%, compared with 6.32% for FSYD.

What is the main difference between FSYD and SPHY?

They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.55% for FSYD and 0.05% for SPHY.

Which has better risk-adjusted returns?

FSYD currently has the higher Sharpe Ratio (2.26 vs 1.78), 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.