HYBB vs. SPHY
HYBB (iShares BB Rated Corporate Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - HYBB tracks the ICE BofA BB US High Yield Constrained Index (USD) while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, HYBB returned 3.53%/yr vs 4.36%/yr for SPHY. Their correlation of 0.93 suggests significant overlap in exposure. HYBB charges 0.25%/yr vs 0.05%/yr for SPHY.
Performance
HYBB vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYBB achieves a 1.50% return, which is significantly lower than SPHY's 1.89% return.
HYBB
- 1D
- -0.19%
- 1M
- 0.42%
- YTD
- 1.50%
- 6M
- 1.76%
- 1Y
- 6.16%
- 3Y*
- 8.17%
- 5Y*
- 3.53%
- 10Y*
- —
SPHY
- 1D
- -0.09%
- 1M
- 0.63%
- YTD
- 1.89%
- 6M
- 2.19%
- 1Y
- 6.80%
- 3Y*
- 9.20%
- 5Y*
- 4.36%
- 10Y*
- 5.17%
HYBB vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HYBB iShares BB Rated Corporate Bond ETF | 1.50% | 8.95% | 6.35% | 10.53% | -10.11% | 3.36% | 4.46% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.89% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 5.73% |
Correlation
The correlation between HYBB 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 | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2020 | 0.93 |
The correlation between HYBB and SPHY has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
HYBB vs. SPHY — Risk / Return Rank
HYBB
SPHY
HYBB vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares BB Rated Corporate Bond ETF (HYBB) 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.
| HYBB | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.36 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 2.83 | -0.34 |
| Martin ratioReturn relative to average drawdown | 11.17 | 12.76 | -1.59 |
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Drawdowns
HYBB vs. SPHY - Drawdown Comparison
The maximum HYBB drawdown since its inception was -15.28%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for HYBB and SPHY.
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Drawdown Indicators
| HYBB | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.28% | -21.97% | +6.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.48% | -2.41% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -4.01% | -4.85% | +0.84% |
Max Drawdown (5Y)Largest decline over 5 years | -15.28% | -15.29% | +0.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.13% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -3.20% | -2.28% | -0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.53% | +0.02% |
Volatility
HYBB vs. SPHY - Volatility Comparison
The current volatility for iShares BB Rated Corporate Bond ETF (HYBB) is 0.88%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 0.95%. This indicates that HYBB experiences smaller price fluctuations and is considered to be less risky 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
| HYBB | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.95% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.64% | 2.98% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 3.72% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.94% | 7.18% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.65% | 7.86% | -1.21% |
HYBB vs. SPHY - Expense Ratio Comparison
HYBB 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
HYBB vs. SPHY - Dividend Comparison
HYBB's dividend yield for the trailing twelve months is around 5.86%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYBB iShares BB Rated Corporate Bond ETF | 5.86% | 6.08% | 6.22% | 6.28% | 5.04% | 3.86% | 0.76% | 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
HYBB 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.
SPHY has higher volatility (0.95%) compared to HYBB (0.88%). In terms of maximum drawdown, HYBB dropped -15.28% vs SPHY's -21.97%.
On 5-year performance, SPHY leads with 4.36% vs 3.53% for HYBB. 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.
Over the 5-year period, SPHY has performed better with a 4.36% return vs 3.53%. 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 HYBB.
SPHY has the higher dividend yield at 7.24%, compared with 5.86% for HYBB.
HYBB tracks ICE BofA BB US High Yield Constrained Index (USD), 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 HYBB and 0.05% for SPHY.
HYBB currently has the higher Sharpe Ratio (1.87 vs 1.84), 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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