HYDW vs. SPY
HYDW (Xtrackers Low Beta High Yield Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - HYDW is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market Low Beta Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, HYDW returned 3.54%/yr vs 13.51%/yr for SPY. A 0.65 correlation means they provide meaningful diversification when combined. HYDW charges 0.20%/yr vs 0.09%/yr for SPY.
Performance
HYDW vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HYDW achieves a 1.25% return, which is significantly lower than SPY's 9.74% return.
HYDW
- 1D
- -0.13%
- 1M
- 0.47%
- YTD
- 1.25%
- 6M
- 1.45%
- 1Y
- 5.43%
- 3Y*
- 7.32%
- 5Y*
- 3.54%
- 10Y*
- —
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
HYDW vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HYDW Xtrackers Low Beta High Yield Bond ETF | 1.25% | 8.47% | 5.42% | 9.84% | -7.86% | 2.77% | 5.51% | 11.44% | -1.15% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -7.10% |
Correlation
The correlation between HYDW and SPY is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018 | 0.65 |
The correlation between HYDW and SPY has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.
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
HYDW vs. SPY — Risk / Return Rank
HYDW
SPY
HYDW vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers Low Beta High Yield Bond ETF (HYDW) and State Street SPDR S&P 500 ETF (SPY). 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.
| HYDW | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.39 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 3.01 | -0.40 |
| Martin ratioReturn relative to average drawdown | 12.38 | 13.54 | -1.15 |
Loading charts...
Drawdowns
HYDW vs. SPY - Drawdown Comparison
The maximum HYDW drawdown since its inception was -17.75%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HYDW and SPY.
Loading charts...
Drawdown Indicators
| HYDW | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.75% | -55.19% | +37.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.09% | -8.88% | +6.79% |
Max Drawdown (3Y)Largest decline over 3 years | -3.64% | -18.76% | +15.12% |
Max Drawdown (5Y)Largest decline over 5 years | -12.68% | -24.50% | +11.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -0.13% | -1.75% | +1.62% |
Average DrawdownAverage peak-to-trough decline | -1.88% | -9.04% | +7.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 1.97% | -1.53% |
Volatility
HYDW vs. SPY - Volatility Comparison
The current volatility for Xtrackers Low Beta High Yield Bond ETF (HYDW) is 0.67%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that HYDW experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HYDW | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 4.64% | -3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 2.30% | 9.75% | -7.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.95% | 12.43% | -9.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.41% | 17.14% | -10.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.97% | 17.99% | -11.02% |
HYDW vs. SPY - Expense Ratio Comparison
HYDW has a 0.20% expense ratio, which is higher than SPY's 0.09% 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
HYDW vs. SPY - Dividend Comparison
HYDW's dividend yield for the trailing twelve months is around 5.73%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYDW Xtrackers Low Beta High Yield Bond ETF | 5.73% | 5.75% | 5.35% | 5.69% | 4.78% | 3.30% | 4.45% | 4.56% | 4.42% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
HYDW and SPY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to HYDW (0.67%). In terms of maximum drawdown, HYDW dropped -17.75% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.51% vs 3.54% for HYDW. On fees, SPY is cheaper at 0.09% per year. On volatility, HYDW has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.51% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.20% for HYDW.
HYDW has the higher dividend yield at 5.73%, compared with 1.01% for SPY.
HYDW is categorized as High Yield Bonds, while SPY is S&P 500. HYDW tracks Solactive USD High Yield Corporates Total Market Low Beta Index, while SPY tracks S&P 500 Index. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.20% for HYDW and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 1.85), 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 HYDW and SPY
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