HYFI vs. SPY

Last updated Jun 4, 2026

HYFI (AB High Yield ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - HYFI is a High Yield Bonds fund actively managed by AllianceBernstein, while SPY is a S&P 500 fund tracking the S&P 500 Index. HYFI is actively managed, while SPY is passively managed. Over the past 3 years, HYFI returned 9.12%/yr vs 22.35%/yr for SPY. A 0.62 correlation means they provide meaningful diversification when combined. HYFI charges 0.40%/yr vs 0.09%/yr for SPY.

Performance

HYFI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB High Yield ETF (HYFI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYFI achieves a 1.95% return, which is significantly lower than SPY's 10.91% return.

HYFI

• 1D: -0.24%
• 1M: 0.55%
• YTD: 1.95%
• 6M: 2.21%
• 1Y: 7.81%
• 3Y*: 9.12%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

HYFI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HYFI AB High Yield ETF	1.95%	8.91%	7.98%	8.66%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	16.39%

Correlation

The correlation between HYFI and SPY is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since May 16, 2023	0.62

The correlation between HYFI and SPY has been stable across timeframes, ranging from 0.62 to 0.66 - a consistent structural relationship.

HYFI vs. SPY - Sectors Allocation Comparison

Sectors	HYFI	SPY
Communication Services	80.8%	11.3%
Consumer Cyclical	19.0%	10.3%
Energy	0.2%	3.6%
Basic Materials	-	1.8%
Consumer Defensive	-	4.8%
Financial Services	-	11.8%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Technology	-	35.9%
Utilities	-	2.4%

Return for Risk

HYFI vs. SPY — Risk / Return Rank

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

HYFI

HYFI Risk / Return Rank: 65
HYFI Sharpe Ratio Rank: 59
HYFI Sortino Ratio Rank: 67
HYFI Omega Ratio Rank: 63
HYFI Calmar Ratio Rank: 64
HYFI Martin Ratio Rank: 75

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

HYFI vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB High Yield ETF (HYFI) 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.

	HYFI	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.38	-0.39
Sortino ratio: Return per unit of downside risk	3.08	3.24	-0.16
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	3.15	3.16	-0.02
Martin ratio: Return relative to average drawdown	14.18	14.72	-0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYFI vs. SPY - Sharpe Ratio Comparison

The current HYFI Sharpe Ratio is 1.99, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of HYFI and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYFI	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.38	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.70	0.59	+1.11

Drawdowns

HYFI vs. SPY - Drawdown Comparison

The maximum HYFI drawdown since its inception was -6.34%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HYFI and SPY.

Drawdown Indicators

	HYFI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-6.34%	-55.19%	+48.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-8.88%	+6.39%
Max Drawdown (3Y) Largest decline over 3 years	-6.34%	-18.76%	+12.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.24%	-0.70%	+0.46%
Average Drawdown Average peak-to-trough decline	-0.51%	-9.05%	+8.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	1.91%	-1.36%

Volatility

HYFI vs. SPY - Volatility Comparison

The current volatility for AB High Yield ETF (HYFI) is 1.09%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that HYFI 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.

Volatility by Period

	HYFI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	2.84%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	8.90%	-5.80%
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	11.83%	-7.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.36%	17.05%	-11.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.36%	17.94%	-12.58%

HYFI vs. SPY - Expense Ratio Comparison

HYFI has a 0.40% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

HYFI vs. SPY - Dividend Comparison

HYFI's dividend yield for the trailing twelve months is around 6.64%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYFI AB High Yield ETF	6.64%	6.66%	6.57%	4.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	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

Can I hold both HYFI and SPY in my portfolio?

HYFI and SPY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYFI or SPY?

SPY has higher volatility (2.84%) compared to HYFI (1.09%). In terms of maximum drawdown, HYFI dropped -6.34% vs SPY's -55.19%.

Which ETF is better, HYFI or SPY?

On 3-year performance, SPY leads with 22.35% vs 9.12% for HYFI. On fees, SPY is cheaper at 0.09% per year. On volatility, HYFI has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYFI or SPY?

Over the 3-year period, SPY has performed better with a 22.35% return vs 9.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYFI or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.40% for HYFI.

Which ETF pays a higher dividend yield, HYFI or SPY?

HYFI has the higher dividend yield at 6.64%, compared with 0.98% for SPY.

What is the main difference between HYFI and SPY?

HYFI is categorized as High Yield Bonds, while SPY is S&P 500. They also come from different issuers: AllianceBernstein and State Street. Their fees differ too: 0.40% for HYFI and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.99), 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.