HYG vs. SPHY
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - HYG tracks the Markit iBoxx USD Liquid High Yield Index while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, HYG returned 4.75%/yr vs 4.92%/yr for SPHY. Their 0.60 correlation means they have sometimes moved together and sometimes differently. HYG charges 0.49%/yr vs 0.05%/yr for SPHY.
Performance
HYG vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYG achieves a 1.54% return, which is significantly lower than SPHY's 1.84% return. Both investments have delivered pretty close results over the past 10 years, with HYG having a 4.75% annualized return and SPHY not far ahead at 4.92%.
HYG
- 1D
- 0.01%
- 1M
- -0.29%
- 6M
- 0.92%
- YTD
- 1.54%
- 1Y
- 4.84%
- 3Y*
- 8.09%
- 5Y*
- 3.61%
- 10Y*
- 4.75%
- ALL TIME*
- 4.93%
SPHY
- 1D
- 0.04%
- 1M
- -0.30%
- 6M
- 1.20%
- YTD
- 1.84%
- 1Y
- 5.47%
- 3Y*
- 8.43%
- 5Y*
- 4.19%
- 10Y*
- 4.92%
- ALL TIME*
- 4.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.79B | $2.50B | $2.68B | |
| $242.17M | $164.39M | $124.54M |
HYG vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.54% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.84% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between HYG and SPHY is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.60 |
Over the past year, HYG and SPHY have become more correlated (0.97) than their long-term average of 0.60, meaning their price movements have been converging.
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Return for Risk
HYG vs. SPHY — Risk / Return Rank
HYG
SPHY
HYG vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) 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.
| HYG | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 2.27 | -0.19 |
| Martin ratioReturn relative to average drawdown | 8.96 | 10.10 | -1.15 |
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Drawdowns
HYG vs. SPHY - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for HYG and SPHY.
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Drawdown Indicators
| HYG | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -21.97% | -12.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -2.41% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -4.85% | +0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -15.29% | -0.50% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | -21.97% | -0.06% |
Current DrawdownCurrent decline from peak | -0.49% | -0.43% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -3.22% | -2.27% | -0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.54% | 0.00% |
Volatility
HYG vs. SPHY - Volatility Comparison
iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a higher volatility of 0.80% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.75%. This indicates that HYG's price experiences larger fluctuations and is considered to be riskier 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
| HYG | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 0.75% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.16% | 3.02% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 3.67% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.53% | 7.18% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.21% | 7.83% | +0.38% |
HYG vs. SPHY - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
HYG vs. SPHY - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.92%, less than SPHY's 7.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.41% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
SPHY SPDR Portfolio High Yield Bond ETF | 6.62% | 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
With a correlation of 0.97, HYG 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.
HYG has higher volatility (0.80%) compared to SPHY (0.75%). In terms of maximum drawdown, HYG dropped -34.25% vs SPHY's -21.97%.
On 10-year performance, SPHY leads with 4.92% vs 4.75% for HYG. 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 10-year period, SPHY has performed better with a 4.92% return vs 4.75%. 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 0.49% for HYG.
SPHY has the higher dividend yield at 6.62%, compared with 5.41% for HYG.
HYG tracks Markit iBoxx USD Liquid High Yield Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.49% for HYG and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.49 vs 1.26), 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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