PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
HYG vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYG vs. SPY

Last updated Jun 13, 2026

HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, HYG returned 5.04%/yr vs 15.42%/yr for SPY. A 0.66 correlation means they provide meaningful diversification when combined. HYG charges 0.49%/yr vs 0.09%/yr for SPY.

Performance

HYG vs. SPY - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, HYG achieves a 1.65% return, which is significantly lower than SPY's 9.07% return. Over the past 10 years, HYG has underperformed SPY with an annualized return of 5.04%, while SPY has yielded a comparatively higher 15.42% annualized return.

HYG

1D
0.00%
1M
0.55%
YTD
1.65%
6M
2.21%
1Y
6.49%
3Y*
8.52%
5Y*
3.75%
10Y*
5.04%

SPY

1D
0.54%
1M
-0.08%
YTD
9.07%
6M
9.42%
1Y
24.27%
3Y*
20.86%
5Y*
13.36%
10Y*
15.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYG vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HYG
iShares iBoxx $ High Yield Corporate Bond ETF		1.65%8.59%7.97%11.54%-10.98%3.76%4.47%14.09%-2.02%6.07%
SPY
State Street SPDR S&P 500 ETF		9.07%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between HYG and SPY is 0.76, 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

0.76

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (5Y)
Calculated over the trailing 5-year period

0.73

Correlation (10Y)
Calculated over the trailing 10-year period

0.73

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2007

0.66

The correlation between HYG and SPY has been stable across timeframes, ranging from 0.66 to 0.76 - a consistent structural relationship.

HYG vs. SPY - Sectors Allocation Comparison

Sectors
HYG
SPY

Utilities

99.6%
2.4%

Real Estate

0.4%
1.9%

Basic Materials

-

1.8%

Communication Services

-

11.3%

Consumer Cyclical

-

10.3%

Consumer Defensive

-

4.8%

Energy

-

3.6%

Financial Services

-

11.8%

Healthcare

-

8.4%

Industrials

-

7.8%

Technology

-

35.9%

Utilities

HYG
99.6%
SPY
2.4%

Real Estate

HYG
0.4%
SPY
1.9%

Basic Materials

HYG

-

SPY
1.8%

Communication Services

HYG

-

SPY
11.3%

Consumer Cyclical

HYG

-

SPY
10.3%

Consumer Defensive

HYG

-

SPY
4.8%

Energy

HYG

-

SPY
3.6%

Financial Services

HYG

-

SPY
11.8%

Healthcare

HYG

-

SPY
8.4%

Industrials

HYG

-

SPY
7.8%

Technology

HYG

-

SPY
35.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares iBoxx $ High Yield Corporate Bond ETF

State Street SPDR S&P 500 ETF

Often compared with HYG:
HYG vs. LQDHYG vs. JNKHYG vs. SPHYHYG vs. AGGHYG vs. USHYHYG vs. HYGHHYG vs. SHYG
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

HYG vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYG
HYG Risk / Return Rank: 6464
Overall Rank
HYG Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
HYG Sortino Ratio Rank: 6363
Sortino Ratio Rank
HYG Omega Ratio Rank: 6060
Omega Ratio Rank
HYG Calmar Ratio Rank: 6464
Calmar Ratio Rank
HYG Martin Ratio Rank: 7575
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPY Omega Ratio Rank: 7171
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7676
Martin Ratio Rank
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.

HYG vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) 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.

HYGSPYDifference
Sharpe ratioReturn per unit of total volatility
1.68
1.98

-0.30

Sortino ratioReturn per unit of downside risk
2.54
2.68

-0.14

Omega ratioGain probability vs. loss probability

1.32

1.36

-0.04

Calmar ratioReturn relative to maximum drawdown

2.79

2.74

+0.04

Martin ratioReturn relative to average drawdown

12.25

12.39

-0.14

HYG vs. SPY - Sharpe Ratio Comparison

The current HYG Sharpe Ratio is 1.68, which is comparable to the SPY Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of HYG 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.

Loading charts...

Drawdowns

HYG vs. SPY - Drawdown Comparison

The maximum HYG drawdown since its inception was -34.25%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HYG and SPY.

Loading charts...

Drawdown Indicators

HYGSPYDifference

Max Drawdown

Largest peak-to-trough decline

-34.25%

-55.19%

+20.94%

Max Drawdown (1Y)

Largest decline over 1 year

-2.34%

-8.88%

+6.54%

Max Drawdown (3Y)

Largest decline over 3 years

-4.56%

-18.76%

+14.20%

Max Drawdown (5Y)

Largest decline over 5 years

-15.79%

-24.50%

+8.71%

Max Drawdown (10Y)

Largest decline over 10 years

-22.03%

-33.72%

+11.69%

Current Drawdown

Current decline from peak

0.00%

-2.35%

+2.35%

Average Drawdown

Average peak-to-trough decline

-3.24%

-9.04%

+5.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.53%

1.97%

-1.44%

Volatility

HYG vs. SPY - Volatility Comparison

The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.31%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.34%. This indicates that HYG 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

HYGSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.31%

4.34%

-3.03%

Volatility (6M)

Calculated over the trailing 6-month period

3.08%

9.58%

-6.50%

Volatility (1Y)

Calculated over the trailing 1-year period

3.87%

12.29%

-8.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.53%

17.12%

-9.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.29%

17.96%

-9.67%

HYG vs. SPY - Expense Ratio Comparison

HYG has a 0.49% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

HYG vs. SPY - Dividend Comparison

HYG's dividend yield for the trailing twelve months is around 5.90%, more than SPY's 1.00% yield.

PositionTTM20252024202320222021202020192018201720162015
HYG
iShares iBoxx $ High Yield Corporate Bond ETF		5.90%5.71%6.01%5.74%5.30%4.02%4.88%4.99%5.54%5.12%5.27%5.90%
SPY
State Street SPDR S&P 500 ETF		1.00%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

HYG and SPY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPY has higher volatility (4.34%) compared to HYG (1.31%). In terms of maximum drawdown, HYG dropped -34.25% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.42% vs 5.04% for HYG. On fees, SPY is cheaper at 0.09% per year. On volatility, HYG has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.42% return vs 5.04%. 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 0.49% for HYG.

HYG has the higher dividend yield at 5.90%, compared with 1.00% for SPY.

HYG is categorized as High Yield Bonds, while SPY is S&P 500. HYG tracks Markit iBoxx USD Liquid High Yield Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.49% for HYG and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (1.98 vs 1.68), 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.

Portfolio Optimizer

Find the right allocation for HYG 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