HYGI vs. SPHY
HYGI (iShares Inflation Hedged High Yield Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. HYGI charges 0.52%/yr vs 0.05%/yr for SPHY.
Performance
HYGI vs. SPHY - Performance Comparison
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Returns By Period
HYGI
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPHY
- 1D
- -0.04%
- 1M
- 0.59%
- YTD
- 1.85%
- 6M
- 2.02%
- 1Y
- 6.57%
- 3Y*
- 9.19%
- 5Y*
- 4.30%
- 10Y*
- 5.16%
HYGI vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYGI iShares Inflation Hedged High Yield Bond ETF | 0.00% | 6.20% | 9.16% | 11.71% | 0.65% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.85% | 8.59% | 8.54% | 12.81% | 1.84% |
Correlation
The correlation between HYGI and SPHY is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022 | 0.83 |
Over the past year, the correlation between HYGI and SPHY has dropped to 0.24 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.
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Return for Risk
HYGI vs. SPHY — Risk / Return Rank
HYGI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPHY
HYGI vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Inflation Hedged High Yield Bond ETF (HYGI) 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.
| HYGI | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.74 | — |
| Martin ratioReturn relative to average drawdown | — | 12.33 | — |
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Drawdowns
HYGI vs. SPHY - Drawdown Comparison
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Drawdown Indicators
| HYGI | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -21.97% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.41% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.85% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | — | -0.17% | — |
Average DrawdownAverage peak-to-trough decline | — | -2.28% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.53% | — |
Volatility
HYGI vs. SPHY - Volatility Comparison
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Volatility by Period
| HYGI | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.96% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.97% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 3.72% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 7.18% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 7.86% | — |
HYGI vs. SPHY - Expense Ratio Comparison
HYGI has a 0.52% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
HYGI vs. SPHY - Dividend Comparison
HYGI has not paid dividends to shareholders, while SPHY's dividend yield for the trailing twelve months is around 7.24%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGI iShares Inflation Hedged High Yield Bond ETF | 0.97% | 3.41% | 6.08% | 6.22% | 3.19% | 0.00% | 0.00% | 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
HYGI and SPHY have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPHY is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.52% for HYGI.
SPHY has the higher dividend yield at 7.24%, compared with 0.97% for HYGI.
HYGI is categorized as Inflation-Protected Bonds, while SPHY is High Yield Bonds. HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.52% for HYGI and 0.05% for SPHY.
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