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 0.82 means they have usually moved in the same direction. 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
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
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) |
|---|---|---|---|
| $242.17M | $164.39M | $124.54M |
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 | 1.84% | 8.59% | 8.54% | 12.81% | 1.84% |
Correlation
The correlation between HYGI and SPHY is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2022 | 0.82 |
Over the past year, the correlation between HYGI and SPHY has dropped to 0.07 - well below their long-term average of 0.82, 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 | — | 1.29 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.27 | — |
| Martin ratioReturn relative to average drawdown | — | 10.10 | — |
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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 | — | -0.43% | — |
Average DrawdownAverage peak-to-trough decline | — | -2.27% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.54% | — |
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 | — | 0.75% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.02% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 3.67% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 7.18% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 7.83% | — |
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 7.25%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGI iShares Inflation Hedged High Yield Bond ETF | 0.50% | 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 | 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
HYGI and SPHY have a correlation of 0.07, 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 6.62%, compared with 0.50% 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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