HYLB vs. SPHY
HYLB (Xtrackers USD High Yield Corporate Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - HYLB tracks the Solactive USD High Yield Corporates Total Market Index while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, HYLB returned 4.06%/yr vs 4.41%/yr for SPHY. Their correlation of 0.81 suggests significant overlap in exposure. HYLB charges 0.15%/yr vs 0.05%/yr for SPHY.
Performance
HYLB vs. SPHY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HYLB having a 1.65% return and SPHY slightly lower at 1.63%.
HYLB
- 1D
- 0.11%
- 1M
- 0.35%
- YTD
- 1.65%
- 6M
- 2.09%
- 1Y
- 6.78%
- 3Y*
- 8.79%
- 5Y*
- 4.06%
- 10Y*
- —
SPHY
- 1D
- 0.09%
- 1M
- 0.42%
- YTD
- 1.63%
- 6M
- 2.02%
- 1Y
- 7.02%
- 3Y*
- 8.98%
- 5Y*
- 4.41%
- 10Y*
- 5.14%
HYLB vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYLB Xtrackers USD High Yield Corporate Bond ETF | 1.65% | 8.74% | 8.14% | 12.03% | -10.80% | 3.94% | 5.04% | 14.06% | -1.80% | 6.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.63% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between HYLB and SPHY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2016 | 0.81 |
The correlation between HYLB and SPHY shifts across timeframes, from 0.81 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HYLB vs. SPHY — Risk / Return Rank
HYLB
SPHY
HYLB vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers USD High Yield Corporate Bond ETF (HYLB) 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.
| HYLB | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.38 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 2.92 | +0.07 |
| Martin ratioReturn relative to average drawdown | 12.90 | 13.27 | -0.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYLB | SPHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.84 | 1.92 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | 0.62 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.64 | -0.05 |
Drawdowns
HYLB vs. SPHY - Drawdown Comparison
The maximum HYLB drawdown since its inception was -22.91%, roughly equal to the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for HYLB and SPHY.
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Drawdown Indicators
| HYLB | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.91% | -21.97% | -0.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.27% | -2.41% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -4.51% | -4.85% | +0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -15.54% | -15.29% | -0.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -0.09% | -0.14% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -2.29% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.53% | 0.00% |
Volatility
HYLB vs. SPHY - Volatility Comparison
Xtrackers USD High Yield Corporate Bond ETF (HYLB) and SPDR Portfolio High Yield Bond ETF (SPHY) have volatilities of 1.19% and 1.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYLB | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.14% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 2.91% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 3.68% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.47% | 7.17% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.18% | 7.89% | +0.29% |
HYLB vs. SPHY - Expense Ratio Comparison
HYLB has a 0.15% expense ratio, which is higher than SPHY's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HYLB vs. SPHY - Dividend Comparison
HYLB's dividend yield for the trailing twelve months is around 6.48%, less than SPHY's 7.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYLB Xtrackers USD High Yield Corporate Bond ETF | 6.48% | 6.29% | 6.31% | 5.84% | 5.53% | 4.45% | 5.22% | 5.71% | 5.95% | 5.85% | 0.27% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.26% | 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, HYLB 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.
HYLB has higher volatility (1.19%) compared to SPHY (1.14%). In terms of maximum drawdown, HYLB dropped -22.91% vs SPHY's -21.97%.
On 5-year performance, SPHY leads with 4.41% vs 4.06% for HYLB. 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 5-year period, SPHY has performed better with a 4.41% return vs 4.06%. 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 0.15% for HYLB.
SPHY has the higher dividend yield at 7.26%, compared with 6.48% for HYLB.
HYLB tracks Solactive USD High Yield Corporates Total Market Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: DWS and State Street. Their fees differ too: 0.15% for HYLB and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.92 vs 1.84), 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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