HYS vs. SPHY

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and SPDR Portfolio High Yield Bond ETF (SPHY).

HYS and SPHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HYS is a passively managed fund by PIMCO that tracks the performance of the ICE BofA US High Yield Constrained (0-5 Y). It was launched on Jun 16, 2011. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012. Both HYS and SPHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HYS vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

HYS vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	-0.39%	8.80%	8.42%	11.38%	-5.42%	4.77%	3.27%	10.22%	-1.05%	5.75%
SPHY SPDR Portfolio High Yield Bond ETF	-0.32%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Returns By Period

In the year-to-date period, HYS achieves a -0.39% return, which is significantly lower than SPHY's -0.32% return. Over the past 10 years, HYS has outperformed SPHY with an annualized return of 5.62%, while SPHY has yielded a comparatively lower 5.29% annualized return.

HYS

• 1D: 0.70%
• 1M: -0.57%
• YTD: -0.39%
• 6M: 1.22%
• 1Y: 7.13%
• 3Y*: 8.21%
• 5Y*: 4.94%
• 10Y*: 5.62%

SPHY

• 1D: 1.00%
• 1M: -1.02%
• YTD: -0.32%
• 6M: 0.94%
• 1Y: 7.11%
• 3Y*: 8.40%
• 5Y*: 4.31%
• 10Y*: 5.29%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HYS vs. SPHY - Expense Ratio Comparison

HYS has a 0.56% expense ratio, which is higher than SPHY's 0.10% expense ratio.

HYS

PIMCO 0-5 Year High Yield Corporate Bond Index ETF

SPHY

SPDR Portfolio High Yield Bond ETF

Return for Risk

HYS vs. SPHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYS

HYS Risk / Return Rank: 79
HYS Sharpe Ratio Rank: 76
HYS Sortino Ratio Rank: 78
HYS Omega Ratio Rank: 83
HYS Calmar Ratio Rank: 72
HYS Martin Ratio Rank: 87

SPHY

SPHY Risk / Return Rank: 79
SPHY Sharpe Ratio Rank: 75
SPHY Sortino Ratio Rank: 79
SPHY Omega Ratio Rank: 82
SPHY Calmar Ratio Rank: 73
SPHY Martin Ratio Rank: 85

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.

HYS vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) 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.

	HYS	SPHY	Difference
Sharpe ratio Return per unit of total volatility	1.33	1.30	+0.03
Sortino ratio Return per unit of downside risk	1.93	1.92	+0.01
Omega ratio Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio Return relative to maximum drawdown	1.78	1.76	+0.03
Martin ratio Return relative to average drawdown	9.95	9.23	+0.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYS vs. SPHY - Sharpe Ratio Comparison

The current HYS Sharpe Ratio is 1.33, which is comparable to the SPHY Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of HYS and SPHY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HYS	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.30	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.61	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.67	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.62	+0.18

Correlation

The correlation between HYS and SPHY is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HYS vs. SPHY - Dividend Comparison

HYS's dividend yield for the trailing twelve months is around 7.40%, which matches SPHY's 7.39% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	7.40%	7.20%	7.43%	6.44%	5.01%	3.74%	4.52%	4.98%	4.64%	5.01%	5.13%	5.22%
SPHY SPDR Portfolio High Yield Bond ETF	7.39%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%

Drawdowns

HYS vs. SPHY - Drawdown Comparison

The maximum HYS drawdown since its inception was -20.91%, roughly equal to the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for HYS and SPHY.

Drawdown Indicators

	HYS	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-20.91%	-21.97%	+1.06%
Max Drawdown (1Y) Largest decline over 1 year	-4.06%	-4.07%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-10.61%	-15.29%	+4.68%
Max Drawdown (10Y) Largest decline over 10 years	-20.91%	-21.97%	+1.06%
Current Drawdown Current decline from peak	-1.02%	-1.31%	+0.29%
Average Drawdown Average peak-to-trough decline	-1.55%	-2.32%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.78%	-0.05%

Volatility

HYS vs. SPHY - Volatility Comparison

The current volatility for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) is 1.88%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 2.23%. This indicates that HYS experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYS	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	2.23%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	2.87%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	5.38%	5.49%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	7.15%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.85%	7.97%	-1.12%