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HYSA vs. SPHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYSA vs. SPHY

Last updated Jun 10, 2026

HYSA (Bondbloxx USD High Yield Bond Sector Rotation ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds. HYSA is actively managed, while SPHY is passively managed. Over the past year, HYSA returned 6.50% vs 6.89% for SPHY. A 0.64 correlation means they provide meaningful diversification when combined. HYSA charges 0.55%/yr vs 0.05%/yr for SPHY.

Performance

HYSA vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bondbloxx USD High Yield Bond Sector Rotation ETF (HYSA) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

The year-to-date returns for both investments are quite close, with HYSA having a 1.40% return and SPHY slightly higher at 1.41%.

HYSA

1D
0.40%
1M
0.36%
YTD
1.40%
6M
2.07%
1Y
6.50%
3Y*
—
5Y*
—
10Y*
—

SPHY

1D
0.09%
1M
-0.10%
YTD
1.41%
6M
2.10%
1Y
6.89%
3Y*
8.81%
5Y*
4.29%
10Y*
5.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYSA vs. SPHY - Yearly Performance Comparison

2026 (YTD)202520242023
HYSA
Bondbloxx USD High Yield Bond Sector Rotation ETF		1.40%8.37%6.71%5.95%
SPHY
SPDR Portfolio High Yield Bond ETF		1.41%8.59%8.54%5.81%

Correlation

The correlation between HYSA and SPHY is 0.61, 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

0.61

Correlation (All Time)
Calculated using the full available price history since Sep 18, 2023

0.64

The correlation between HYSA and SPHY has been stable across timeframes, ranging from 0.61 to 0.64 - a consistent structural relationship.

HYSA vs. SPHY - Sectors Allocation Comparison

Sectors
HYSA
SPHY

Communication Services

100.0%

-

Basic Materials

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

0.1%

Financial Services

-

99.9%

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Communication Services

HYSA
100.0%
SPHY

-

Basic Materials

HYSA

-

SPHY

-

Consumer Cyclical

HYSA

-

SPHY

-

Consumer Defensive

HYSA

-

SPHY

-

Energy

HYSA

-

SPHY
0.1%

Financial Services

HYSA

-

SPHY
99.9%

Healthcare

HYSA

-

SPHY

-

Industrials

HYSA

-

SPHY

-

Real Estate

HYSA

-

SPHY

-

Technology

HYSA

-

SPHY

-

Utilities

HYSA

-

SPHY

-

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Bondbloxx USD High Yield Bond Sector Rotation ETF

SPDR Portfolio High Yield Bond ETF

Often compared with HYSA:
HYSA vs. SGOVHYSA vs. SCHDHYSA vs. XCCCHYSA vs. HYGHYSA vs. HIGHHYSA vs. XLSRHYSA vs. FHQFX
Often compared with SPHY:
SPHY vs. SCYBSPHY vs. HYGSPHY vs. USHYSPHY vs. SCHDSPHY vs. JNKSPHY vs. SHYGSPHY vs. VWEAX

Return for Risk

HYSA vs. SPHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYSA
HYSA Risk / Return Rank: 4747
Overall Rank
HYSA Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
HYSA Sortino Ratio Rank: 4646
Sortino Ratio Rank
HYSA Omega Ratio Rank: 4343
Omega Ratio Rank
HYSA Calmar Ratio Rank: 4747
Calmar Ratio Rank
HYSA Martin Ratio Rank: 5454
Martin Ratio Rank
SPHY
SPHY Risk / Return Rank: 6969
Overall Rank
SPHY Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
SPHY Sortino Ratio Rank: 7171
Sortino Ratio Rank
SPHY Omega Ratio Rank: 7171
Omega Ratio Rank
SPHY Calmar Ratio Rank: 6464
Calmar Ratio Rank
SPHY 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.

HYSA vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bondbloxx USD High Yield Bond Sector Rotation ETF (HYSA) 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.

HYSASPHYDifference
Sharpe ratioReturn per unit of total volatility
1.39
1.88

-0.49

Sortino ratioReturn per unit of downside risk
2.06
2.84

-0.79

Omega ratioGain probability vs. loss probability

1.25

1.37

-0.12

Calmar ratioReturn relative to maximum drawdown

2.07

2.87

-0.80

Martin ratioReturn relative to average drawdown

8.33

12.95

-4.62

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYSA vs. SPHY - Sharpe Ratio Comparison

The current HYSA Sharpe Ratio is 1.39, which is comparable to the SPHY Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of HYSA and SPHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

HYSASPHYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.39

1.88

-0.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.60

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.64

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.37

0.64

+0.74

Drawdowns

HYSA vs. SPHY - Drawdown Comparison

The maximum HYSA drawdown since its inception was -4.90%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for HYSA and SPHY.

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Drawdown Indicators

HYSASPHYDifference

Max Drawdown

Largest peak-to-trough decline

-4.90%

-21.97%

+17.07%

Max Drawdown (1Y)

Largest decline over 1 year

-3.15%

-2.41%

-0.74%

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 Drawdown

Current decline from peak

-0.13%

-0.35%

+0.22%

Average Drawdown

Average peak-to-trough decline

-0.68%

-2.29%

+1.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.78%

0.53%

+0.25%

Volatility

HYSA vs. SPHY - Volatility Comparison

Bondbloxx USD High Yield Bond Sector Rotation ETF (HYSA) has a higher volatility of 1.23% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.07%. This indicates that HYSA's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HYSASPHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.23%

1.07%

+0.16%

Volatility (6M)

Calculated over the trailing 6-month period

3.55%

2.94%

+0.61%

Volatility (1Y)

Calculated over the trailing 1-year period

4.70%

3.69%

+1.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.06%

7.18%

-1.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.06%

7.88%

-1.82%

HYSA vs. SPHY - Expense Ratio Comparison

HYSA has a 0.55% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

HYSA vs. SPHY - Dividend Comparison

HYSA's dividend yield for the trailing twelve months is around 6.75%, less than SPHY's 7.27% yield.

PositionTTM20252024202320222021202020192018201720162015
HYSA
Bondbloxx USD High Yield Bond Sector Rotation ETF		6.75%6.70%6.99%2.65%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPHY
SPDR Portfolio High Yield Bond ETF		7.27%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

HYSA and SPHY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HYSA has higher volatility (1.23%) compared to SPHY (1.07%). In terms of maximum drawdown, HYSA dropped -4.90% vs SPHY's -21.97%.

On 1-year performance, SPHY leads with 6.89% vs 6.50% for HYSA. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, SPHY has performed better with a 6.89% return vs 6.50%. 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 0.55% for HYSA.

SPHY has the higher dividend yield at 7.27%, compared with 6.75% for HYSA.

They also come from different issuers: BondBloxx and State Street. Their fees differ too: 0.55% for HYSA and 0.05% for SPHY.

SPHY currently has the higher Sharpe Ratio (1.88 vs 1.39), 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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