HYXF vs. SPHY
HYXF (iShares ESG Advanced High Yield Corporate Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - HYXF tracks the Bloomberg MSCI US High Yield Corporate Choice ESG Screened while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, HYXF returned 5.17%/yr vs 5.23%/yr for SPHY. A 0.71 correlation means they provide meaningful diversification when combined. HYXF charges 0.35%/yr vs 0.05%/yr for SPHY.
Performance
HYXF vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYXF achieves a 1.31% return, which is significantly lower than SPHY's 1.89% return. Both investments have delivered pretty close results over the past 10 years, with HYXF having a 5.17% annualized return and SPHY not far ahead at 5.23%.
HYXF
- 1D
- 0.04%
- 1M
- 0.41%
- YTD
- 1.31%
- 6M
- 1.35%
- 1Y
- 5.06%
- 3Y*
- 8.92%
- 5Y*
- 3.58%
- 10Y*
- 5.17%
SPHY
- 1D
- 0.09%
- 1M
- 0.33%
- YTD
- 1.89%
- 6M
- 1.89%
- 1Y
- 6.35%
- 3Y*
- 9.12%
- 5Y*
- 4.29%
- 10Y*
- 5.23%
HYXF vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYXF iShares ESG Advanced High Yield Corporate Bond ETF | 1.31% | 8.88% | 8.35% | 11.87% | -11.90% | 2.60% | 6.07% | 14.87% | -0.24% | 6.89% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.89% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between HYXF and SPHY is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2016 | 0.71 |
Over the past year, HYXF and SPHY have become more correlated (0.92) than their long-term average of 0.71, meaning their price movements have been converging.
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Return for Risk
HYXF vs. SPHY — Risk / Return Rank
HYXF
SPHY
HYXF vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares ESG Advanced High Yield Corporate Bond ETF (HYXF) 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.
| HYXF | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.34 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.64 | -0.66 |
| Martin ratioReturn relative to average drawdown | 8.84 | 11.91 | -3.07 |
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Drawdowns
HYXF vs. SPHY - Drawdown Comparison
The maximum HYXF drawdown since its inception was -18.75%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for HYXF and SPHY.
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Drawdown Indicators
| HYXF | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -21.97% | +3.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -2.41% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -4.81% | -4.85% | +0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -16.00% | -15.29% | -0.71% |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | -21.97% | +3.22% |
Current DrawdownCurrent decline from peak | -0.11% | -0.13% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -2.28% | -0.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 0.53% | +0.04% |
Volatility
HYXF vs. SPHY - Volatility Comparison
iShares ESG Advanced High Yield Corporate Bond ETF (HYXF) has a higher volatility of 1.07% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.92%. This indicates that HYXF'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
| HYXF | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.92% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 2.97% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.82% | 3.71% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 7.18% | +0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.31% | 7.86% | +0.45% |
HYXF vs. SPHY - Expense Ratio Comparison
HYXF has a 0.35% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
HYXF vs. SPHY - Dividend Comparison
HYXF's dividend yield for the trailing twelve months is around 6.07%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYXF iShares ESG Advanced High Yield Corporate Bond ETF | 6.07% | 6.19% | 6.40% | 5.93% | 5.37% | 4.56% | 4.96% | 5.29% | 6.14% | 5.85% | 3.16% | 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
With a correlation of 0.92, HYXF 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.
HYXF has higher volatility (1.07%) compared to SPHY (0.92%). In terms of maximum drawdown, HYXF dropped -18.75% vs SPHY's -21.97%.
On 10-year performance, SPHY leads with 5.23% vs 5.17% for HYXF. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHY has performed better with a 5.23% return vs 5.17%. 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 0.35% for HYXF.
SPHY has the higher dividend yield at 7.24%, compared with 6.07% for HYXF.
HYXF tracks Bloomberg MSCI US High Yield Corporate Choice ESG Screened, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.35% for HYXF and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.72 vs 1.33), 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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