HYZD vs. SPY
HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - HYZD is a High Yield Bonds fund tracking the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, HYZD returned 5.67%/yr vs 15.53%/yr for SPY. At a 0.42 correlation, their price movements are largely independent. HYZD charges 0.43%/yr vs 0.09%/yr for SPY.
Performance
HYZD vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, HYZD achieves a 2.95% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, HYZD has underperformed SPY with an annualized return of 5.67%, while SPY has yielded a comparatively higher 15.53% annualized return.
HYZD
- 1D
- -0.18%
- 1M
- 0.40%
- YTD
- 2.95%
- 6M
- 3.10%
- 1Y
- 7.29%
- 3Y*
- 9.45%
- 5Y*
- 6.14%
- 10Y*
- 5.67%
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
HYZD vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 2.95% | 7.67% | 9.39% | 11.17% | -2.35% | 6.27% | -0.63% | 9.17% | -2.21% | 6.32% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between HYZD and SPY is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2013 | 0.42 |
The correlation between HYZD and SPY shifts across timeframes, from 0.36 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYZD vs. SPY — Risk / Return Rank
HYZD
SPY
HYZD vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) and State Street SPDR S&P 500 ETF (SPY). 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.
| HYZD | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.34 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.83 | 2.67 | +1.17 |
| Martin ratioReturn relative to average drawdown | 16.42 | 11.92 | +4.50 |
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Drawdowns
HYZD vs. SPY - Drawdown Comparison
The maximum HYZD drawdown since its inception was -25.66%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HYZD and SPY.
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Drawdown Indicators
| HYZD | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.66% | -55.19% | +29.53% |
Max Drawdown (1Y)Largest decline over 1 year | -1.91% | -8.88% | +6.97% |
Max Drawdown (3Y)Largest decline over 3 years | -5.85% | -18.76% | +12.91% |
Max Drawdown (5Y)Largest decline over 5 years | -8.97% | -24.50% | +15.53% |
Max Drawdown (10Y)Largest decline over 10 years | -25.66% | -33.72% | +8.06% |
Current DrawdownCurrent decline from peak | -0.18% | -3.17% | +2.99% |
Average DrawdownAverage peak-to-trough decline | -2.19% | -9.04% | +6.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 1.98% | -1.54% |
Volatility
HYZD vs. SPY - Volatility Comparison
The current volatility for WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) is 1.10%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that HYZD experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYZD | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 4.87% | -3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 9.85% | -7.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.05% | 12.50% | -9.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.71% | 17.15% | -10.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.55% | 17.95% | -9.40% |
HYZD vs. SPY - Expense Ratio Comparison
HYZD has a 0.43% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
HYZD vs. SPY - Dividend Comparison
HYZD's dividend yield for the trailing twelve months is around 5.86%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 5.86% | 6.05% | 6.08% | 5.94% | 5.14% | 4.02% | 5.13% | 5.50% | 5.58% | 4.94% | 5.07% | 4.38% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
HYZD and SPY have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.87%) compared to HYZD (1.10%). In terms of maximum drawdown, HYZD dropped -25.66% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.53% vs 5.67% for HYZD. On fees, SPY is cheaper at 0.09% per year. On volatility, HYZD has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.53% return vs 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.43% for HYZD.
HYZD has the higher dividend yield at 5.86%, compared with 1.03% for SPY.
HYZD is categorized as High Yield Bonds, while SPY is S&P 500. HYZD tracks WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index, while SPY tracks S&P 500 Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.43% for HYZD and 0.09% for SPY.
HYZD currently has the higher Sharpe Ratio (2.41 vs 1.90), 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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