IBDQ vs. SPHY

Last updated Jun 3, 2026

IBDQ (iShares iBonds Dec 2025 Term Corporate ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - IBDQ is a Corporate Bonds fund tracking the Bloomberg December 2025 Maturity Corporate, while SPHY is a High Yield Bonds fund tracking the ICE BofAML US High Yield Index. Both are passively managed. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.10% expense ratio.

Performance

IBDQ vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2025 Term Corporate ETF (IBDQ) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBDQ

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPHY

• 1D: 0.09%
• 1M: 0.33%
• YTD: 1.76%
• 6M: 2.28%
• 1Y: 7.62%
• 3Y*: 9.04%
• 5Y*: 4.48%
• 10Y*: 5.17%

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

IBDQ vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBDQ iShares iBonds Dec 2025 Term Corporate ETF	0.00%	4.13%	5.12%	5.23%	-5.91%	-1.49%	8.27%	13.59%	-2.39%	6.28%
SPHY SPDR Portfolio High Yield Bond ETF	1.76%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between IBDQ and SPHY is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Mar 13, 2015	0.20

The correlation between IBDQ and SPHY shifts across timeframes, from 0.11 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IBDQ vs. SPHY — Risk / Return Rank

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

SPHY

SPHY Risk / Return Rank: 67
SPHY Sharpe Ratio Rank: 62
SPHY Sortino Ratio Rank: 68
SPHY Omega Ratio Rank: 68
SPHY Calmar Ratio Rank: 63
SPHY Martin Ratio Rank: 74

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.

IBDQ vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2025 Term Corporate ETF (IBDQ) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IBDQ	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.08	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.63	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.64	—

Drawdowns

Drawdown Indicators

	IBDQ	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	—	-21.97%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.41%	—
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	—	-0.01%	—
Average Drawdown Average peak-to-trough decline	—	-2.29%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.53%	—

Volatility

Volatility by Period

	IBDQ	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	3.67%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	7.17%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	7.89%	—

IBDQ vs. SPHY - Expense Ratio Comparison

Both IBDQ and SPHY have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IBDQ vs. SPHY - Dividend Comparison

IBDQ's dividend yield for the trailing twelve months is around 2.08%, less than SPHY's 7.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBDQ iShares iBonds Dec 2025 Term Corporate ETF	2.08%	3.77%	3.81%	3.27%	2.23%	2.07%	2.51%	3.21%	3.52%	3.28%	3.39%	2.64%
SPHY SPDR Portfolio High Yield Bond ETF	7.25%	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

Can I hold both IBDQ and SPHY in my portfolio?

IBDQ and SPHY have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBDQ or SPHY?

Both ETFs have the same 0.10% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBDQ or SPHY?

IBDQ and SPHY have the same expense ratio: 0.10% per year.

Which ETF pays a higher dividend yield, IBDQ or SPHY?

SPHY has the higher dividend yield at 7.25%, compared with 2.08% for IBDQ.

What is the main difference between IBDQ and SPHY?

IBDQ is categorized as Corporate Bonds, while SPHY is High Yield Bonds. IBDQ tracks Bloomberg December 2025 Maturity Corporate, while SPHY tracks ICE BofAML US High Yield Index. They also come from different issuers: iShares and State Street.