IBDX vs. SPHY
IBDX (iShares iBonds Dec 2032 Term Corporate ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - IBDX is a Corporate Bonds fund tracking the Bloomberg December 2032 Maturity Corporate Index, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 3 years, IBDX returned 5.70%/yr vs 9.20%/yr for SPHY. A 0.64 correlation means they provide meaningful diversification when combined. IBDX charges 0.10%/yr vs 0.05%/yr for SPHY.
Performance
IBDX vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, IBDX achieves a 0.12% return, which is significantly lower than SPHY's 1.89% return.
IBDX
- 1D
- -0.14%
- 1M
- 0.32%
- YTD
- 0.12%
- 6M
- 0.36%
- 1Y
- 5.05%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
SPHY
- 1D
- -0.09%
- 1M
- 0.63%
- YTD
- 1.89%
- 6M
- 2.19%
- 1Y
- 6.80%
- 3Y*
- 9.20%
- 5Y*
- 4.36%
- 10Y*
- 5.17%
IBDX vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IBDX iShares iBonds Dec 2032 Term Corporate ETF | 0.12% | 9.05% | 2.39% | 9.42% | -1.92% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.89% | 8.59% | 8.54% | 12.81% | 3.15% |
Correlation
The correlation between IBDX and SPHY is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2022 | 0.64 |
The correlation between IBDX and SPHY has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.
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Return for Risk
IBDX vs. SPHY — Risk / Return Rank
IBDX
SPHY
IBDX vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2032 Term Corporate ETF (IBDX) 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.
| IBDX | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.36 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 2.83 | -0.99 |
| Martin ratioReturn relative to average drawdown | 5.60 | 12.76 | -7.16 |
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Drawdowns
IBDX vs. SPHY - Drawdown Comparison
The maximum IBDX drawdown since its inception was -12.51%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for IBDX and SPHY.
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Drawdown Indicators
| IBDX | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.51% | -21.97% | +9.46% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.41% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -7.09% | -4.85% | -2.24% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -1.47% | -0.13% | -1.34% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -2.28% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.53% | +0.37% |
Volatility
IBDX vs. SPHY - Volatility Comparison
iShares iBonds Dec 2032 Term Corporate ETF (IBDX) has a higher volatility of 1.24% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.95%. This indicates that IBDX'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
| IBDX | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 0.95% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 2.98% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.86% | 3.72% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.43% | 7.18% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.43% | 7.86% | -0.43% |
IBDX vs. SPHY - Expense Ratio Comparison
IBDX has a 0.10% expense ratio, which is higher than SPHY's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IBDX vs. SPHY - Dividend Comparison
IBDX's dividend yield for the trailing twelve months is around 4.83%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBDX iShares iBonds Dec 2032 Term Corporate ETF | 4.83% | 4.81% | 5.02% | 4.59% | 2.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
IBDX and SPHY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBDX has higher volatility (1.24%) compared to SPHY (0.95%). In terms of maximum drawdown, IBDX dropped -12.51% vs SPHY's -21.97%.
On 3-year performance, SPHY leads with 9.20% vs 5.70% for IBDX. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPHY has performed better with a 9.20% return vs 5.70%. 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 0.10% for IBDX.
SPHY has the higher dividend yield at 7.24%, compared with 4.83% for IBDX.
IBDX is categorized as Corporate Bonds, while SPHY is High Yield Bonds. IBDX tracks Bloomberg December 2032 Maturity Corporate Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.10% for IBDX and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.84 vs 1.32), 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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