IBHJ vs. SPHY

Last updated Jun 4, 2026

IBHJ (iShares iBonds 2030 Term High Yield and Income ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - IBHJ tracks the Bloomberg 2030 Term High Yield and Income Index - Benchmark TR Gross while SPHY tracks the ICE BofAML US High Yield Index. Both are passively managed. Over the past year, IBHJ returned 7.29% vs 7.16% for SPHY. Their correlation of 0.90 suggests significant overlap in exposure. IBHJ charges 0.35%/yr vs 0.10%/yr for SPHY.

Performance

IBHJ vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds 2030 Term High Yield and Income ETF (IBHJ) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IBHJ having a 1.50% return and SPHY slightly higher at 1.54%.

IBHJ

• 1D: -0.34%
• 1M: 0.50%
• YTD: 1.50%
• 6M: 2.06%
• 1Y: 7.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPHY

• 1D: -0.21%
• 1M: 0.42%
• YTD: 1.54%
• 6M: 1.93%
• 1Y: 7.16%
• 3Y*: 8.97%
• 5Y*: 4.39%
• 10Y*: 5.15%

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

IBHJ vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBHJ iShares iBonds 2030 Term High Yield and Income ETF	1.50%	9.28%	7.32%	8.37%
SPHY SPDR Portfolio High Yield Bond ETF	1.54%	8.59%	8.54%	8.44%

Correlation

The correlation between IBHJ and SPHY is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.90

The correlation between IBHJ and SPHY has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

IBHJ vs. SPHY — Risk / Return Rank

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

IBHJ

IBHJ Risk / Return Rank: 59
IBHJ Sharpe Ratio Rank: 52
IBHJ Sortino Ratio Rank: 56
IBHJ Omega Ratio Rank: 56
IBHJ Calmar Ratio Rank: 61
IBHJ Martin Ratio Rank: 72

SPHY

SPHY Risk / Return Rank: 62
SPHY Sharpe Ratio Rank: 56
SPHY Sortino Ratio Rank: 62
SPHY Omega Ratio Rank: 62
SPHY Calmar Ratio Rank: 59
SPHY Martin Ratio Rank: 71

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.

IBHJ vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2030 Term High Yield and Income ETF (IBHJ) 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.

	IBHJ	SPHY	Difference
Sharpe ratio Return per unit of total volatility	1.80	1.96	-0.16
Sortino ratio Return per unit of downside risk	2.65	2.98	-0.32
Omega ratio Gain probability vs. loss probability	1.34	1.39	-0.05
Calmar ratio Return relative to maximum drawdown	2.98	2.98	0.00
Martin ratio Return relative to average drawdown	13.41	13.52	-0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBHJ vs. SPHY - Sharpe Ratio Comparison

The current IBHJ Sharpe Ratio is 1.80, which is comparable to the SPHY Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of IBHJ 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.

Sharpe Ratios by Period

	IBHJ	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.96	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.62	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	0.64	+0.89

Drawdowns

IBHJ vs. SPHY - Drawdown Comparison

The maximum IBHJ drawdown since its inception was -4.93%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for IBHJ and SPHY.

Drawdown Indicators

	IBHJ	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-4.93%	-21.97%	+17.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-2.41%	-0.05%
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	-0.39%	-0.22%	-0.17%
Average Drawdown Average peak-to-trough decline	-0.62%	-2.29%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.53%	+0.01%

Volatility

IBHJ vs. SPHY - Volatility Comparison

iShares iBonds 2030 Term High Yield and Income ETF (IBHJ) and SPDR Portfolio High Yield Bond ETF (SPHY) have volatilities of 1.09% and 1.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBHJ	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.14%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	3.20%	2.91%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	4.07%	3.68%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.95%	7.17%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.95%	7.89%	-1.94%

IBHJ vs. SPHY - Expense Ratio Comparison

IBHJ has a 0.35% expense ratio, which is higher than SPHY's 0.10% expense ratio.

Dividends

IBHJ vs. SPHY - Dividend Comparison

IBHJ's dividend yield for the trailing twelve months is around 6.68%, less than SPHY's 7.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBHJ iShares iBonds 2030 Term High Yield and Income ETF	6.68%	6.64%	6.87%	3.66%	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

Can I hold both IBHJ and SPHY in my portfolio?

With a correlation of 0.90, IBHJ 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.

Which is riskier, IBHJ or SPHY?

SPHY has higher volatility (1.14%) compared to IBHJ (1.09%). In terms of maximum drawdown, IBHJ dropped -4.93% vs SPHY's -21.97%.

Which ETF is better, IBHJ or SPHY?

On 1-year performance, IBHJ leads with 7.29% vs 7.16% for SPHY. On fees, SPHY is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBHJ or SPHY?

Over the 1-year period, IBHJ has performed better with a 7.29% return vs 7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBHJ or SPHY?

SPHY is cheaper with a 0.10% expense ratio, compared with 0.35% for IBHJ.

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

SPHY has the higher dividend yield at 7.27%, compared with 6.68% for IBHJ.

What is the main difference between IBHJ and SPHY?

IBHJ tracks Bloomberg 2030 Term High Yield and Income Index - Benchmark TR Gross, while SPHY tracks ICE BofAML US High Yield Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.35% for IBHJ and 0.10% for SPHY.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (1.96 vs 1.80), 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.