IGHY.L vs. SPY
IGHY.L (iShares Global High Yield Corporate Bond UCITS ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - IGHY.L is a High Yield Bonds fund tracking the ICE BofA Gbl HY Constnd TR USD, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, IGHY.L returned 0.37%/yr vs 16.34%/yr for SPY. At a 0.45 correlation, their price movements are largely independent. IGHY.L charges 0.50%/yr vs 0.09%/yr for SPY.
Performance
IGHY.L vs. SPY - Performance Comparison
Loading charts...
Different Trading Currencies
IGHY.L is traded in GBP, while SPY is traded in USD. To make them comparable, the SPY values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IGHY.L achieves a -2.13% return, which is significantly lower than SPY's 11.78% return. Over the past 10 years, IGHY.L has underperformed SPY with an annualized return of 0.37%, while SPY has yielded a comparatively higher 16.34% annualized return.
IGHY.L
- 1D
- 0.16%
- 1M
- 1.11%
- YTD
- -2.13%
- 6M
- -1.93%
- 1Y
- 1.29%
- 3Y*
- 0.50%
- 5Y*
- -0.88%
- 10Y*
- 0.37%
SPY
- 1D
- 0.38%
- 1M
- 5.56%
- YTD
- 11.78%
- 6M
- 10.48%
- 1Y
- 29.74%
- 3Y*
- 19.51%
- 5Y*
- 15.14%
- 10Y*
- 16.34%
IGHY.L vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGHY.L iShares Global High Yield Corporate Bond UCITS ETF | -2.13% | 1.20% | -1.38% | 1.98% | -5.02% | -3.21% | -0.41% | 3.09% | -2.90% | -4.78% |
SPY State Street SPDR S&P 500 ETF | 11.78% | 9.33% | 27.07% | 19.87% | -8.45% | 29.95% | 14.86% | 26.23% | 1.09% | 11.18% |
Correlation
The correlation between IGHY.L and SPY is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2012 | 0.45 |
Over the past year, the correlation between IGHY.L and SPY has dropped to 0.23 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IGHY.L vs. SPY — Risk / Return Rank
IGHY.L
SPY
IGHY.L vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global High Yield Corporate Bond UCITS ETF (IGHY.L) 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.
| IGHY.L | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.40 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.49 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | 3.88 | -3.64 |
| Martin ratioReturn relative to average drawdown | 0.64 | 14.87 | -14.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IGHY.L | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.21 | 2.61 | -2.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | 0.95 | -1.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.04 | 0.91 | -0.87 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.19 | 0.69 | -0.88 |
Drawdowns
IGHY.L vs. SPY - Drawdown Comparison
The maximum IGHY.L drawdown since its inception was -38.62%, which is greater than SPY's maximum drawdown of -34.68%. Use the drawdown chart below to compare losses from any high point for IGHY.L and SPY.
Loading charts...
Drawdown Indicators
| IGHY.L | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.62% | -34.68% | -3.94% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -7.69% | +2.53% |
Max Drawdown (3Y)Largest decline over 3 years | -6.33% | -21.94% | +15.61% |
Max Drawdown (5Y)Largest decline over 5 years | -11.28% | -21.94% | +10.66% |
Max Drawdown (10Y)Largest decline over 10 years | -20.95% | -25.78% | +4.83% |
Current DrawdownCurrent decline from peak | -29.35% | 0.00% | -29.35% |
Average DrawdownAverage peak-to-trough decline | -27.58% | -4.78% | -22.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 2.01% | -0.01% |
Volatility
IGHY.L vs. SPY - Volatility Comparison
The current volatility for iShares Global High Yield Corporate Bond UCITS ETF (IGHY.L) is 1.33%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.55%. This indicates that IGHY.L 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.
Loading charts...
Volatility by Period
| IGHY.L | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 2.55% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 8.15% | -3.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 11.48% | -5.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.25% | 16.02% | -8.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.12% | 18.02% | -8.90% |
IGHY.L vs. SPY - Expense Ratio Comparison
IGHY.L has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
IGHY.L vs. SPY - Dividend Comparison
IGHY.L's dividend yield for the trailing twelve months is around 0.06%, less than SPY's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGHY.L iShares Global High Yield Corporate Bond UCITS ETF | 0.06% | 0.05% | 0.05% | 0.05% | 0.04% | 0.04% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
SPY State Street SPDR S&P 500 ETF | 0.98% | 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
IGHY.L and SPY have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for IGHY.L.
IGHY.L is categorized as High Yield Bonds, while SPY is S&P 500. IGHY.L tracks ICE BofA Gbl HY Constnd TR USD, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for IGHY.L and 0.09% for SPY.
Find the right allocation for IGHY.L and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer