IHYA.L vs. SPHY

Last updated Apr 4, 2026

Compare and contrast key facts about iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L) and SPDR Portfolio High Yield Bond ETF (SPHY).

IHYA.L and SPHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IHYA.L is a passively managed fund by iShares that tracks the performance of the Bloomberg US Corporate High Yield TR USD. It was launched on Apr 13, 2017. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012. Both IHYA.L and SPHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IHYA.L vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

IHYA.L vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IHYA.L iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)	-0.35%	9.49%	6.98%	10.64%	-8.87%	3.72%	5.07%	12.63%	-1.30%	2.90%
SPHY SPDR Portfolio High Yield Bond ETF	0.15%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	4.63%

Returns By Period

In the year-to-date period, IHYA.L achieves a -0.35% return, which is significantly lower than SPHY's 0.15% return.

IHYA.L

• 1D: -0.01%
• 1M: -1.00%
• YTD: -0.35%
• 6M: 1.07%
• 1Y: 7.78%
• 3Y*: 7.72%
• 5Y*: 3.90%
• 10Y*: —

SPHY

• 1D: 0.22%
• 1M: -0.56%
• YTD: 0.15%
• 6M: 1.35%
• 1Y: 8.65%
• 3Y*: 8.56%
• 5Y*: 4.41%
• 10Y*: 5.33%

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

IHYA.L vs. SPHY - Expense Ratio Comparison

IHYA.L has a 0.50% expense ratio, which is higher than SPHY's 0.10% expense ratio.

IHYA.L

iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)

SPHY

SPDR Portfolio High Yield Bond ETF

Return for Risk

IHYA.L vs. SPHY — Risk / Return Rank

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

IHYA.L

IHYA.L Risk / Return Rank: 78
IHYA.L Sharpe Ratio Rank: 72
IHYA.L Sortino Ratio Rank: 71
IHYA.L Omega Ratio Rank: 80
IHYA.L Calmar Ratio Rank: 78
IHYA.L Martin Ratio Rank: 90

SPHY

SPHY Risk / Return Rank: 70
SPHY Sharpe Ratio Rank: 71
SPHY Sortino Ratio Rank: 74
SPHY Omega Ratio Rank: 78
SPHY Calmar Ratio Rank: 57
SPHY Martin Ratio Rank: 73

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.

IHYA.L vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L) 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.

	IHYA.L	SPHY	Difference
Sharpe ratio Return per unit of total volatility	1.36	1.33	+0.03
Sortino ratio Return per unit of downside risk	1.88	1.96	-0.08
Omega ratio Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio Return relative to maximum drawdown	2.76	1.82	+0.94
Martin ratio Return relative to average drawdown	13.86	9.48	+4.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHYA.L vs. SPHY - Sharpe Ratio Comparison

The current IHYA.L Sharpe Ratio is 1.36, which is comparable to the SPHY Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of IHYA.L 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

	IHYA.L	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.33	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.62	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.63	-0.08

Correlation

The correlation between IHYA.L and SPHY is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IHYA.L vs. SPHY - Dividend Comparison

IHYA.L has not paid dividends to shareholders, while SPHY's dividend yield for the trailing twelve months is around 7.36%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHYA.L iShares USD High Yield Corporate Bond UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHY SPDR Portfolio High Yield Bond ETF	7.36%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%

Drawdowns

IHYA.L vs. SPHY - Drawdown Comparison

The maximum IHYA.L drawdown since its inception was -22.58%, roughly equal to the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for IHYA.L and SPHY.

Drawdown Indicators

	IHYA.L	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-22.58%	-21.97%	-0.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-2.41%	-0.41%
Max Drawdown (5Y) Largest decline over 5 years	-13.68%	-15.29%	+1.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.97%	—
Current Drawdown Current decline from peak	-1.24%	-0.85%	-0.39%
Average Drawdown Average peak-to-trough decline	-2.26%	-2.32%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.78%	-0.22%

Volatility

IHYA.L vs. SPHY - Volatility Comparison

The current volatility for iShares USD High Yield Corporate Bond UCITS ETF USD (Acc) (IHYA.L) is 1.80%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 2.22%. This indicates that IHYA.L experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHYA.L	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	2.22%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	2.88%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	5.27%	5.50%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.77%	7.15%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.93%	7.97%	-0.04%