IJH vs. SPHY

Last updated Jun 9, 2026

IJH (iShares Core S&P Mid-Cap ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - IJH is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, IJH returned 11.12%/yr vs 5.03%/yr for SPHY. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.05% expense ratio.

Performance

IJH vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P Mid-Cap ETF (IJH) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IJH achieves a 12.55% return, which is significantly higher than SPHY's 1.32% return. Over the past 10 years, IJH has outperformed SPHY with an annualized return of 11.12%, while SPHY has yielded a comparatively lower 5.03% annualized return.

IJH

• 1D: 0.22%
• 1M: 0.16%
• YTD: 12.55%
• 6M: 12.75%
• 1Y: 22.98%
• 3Y*: 15.01%
• 5Y*: 7.86%
• 10Y*: 11.12%

SPHY

• 1D: 0.09%
• 1M: -0.18%
• YTD: 1.32%
• 6M: 1.93%
• 1Y: 6.98%
• 3Y*: 8.78%
• 5Y*: 4.29%
• 10Y*: 5.03%

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

IJH vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IJH iShares Core S&P Mid-Cap ETF	12.55%	7.42%	13.92%	16.40%	-13.11%	24.72%	13.60%	26.10%	-11.19%	16.26%
SPHY SPDR Portfolio High Yield Bond ETF	1.32%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between IJH 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	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jun 20, 2012	0.43

Over the past year, IJH and SPHY have become more correlated (0.70) than their long-term average of 0.43, meaning their price movements have been converging.

IJH vs. SPHY - Sectors Allocation Comparison

Sectors	IJH	SPHY
Industrials	25.0%	-
Technology	15.7%	-
Financial Services	14.4%	99.9%
Consumer Cyclical	10.7%	-
Healthcare	8.6%	-
Real Estate	7.5%	-
Energy	5.5%	0.1%
Basic Materials	4.8%	-
Consumer Defensive	3.8%	-
Utilities	3.1%	-
Communication Services	1.0%	-

Return for Risk

IJH vs. SPHY — Risk / Return Rank

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

IJH

IJH Risk / Return Rank: 52
IJH Sharpe Ratio Rank: 47
IJH Sortino Ratio Rank: 49
IJH Omega Ratio Rank: 46
IJH Calmar Ratio Rank: 58
IJH Martin Ratio Rank: 59

SPHY

SPHY Risk / Return Rank: 69
SPHY Sharpe Ratio Rank: 63
SPHY Sortino Ratio Rank: 70
SPHY Omega Ratio Rank: 70
SPHY Calmar Ratio Rank: 64
SPHY Martin Ratio Rank: 76

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.

IJH vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P Mid-Cap ETF (IJH) 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.

	IJH	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.90	-0.42
Sortino ratio: Return per unit of downside risk	2.17	2.88	-0.71
Omega ratio: Gain probability vs. loss probability	1.26	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	2.61	2.90	-0.29
Martin ratio: Return relative to average drawdown	9.55	13.14	-3.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IJH vs. SPHY - Sharpe Ratio Comparison

The current IJH Sharpe Ratio is 1.48, which is comparable to the SPHY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of IJH 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

	IJH	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	1.90	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.60	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.64	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.63	-0.17

Drawdowns

IJH vs. SPHY - Drawdown Comparison

The maximum IJH drawdown since its inception was -55.07%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for IJH and SPHY.

Drawdown Indicators

	IJH	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-55.07%	-21.97%	-33.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.83%	-2.41%	-6.42%
Max Drawdown (3Y) Largest decline over 3 years	-24.10%	-4.85%	-19.25%
Max Drawdown (5Y) Largest decline over 5 years	-24.10%	-15.29%	-8.81%
Max Drawdown (10Y) Largest decline over 10 years	-42.18%	-21.97%	-20.21%
Current Drawdown Current decline from peak	-1.79%	-0.44%	-1.35%
Average Drawdown Average peak-to-trough decline	-7.57%	-2.29%	-5.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	0.53%	+1.88%

Volatility

IJH vs. SPHY - Volatility Comparison

iShares Core S&P Mid-Cap ETF (IJH) has a higher volatility of 4.17% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.10%. This indicates that IJH'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.

Volatility by Period

	IJH	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	1.10%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	11.49%	2.94%	+8.55%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	3.69%	+11.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.76%	7.18%	+12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.19%	7.88%	+13.31%

IJH vs. SPHY - Expense Ratio Comparison

Both IJH and SPHY have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IJH vs. SPHY - Dividend Comparison

IJH's dividend yield for the trailing twelve months is around 1.20%, less than SPHY's 7.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJH iShares Core S&P Mid-Cap ETF	1.20%	1.36%	1.33%	1.46%	1.68%	1.18%	1.28%	1.63%	1.72%	1.19%	1.60%	1.56%
SPHY SPDR Portfolio High Yield Bond ETF	7.28%	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 IJH and SPHY in my portfolio?

IJH 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.

Which is riskier, IJH or SPHY?

IJH has higher volatility (4.17%) compared to SPHY (1.10%). In terms of maximum drawdown, IJH dropped -55.07% vs SPHY's -21.97%.

Which ETF is better, IJH or SPHY?

On 10-year performance, IJH leads with 11.12% vs 5.03% for SPHY. Both ETFs have the same 0.05% expense ratio. On volatility, SPHY has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IJH or SPHY?

Over the 10-year period, IJH has performed better with a 11.12% return vs 5.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IJH or SPHY?

IJH and SPHY have the same expense ratio: 0.05% per year.

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

SPHY has the higher dividend yield at 7.28%, compared with 1.20% for IJH.

What is the main difference between IJH and SPHY?

IJH is categorized as Mid Cap Blend Equities, while SPHY is High Yield Bonds. IJH tracks S&P MidCap 400 Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: iShares and State Street.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (1.90 vs 1.48), 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.