INKM vs. SPHY
INKM (SPDR SSgA Income Allocation ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - INKM is a Global Equities fund actively managed by State Street, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. INKM is actively managed, while SPHY is passively managed. Over the past 10 years, INKM returned 5.35%/yr vs 4.92%/yr for SPHY. Their 0.52 correlation means they have sometimes moved together and sometimes differently. INKM charges 0.50%/yr vs 0.05%/yr for SPHY.
Performance
INKM vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, INKM achieves a 6.55% return, which is significantly higher than SPHY's 1.84% return. Over the past 10 years, INKM has outperformed SPHY with an annualized return of 5.35%, while SPHY has yielded a comparatively lower 4.92% annualized return.
INKM
- 1D
- -0.08%
- 1M
- -0.01%
- 6M
- 3.84%
- YTD
- 6.55%
- 1Y
- 11.75%
- 3Y*
- 9.41%
- 5Y*
- 4.22%
- 10Y*
- 5.35%
- ALL TIME*
- 5.28%
SPHY
- 1D
- 0.04%
- 1M
- -0.30%
- 6M
- 1.20%
- YTD
- 1.84%
- 1Y
- 5.47%
- 3Y*
- 8.43%
- 5Y*
- 4.19%
- 10Y*
- 4.92%
- ALL TIME*
- 4.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $294.57K | $201.29K | $258.16K | |
| $242.17M | $164.39M | $124.54M |
INKM vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INKM SPDR SSgA Income Allocation ETF | 6.55% | 11.86% | 5.70% | 10.26% | -12.58% | 8.52% | 3.11% | 17.12% | -5.32% | 13.95% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.84% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between INKM and SPHY is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.52 |
Over the past year, INKM and SPHY have become more correlated (0.77) than their long-term average of 0.52, meaning their price movements have been converging.
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Return for Risk
INKM vs. SPHY — Risk / Return Rank
INKM
SPHY
INKM vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Income Allocation ETF (INKM) 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.
| INKM | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.29 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 2.27 | +0.31 |
| Martin ratioReturn relative to average drawdown | 10.16 | 10.10 | +0.06 |
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Drawdowns
INKM vs. SPHY - Drawdown Comparison
The maximum INKM drawdown since its inception was -28.58%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for INKM and SPHY.
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Drawdown Indicators
| INKM | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.58% | -21.97% | -6.61% |
Max Drawdown (1Y)Largest decline over 1 year | -4.55% | -2.41% | -2.14% |
Max Drawdown (3Y)Largest decline over 3 years | -7.36% | -4.85% | -2.51% |
Max Drawdown (5Y)Largest decline over 5 years | -19.18% | -15.29% | -3.89% |
Max Drawdown (10Y)Largest decline over 10 years | -28.58% | -21.97% | -6.61% |
Current DrawdownCurrent decline from peak | -0.45% | -0.43% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -3.66% | -2.27% | -1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 0.54% | +0.61% |
Volatility
INKM vs. SPHY - Volatility Comparison
SPDR SSgA Income Allocation ETF (INKM) has a higher volatility of 1.25% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.75%. This indicates that INKM'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
| INKM | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 0.75% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 4.70% | 3.02% | +1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.01% | 3.67% | +2.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.31% | 7.18% | +1.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.74% | 7.83% | +1.91% |
INKM vs. SPHY - Expense Ratio Comparison
INKM has a 0.50% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
INKM vs. SPHY - Dividend Comparison
INKM's dividend yield for the trailing twelve months is around 4.78%, less than SPHY's 7.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INKM SPDR SSgA Income Allocation ETF | 4.78% | 5.82% | 4.83% | 4.56% | 5.03% | 3.74% | 3.88% | 4.38% | 4.08% | 3.10% | 3.39% | 3.45% |
SPHY SPDR Portfolio High Yield Bond ETF | 6.62% | 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
INKM and SPHY have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INKM has higher volatility (1.25%) compared to SPHY (0.75%). In terms of maximum drawdown, INKM dropped -28.58% vs SPHY's -21.97%.
On 10-year performance, INKM leads with 5.35% vs 4.92% for SPHY. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, INKM has performed better with a 5.35% return vs 4.92%. 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 0.50% for INKM.
SPHY has the higher dividend yield at 6.62%, compared with 4.78% for INKM.
INKM is categorized as Global Equities, while SPHY is High Yield Bonds. Their fees differ too: 0.50% for INKM and 0.05% for SPHY.
INKM currently has the higher Sharpe Ratio (1.96 vs 1.49), 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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