ISCB vs. SPHY
ISCB (iShares Morningstar Small-Cap ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - ISCB is a Small Cap Blend Equities fund tracking the Morningstar US Small Cap Extended 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, ISCB returned 9.09%/yr vs 4.87%/yr for SPHY. At a 0.43 correlation, their price movements are largely independent. ISCB charges 0.04%/yr vs 0.05%/yr for SPHY.
Performance
ISCB vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, ISCB achieves a 14.44% return, which is significantly higher than SPHY's 2.10% return. Over the past 10 years, ISCB has outperformed SPHY with an annualized return of 9.09%, while SPHY has yielded a comparatively lower 4.87% annualized return.
ISCB
- 1D
- -0.56%
- 1M
- 0.72%
- 6M
- 7.74%
- YTD
- 14.44%
- 1Y
- 25.22%
- 3Y*
- 14.39%
- 5Y*
- 7.02%
- 10Y*
- 9.09%
- ALL TIME*
- 8.88%
SPHY
- 1D
- 0.00%
- 1M
- 0.12%
- 6M
- 1.50%
- YTD
- 2.10%
- 1Y
- 5.87%
- 3Y*
- 8.49%
- 5Y*
- 4.27%
- 10Y*
- 4.87%
- ALL TIME*
- 4.97%
ISCB vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISCB iShares Morningstar Small-Cap ETF | 14.44% | 12.46% | 10.90% | 19.51% | -19.04% | 17.46% | 6.29% | 29.42% | -13.92% | 12.95% |
SPHY SPDR Portfolio High Yield Bond ETF | 2.10% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between ISCB and SPHY is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.43 |
Over the past year, ISCB and SPHY have become more correlated (0.72) than their long-term average of 0.43, meaning their price movements have been converging.
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Return for Risk
ISCB vs. SPHY — Risk / Return Rank
ISCB
SPHY
ISCB vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Small-Cap ETF (ISCB) 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.
| ISCB | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.32 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.44 | +0.25 |
| Martin ratioReturn relative to average drawdown | 9.61 | 11.08 | -1.48 |
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Drawdowns
ISCB vs. SPHY - Drawdown Comparison
The maximum ISCB drawdown since its inception was -61.25%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for ISCB and SPHY.
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Drawdown Indicators
| ISCB | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.25% | -21.97% | -39.28% |
Max Drawdown (1Y)Largest decline over 1 year | -9.39% | -2.41% | -6.98% |
Max Drawdown (3Y)Largest decline over 3 years | -26.22% | -4.85% | -21.37% |
Max Drawdown (5Y)Largest decline over 5 years | -29.94% | -15.29% | -14.65% |
Max Drawdown (10Y)Largest decline over 10 years | -44.18% | -21.97% | -22.21% |
Current DrawdownCurrent decline from peak | -2.03% | -0.17% | -1.86% |
Average DrawdownAverage peak-to-trough decline | -9.75% | -2.27% | -7.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 0.53% | +2.10% |
Volatility
ISCB vs. SPHY - Volatility Comparison
iShares Morningstar Small-Cap ETF (ISCB) has a higher volatility of 3.09% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.58%. This indicates that ISCB'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
| ISCB | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.09% | 0.58% | +2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 11.57% | 2.99% | +8.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.46% | 3.64% | +12.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.29% | 7.18% | +14.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.61% | 7.84% | +14.77% |
ISCB vs. SPHY - Expense Ratio Comparison
ISCB has a 0.04% expense ratio, which is lower than SPHY's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ISCB vs. SPHY - Dividend Comparison
ISCB's dividend yield for the trailing twelve months is around 1.29%, less than SPHY's 7.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISCB iShares Morningstar Small-Cap ETF | 1.29% | 1.38% | 1.31% | 1.49% | 1.63% | 1.26% | 1.26% | 1.25% | 1.60% | 1.24% | 1.58% | 1.40% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.23% | 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
ISCB and SPHY have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISCB has higher volatility (3.09%) compared to SPHY (0.58%). In terms of maximum drawdown, ISCB dropped -61.25% vs SPHY's -21.97%.
On 10-year performance, ISCB leads with 9.09% vs 4.87% for SPHY. On fees, ISCB is cheaper at 0.04% per year. On volatility, SPHY has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ISCB has performed better with a 9.09% return vs 4.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISCB is cheaper with a 0.04% expense ratio, compared with 0.05% for SPHY.
SPHY has the higher dividend yield at 7.23%, compared with 1.29% for ISCB.
ISCB is categorized as Small Cap Blend Equities, while SPHY is High Yield Bonds. ISCB tracks Morningstar US Small Cap Extended Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.04% for ISCB and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.62 vs 1.54), 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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