KHYB vs. SPHY
KHYB (KraneShares Asia Pacific High Income Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - KHYB is a Emerging Markets Bonds fund tracking the JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, KHYB returned 0.87%/yr vs 4.30%/yr for SPHY. Their 0.28 correlation means their historical movements had little consistent relationship. KHYB charges 0.69%/yr vs 0.05%/yr for SPHY.
Performance
KHYB vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, KHYB achieves a 3.58% return, which is significantly higher than SPHY's 2.13% return.
KHYB
- 1D
- 0.00%
- 1M
- 0.62%
- 6M
- 1.80%
- YTD
- 3.58%
- 1Y
- 8.25%
- 3Y*
- 9.30%
- 5Y*
- 0.87%
- 10Y*
- —
- ALL TIME*
- 1.67%
SPHY
- 1D
- 0.28%
- 1M
- -0.02%
- 6M
- 1.41%
- YTD
- 2.13%
- 1Y
- 5.77%
- 3Y*
- 8.59%
- 5Y*
- 4.30%
- 10Y*
- 4.86%
- ALL TIME*
- 4.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.74K | $65.31K | $87.15K | |
| $261.99M | $177.04M | $128.39M |
KHYB vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KHYB KraneShares Asia Pacific High Income Bond ETF | 3.58% | 9.59% | 10.79% | 3.50% | -10.15% | -12.32% | 2.00% | 8.87% | 0.45% |
SPHY SPDR Portfolio High Yield Bond ETF | 2.13% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -0.27% |
Correlation
The correlation between KHYB and SPHY is 0.57, 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. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2018 | 0.28 |
Over the past year, KHYB and SPHY have become more correlated (0.57) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
KHYB vs. SPHY — Risk / Return Rank
KHYB
SPHY
KHYB vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares Asia Pacific High Income Bond ETF (KHYB) 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.
| KHYB | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.31 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.40 | -0.30 |
| Martin ratioReturn relative to average drawdown | 9.42 | 10.68 | -1.26 |
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Drawdowns
KHYB vs. SPHY - Drawdown Comparison
The maximum KHYB drawdown since its inception was -33.63%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for KHYB and SPHY.
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Drawdown Indicators
| KHYB | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.63% | -21.97% | -11.66% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -2.41% | -1.56% |
Max Drawdown (3Y)Largest decline over 3 years | -4.89% | -4.85% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -32.43% | -15.29% | -17.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.15% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -9.52% | -2.27% | -7.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.54% | +0.35% |
Volatility
KHYB vs. SPHY - Volatility Comparison
KraneShares Asia Pacific High Income Bond ETF (KHYB) and SPDR Portfolio High Yield Bond ETF (SPHY) have volatilities of 0.82% and 0.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KHYB | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.79% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 3.03% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.47% | 3.69% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.30% | 7.18% | -0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.67% | 7.83% | -2.16% |
KHYB vs. SPHY - Expense Ratio Comparison
KHYB has a 0.69% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
KHYB vs. SPHY - Dividend Comparison
KHYB's dividend yield for the trailing twelve months is around 8.38%, more than SPHY's 7.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KHYB KraneShares Asia Pacific High Income Bond ETF | 8.38% | 7.59% | 10.11% | 15.55% | 9.67% | 6.22% | 4.76% | 4.86% | 2.56% | 0.00% | 0.00% | 0.00% |
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
KHYB and SPHY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KHYB has higher volatility (0.82%) compared to SPHY (0.79%). In terms of maximum drawdown, KHYB dropped -33.63% vs SPHY's -21.97%.
On 5-year performance, SPHY leads with 4.30% vs 0.87% for KHYB. On fees, SPHY is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPHY has performed better with a 4.30% return vs 0.87%. 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 0.69% for KHYB.
KHYB has the higher dividend yield at 8.38%, compared with 7.23% for SPHY.
KHYB is categorized as Emerging Markets Bonds, while SPHY is High Yield Bonds. KHYB tracks JP Morgan Asia Credit Index Non-Investment Grade Corporate Index., while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: KraneShares and State Street. Their fees differ too: 0.69% for KHYB and 0.05% for SPHY.
KHYB currently has the higher Sharpe Ratio (2.41 vs 1.58), 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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