LEND vs. SPHY

Last updated Jul 8, 2026

LEND (SEI High Yield Bond & Alternative Credit ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds. LEND is actively managed, while SPHY is passively managed. A 0.63 correlation means they provide meaningful diversification when combined. LEND charges 0.65%/yr vs 0.05%/yr for SPHY.

Performance

LEND vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI High Yield Bond & Alternative Credit ETF (LEND) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

LEND

• 1D: 0.48%
• 1M: 1.10%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPHY

• 1D: -0.09%
• 1M: 0.94%
• 6M: 1.80%
• YTD: 2.19%
• 1Y: 6.18%
• 3Y*: 9.17%
• 5Y*: 4.26%
• 10Y*: 4.99%

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

LEND vs. SPHY - Yearly Performance Comparison

	2026 (YTD)
LEND SEI High Yield Bond & Alternative Credit ETF	0.74%
SPHY SPDR Portfolio High Yield Bond ETF	1.44%

Correlation

The correlation between LEND and SPHY is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 18, 2026	0.63

Return for Risk

LEND vs. SPHY — Risk / Return Rank

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

LEND

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPHY

SPHY Risk / Return Rank: 67
SPHY Sharpe Ratio Rank: 61
SPHY Sortino Ratio Rank: 67
SPHY Omega Ratio Rank: 68
SPHY Calmar Ratio Rank: 62
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.

LEND vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI High Yield Bond & Alternative Credit ETF (LEND) 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.

	LEND	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.69	—
Sortino ratio: Return per unit of downside risk	—	2.57	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	2.57	—
Martin ratio: Return relative to average drawdown	—	11.68	—

Drawdowns

LEND vs. SPHY - Drawdown Comparison

The maximum LEND drawdown since its inception was -0.87%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for LEND and SPHY.

Drawdown Indicators

	LEND	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-0.87%	-21.97%	+21.10%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.41%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.29%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.97%	—
Current Drawdown Current decline from peak	0.00%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.27%	-2.28%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.53%	—

Volatility

Volatility by Period

	LEND	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	3.68%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	7.18%	-3.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	7.84%	-4.46%

LEND vs. SPHY - Expense Ratio Comparison

LEND has a 0.65% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

LEND vs. SPHY - Dividend Comparison

LEND's dividend yield for the trailing twelve months is around 0.98%, less than SPHY's 7.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LEND SEI High Yield Bond & Alternative Credit ETF	0.98%	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	7.23%	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

Can I hold both LEND and SPHY in my portfolio?

LEND and SPHY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LEND or SPHY?

On fees, SPHY is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LEND or SPHY?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.65% for LEND.

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

SPHY has the higher dividend yield at 7.23%, compared with 0.98% for LEND.

What is the main difference between LEND and SPHY?

They also come from different issuers: SEI and State Street. Their fees differ too: 0.65% for LEND and 0.05% for SPHY.