MHY vs. SPHY
MHY (Man Active High Yield ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds. MHY is actively managed, while SPHY is passively managed. A 0.78 correlation means they provide meaningful diversification when combined. MHY charges 0.69%/yr vs 0.05%/yr for SPHY.
Performance
MHY vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, MHY achieves a 4.43% return, which is significantly higher than SPHY's 1.85% return.
MHY
- 1D
- 0.12%
- 1M
- 1.66%
- YTD
- 4.43%
- 6M
- 4.28%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPHY
- 1D
- -0.04%
- 1M
- 0.33%
- YTD
- 1.85%
- 6M
- 1.85%
- 1Y
- 5.99%
- 3Y*
- 9.06%
- 5Y*
- 4.29%
- 10Y*
- 5.10%
MHY vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MHY Man Active High Yield ETF | 4.43% | 1.54% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.85% | 1.47% |
Correlation
The correlation between MHY and SPHY is 0.78, 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 Sep 18, 2025 | 0.78 |
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Return for Risk
MHY vs. SPHY — Risk / Return Rank
MHY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPHY
MHY vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Man Active High Yield ETF (MHY) 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.
| MHY | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.32 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.49 | — |
| Martin ratioReturn relative to average drawdown | — | 11.23 | — |
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Drawdowns
MHY vs. SPHY - Drawdown Comparison
The maximum MHY drawdown since its inception was -1.58%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for MHY and SPHY.
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Drawdown Indicators
| MHY | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.58% | -21.97% | +20.39% |
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 DrawdownCurrent decline from peak | 0.00% | -0.17% | +0.17% |
Average DrawdownAverage peak-to-trough decline | -0.29% | -2.28% | +1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.53% | — |
Volatility
MHY vs. SPHY - Volatility Comparison
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Volatility by Period
| MHY | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.92% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.97% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.99% | 3.71% | -0.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.99% | 7.18% | -4.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.99% | 7.85% | -4.86% |
MHY vs. SPHY - Expense Ratio Comparison
MHY has a 0.69% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
MHY vs. SPHY - Dividend Comparison
MHY's dividend yield for the trailing twelve months is around 5.29%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MHY Man Active High Yield ETF | 5.29% | 3.42% | 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 | 7.24% | 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
MHY and SPHY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.69% for MHY.
SPHY has the higher dividend yield at 7.24%, compared with 5.29% for MHY.
They also come from different issuers: Man Group and State Street. Their fees differ too: 0.69% for MHY and 0.05% for SPHY.
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