NCPB vs. SPHY
NCPB (Nuveen Core Plus Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - NCPB is a Intermediate Core-Plus Bond fund actively managed by Nuveen, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. NCPB is actively managed, while SPHY is passively managed. Over the past year, NCPB returned 3.10% vs 5.47% for SPHY. Their 0.62 correlation means they have sometimes moved together and sometimes differently. NCPB charges 0.30%/yr vs 0.05%/yr for SPHY.
Performance
NCPB vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, NCPB achieves a -0.20% return, which is significantly lower than SPHY's 1.84% return.
NCPB
- 1D
- -0.22%
- 1M
- -1.18%
- 6M
- -0.60%
- YTD
- -0.20%
- 1Y
- 3.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.55%
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) |
|---|---|---|---|
| $196.93K | $120.32K | $161.77K | |
| $242.17M | $164.39M | $124.54M |
NCPB vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NCPB Nuveen Core Plus Bond ETF | -0.20% | 7.69% | 3.53% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.84% | 8.59% | 7.53% |
Correlation
The correlation between NCPB and SPHY is 0.65, 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. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024 | 0.62 |
The correlation between NCPB and SPHY has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.
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Return for Risk
NCPB vs. SPHY — Risk / Return Rank
NCPB
SPHY
NCPB vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Core Plus Bond ETF (NCPB) 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.
| NCPB | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.29 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 2.27 | -0.96 |
| Martin ratioReturn relative to average drawdown | 3.66 | 10.10 | -6.44 |
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Drawdowns
NCPB vs. SPHY - Drawdown Comparison
The maximum NCPB drawdown since its inception was -3.59%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for NCPB and SPHY.
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Drawdown Indicators
| NCPB | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.59% | -21.97% | +18.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -2.41% | -0.47% |
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 | -2.02% | -0.43% | -1.59% |
Average DrawdownAverage peak-to-trough decline | -0.95% | -2.27% | +1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.54% | +0.49% |
Volatility
NCPB vs. SPHY - Volatility Comparison
Nuveen Core Plus Bond ETF (NCPB) has a higher volatility of 0.93% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.75%. This indicates that NCPB'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
| NCPB | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.75% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 2.83% | 3.02% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.50% | 3.67% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.29% | 7.18% | -2.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.29% | 7.83% | -3.54% |
NCPB vs. SPHY - Expense Ratio Comparison
NCPB has a 0.30% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
NCPB vs. SPHY - Dividend Comparison
NCPB's dividend yield for the trailing twelve months is around 5.34%, less than SPHY's 7.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCPB Nuveen Core Plus Bond ETF | 4.88% | 5.21% | 5.14% | 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 | 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
NCPB and SPHY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCPB has higher volatility (0.93%) compared to SPHY (0.75%). In terms of maximum drawdown, NCPB dropped -3.59% vs SPHY's -21.97%.
On 1-year performance, SPHY leads with 5.47% vs 3.10% for NCPB. 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 1-year period, SPHY has performed better with a 5.47% return vs 3.10%. 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 0.30% for NCPB.
SPHY has the higher dividend yield at 6.62%, compared with 4.88% for NCPB.
NCPB is categorized as Intermediate Core-Plus Bond, while SPHY is High Yield Bonds. They also come from different issuers: Nuveen and State Street. Their fees differ too: 0.30% for NCPB and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.49 vs 1.08), 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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