NCPB vs. SPHY

Last updated Jun 23, 2026

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 5.54% vs 6.80% for SPHY. A 0.62 correlation means they provide meaningful diversification when combined. NCPB charges 0.30%/yr vs 0.05%/yr for SPHY.

Performance

NCPB vs. SPHY - Performance Comparison

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

Returns By Period

In the year-to-date period, NCPB achieves a 0.73% return, which is significantly lower than SPHY's 1.89% return.

NCPB

• 1D: -0.22%
• 1M: 0.79%
• YTD: 0.73%
• 6M: 0.86%
• 1Y: 5.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPHY

• 1D: -0.09%
• 1M: 0.63%
• YTD: 1.89%
• 6M: 2.19%
• 1Y: 6.80%
• 3Y*: 9.20%
• 5Y*: 4.36%
• 10Y*: 5.17%

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

NCPB vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NCPB Nuveen Core Plus Bond ETF	0.73%	7.69%	3.53%
SPHY SPDR Portfolio High Yield Bond ETF	1.89%	8.59%	7.53%

Correlation

The correlation between NCPB and SPHY is 0.67, 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	0.67
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 0.67 - a consistent structural relationship.

Return for Risk

NCPB vs. SPHY — Risk / Return Rank

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

NCPB

NCPB Risk / Return Rank: 44
NCPB Sharpe Ratio Rank: 47
NCPB Sortino Ratio Rank: 50
NCPB Omega Ratio Rank: 46
NCPB Calmar Ratio Rank: 40
NCPB Martin Ratio Rank: 39

SPHY

SPHY Risk / Return Rank: 62
SPHY Sharpe Ratio Rank: 56
SPHY Sortino Ratio Rank: 62
SPHY Omega Ratio Rank: 62
SPHY Calmar Ratio Rank: 59
SPHY Martin Ratio Rank: 71

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.

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 ratio: Return per unit of total volatility	1.59	1.84	-0.25
Sortino ratio: Return per unit of downside risk	2.36	2.79	-0.44
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	1.93	2.83	-0.90
Martin ratio: Return relative to average drawdown	5.88	12.76	-6.88

NCPB vs. SPHY - Sharpe Ratio Comparison

The current NCPB Sharpe Ratio is 1.59, which is comparable to the SPHY Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of NCPB and SPHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	NCPB	SPHY	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-1.11%	-0.13%	-0.98%
Average Drawdown Average peak-to-trough decline	-0.93%	-2.28%	+1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.53%	+0.41%

Volatility

NCPB vs. SPHY - Volatility Comparison

Nuveen Core Plus Bond ETF (NCPB) and SPDR Portfolio High Yield Bond ETF (SPHY) have volatilities of 0.94% and 0.95%, 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.

Volatility by Period

	NCPB	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	0.95%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.71%	2.98%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	3.72%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.33%	7.18%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.33%	7.86%	-3.53%

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 5.20%, less than SPHY's 7.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCPB Nuveen Core Plus Bond ETF	5.20%	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	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

Can I hold both NCPB and SPHY in my portfolio?

NCPB and SPHY have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCPB or SPHY?

SPHY has higher volatility (0.95%) compared to NCPB (0.94%). In terms of maximum drawdown, NCPB dropped -3.59% vs SPHY's -21.97%.

Which ETF is better, NCPB or SPHY?

On 1-year performance, SPHY leads with 6.80% vs 5.54% for NCPB. 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.

Which ETF has performed better, NCPB or SPHY?

Over the 1-year period, SPHY has performed better with a 6.80% return vs 5.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCPB or SPHY?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.30% for NCPB.

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

SPHY has the higher dividend yield at 7.24%, compared with 5.20% for NCPB.

What is the main difference between NCPB and SPHY?

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.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (1.84 vs 1.59), 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.