NFLT vs. SPHY

Last updated Jun 4, 2026

NFLT (Virtus Newfleet Multi-Sector Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - NFLT is a Multisector Bonds fund actively managed by Virtus, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. NFLT is actively managed, while SPHY is passively managed. Over the past 10 years, NFLT returned 4.13%/yr vs 5.15%/yr for SPHY. At a 0.32 correlation, their price movements are largely independent. NFLT charges 0.50%/yr vs 0.05%/yr for SPHY.

Performance

NFLT vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet Multi-Sector Bond ETF (NFLT) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NFLT having a 1.50% return and SPHY slightly higher at 1.54%. Over the past 10 years, NFLT has underperformed SPHY with an annualized return of 4.13%, while SPHY has yielded a comparatively higher 5.15% annualized return.

NFLT

• 1D: -0.16%
• 1M: 0.47%
• YTD: 1.50%
• 6M: 1.58%
• 1Y: 7.11%
• 3Y*: 7.38%
• 5Y*: 3.15%
• 10Y*: 4.13%

SPHY

• 1D: -0.21%
• 1M: 0.42%
• YTD: 1.54%
• 6M: 1.93%
• 1Y: 7.16%
• 3Y*: 8.97%
• 5Y*: 4.39%
• 10Y*: 5.15%

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

NFLT vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NFLT Virtus Newfleet Multi-Sector Bond ETF	1.50%	8.77%	6.05%	9.16%	-9.49%	1.18%	8.02%	10.13%	-2.68%	6.30%
SPHY SPDR Portfolio High Yield Bond ETF	1.54%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between NFLT and SPHY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Aug 12, 2015	0.32

The correlation between NFLT and SPHY shifts across timeframes, from 0.32 (all time) to 0.50 (3 years), reflecting how their relationship changes across market environments.

NFLT vs. SPHY - Sectors Allocation Comparison

Sectors	NFLT	SPHY
Utilities	2.7%	-
Financial Services	0.9%	99.9%
Healthcare	0.0%	-
Real Estate	0.0%	-
Technology	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.1%
Industrials	-	-

Return for Risk

NFLT vs. SPHY — Risk / Return Rank

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

NFLT

NFLT Risk / Return Rank: 57
NFLT Sharpe Ratio Rank: 52
NFLT Sortino Ratio Rank: 53
NFLT Omega Ratio Rank: 52
NFLT Calmar Ratio Rank: 60
NFLT Martin Ratio Rank: 70

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.

NFLT vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Multi-Sector Bond ETF (NFLT) 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.

	NFLT	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.96	-0.18
Sortino ratio: Return per unit of downside risk	2.60	2.98	-0.38
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	2.95	2.98	-0.03
Martin ratio: Return relative to average drawdown	13.00	13.52	-0.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NFLT vs. SPHY - Sharpe Ratio Comparison

The current NFLT Sharpe Ratio is 1.78, which is comparable to the SPHY Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of NFLT 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.

Sharpe Ratios by Period

	NFLT	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	1.96	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.62	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.65	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.64	+0.21

Drawdowns

NFLT vs. SPHY - Drawdown Comparison

The maximum NFLT drawdown since its inception was -15.17%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for NFLT and SPHY.

Drawdown Indicators

	NFLT	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-15.17%	-21.97%	+6.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	-2.41%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-3.24%	-4.85%	+1.61%
Max Drawdown (5Y) Largest decline over 5 years	-13.42%	-15.29%	+1.87%
Max Drawdown (10Y) Largest decline over 10 years	-15.17%	-21.97%	+6.80%
Current Drawdown Current decline from peak	-0.33%	-0.22%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.10%	-2.29%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.53%	+0.02%

Volatility

NFLT vs. SPHY - Volatility Comparison

Virtus Newfleet Multi-Sector Bond ETF (NFLT) and SPDR Portfolio High Yield Bond ETF (SPHY) have volatilities of 1.19% and 1.14%, 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

	NFLT	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.14%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	2.91%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.01%	3.68%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.43%	7.17%	-2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.93%	7.89%	-2.96%

NFLT vs. SPHY - Expense Ratio Comparison

NFLT has a 0.50% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

NFLT vs. SPHY - Dividend Comparison

NFLT's dividend yield for the trailing twelve months is around 5.50%, less than SPHY's 7.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NFLT Virtus Newfleet Multi-Sector Bond ETF	5.50%	5.74%	5.76%	6.02%	4.16%	3.41%	3.63%	4.33%	4.81%	6.23%	5.30%	0.67%
SPHY SPDR Portfolio High Yield Bond ETF	7.27%	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 NFLT and SPHY in my portfolio?

NFLT and SPHY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFLT or SPHY?

NFLT has higher volatility (1.19%) compared to SPHY (1.14%). In terms of maximum drawdown, NFLT dropped -15.17% vs SPHY's -21.97%.

Which ETF is better, NFLT or SPHY?

On 10-year performance, SPHY leads with 5.15% vs 4.13% for NFLT. 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, NFLT or SPHY?

Over the 10-year period, SPHY has performed better with a 5.15% return vs 4.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFLT or SPHY?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.50% for NFLT.

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

SPHY has the higher dividend yield at 7.27%, compared with 5.50% for NFLT.

What is the main difference between NFLT and SPHY?

NFLT is categorized as Multisector Bonds, while SPHY is High Yield Bonds. They also come from different issuers: Virtus and State Street. Their fees differ too: 0.50% for NFLT and 0.05% for SPHY.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (1.96 vs 1.78), 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.