OBND vs. SPHY

Last updated Jun 23, 2026

OBND (SPDR Loomis Sayles Opportunistic Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - OBND is a Nontraditional Bonds fund actively managed by State Street, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. OBND is actively managed, while SPHY is passively managed. Over the past 3 years, OBND returned 6.84%/yr vs 9.19%/yr for SPHY. A 0.70 correlation means they provide meaningful diversification when combined. OBND charges 0.55%/yr vs 0.05%/yr for SPHY.

Performance

OBND vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Loomis Sayles Opportunistic Bond ETF (OBND) 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, OBND achieves a 1.47% return, which is significantly lower than SPHY's 1.85% return.

OBND

• 1D: -0.19%
• 1M: 0.54%
• YTD: 1.47%
• 6M: 1.52%
• 1Y: 6.03%
• 3Y*: 6.84%
• 5Y*: —
• 10Y*: —

SPHY

• 1D: -0.04%
• 1M: 0.59%
• YTD: 1.85%
• 6M: 2.02%
• 1Y: 6.57%
• 3Y*: 9.19%
• 5Y*: 4.30%
• 10Y*: 5.16%

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

OBND vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OBND SPDR Loomis Sayles Opportunistic Bond ETF	1.47%	7.85%	4.80%	9.47%	-11.24%	0.05%
SPHY SPDR Portfolio High Yield Bond ETF	1.85%	8.59%	8.54%	12.81%	-10.57%	0.60%

Correlation

The correlation between OBND and SPHY is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021	0.70

The correlation between OBND and SPHY has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

Return for Risk

OBND vs. SPHY — Risk / Return Rank

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

OBND

OBND Risk / Return Rank: 52
OBND Sharpe Ratio Rank: 52
OBND Sortino Ratio Rank: 56
OBND Omega Ratio Rank: 54
OBND Calmar Ratio Rank: 44
OBND Martin Ratio Rank: 54

SPHY

SPHY Risk / Return Rank: 60
SPHY Sharpe Ratio Rank: 54
SPHY Sortino Ratio Rank: 59
SPHY Omega Ratio Rank: 59
SPHY Calmar Ratio Rank: 57
SPHY Martin Ratio Rank: 69

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.

OBND vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Loomis Sayles Opportunistic Bond ETF (OBND) 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.

	OBND	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.78	-0.04
Sortino ratio: Return per unit of downside risk	2.59	2.70	-0.12
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	2.10	2.74	-0.64
Martin ratio: Return relative to average drawdown	9.13	12.33	-3.20

OBND vs. SPHY - Sharpe Ratio Comparison

The current OBND Sharpe Ratio is 1.74, which is comparable to the SPHY Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of OBND 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

OBND vs. SPHY - Drawdown Comparison

The maximum OBND drawdown since its inception was -15.86%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for OBND and SPHY.

Drawdown Indicators

	OBND	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-15.86%	-21.97%	+6.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-2.41%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-3.17%	-4.85%	+1.68%
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	-0.27%	-0.17%	-0.10%
Average Drawdown Average peak-to-trough decline	-4.36%	-2.28%	-2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.53%	+0.13%

Volatility

OBND vs. SPHY - Volatility Comparison

SPDR Loomis Sayles Opportunistic Bond ETF (OBND) has a higher volatility of 1.13% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.96%. This indicates that OBND'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.

Volatility by Period

	OBND	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	0.96%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	2.97%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	3.49%	3.72%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.66%	7.18%	-2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.66%	7.86%	-3.20%

OBND vs. SPHY - Expense Ratio Comparison

OBND has a 0.55% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

OBND vs. SPHY - Dividend Comparison

OBND's dividend yield for the trailing twelve months is around 6.27%, less than SPHY's 7.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OBND SPDR Loomis Sayles Opportunistic Bond ETF	6.27%	6.26%	6.53%	6.01%	4.56%	0.55%	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 OBND and SPHY in my portfolio?

OBND and SPHY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBND or SPHY?

OBND has higher volatility (1.13%) compared to SPHY (0.96%). In terms of maximum drawdown, OBND dropped -15.86% vs SPHY's -21.97%.

Which ETF is better, OBND or SPHY?

On 3-year performance, SPHY leads with 9.19% vs 6.84% for OBND. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBND or SPHY?

Over the 3-year period, SPHY has performed better with a 9.19% return vs 6.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBND or SPHY?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.55% for OBND.

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

SPHY has the higher dividend yield at 7.24%, compared with 6.27% for OBND.

What is the main difference between OBND and SPHY?

OBND is categorized as Nontraditional Bonds, while SPHY is High Yield Bonds. Their fees differ too: 0.55% for OBND and 0.05% for SPHY.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (1.78 vs 1.74), 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.