QHY vs. SPHY
QHY (WisdomTree U.S. Short-Term Corporate Bond Fund) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - QHY tracks the WisdomTree U.S. High Yield Corporate Bond Index while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, QHY returned 4.89%/yr vs 5.23%/yr for SPHY. A 0.69 correlation means they provide meaningful diversification when combined. QHY charges 0.38%/yr vs 0.05%/yr for SPHY.
Performance
QHY vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, QHY achieves a 1.58% return, which is significantly lower than SPHY's 1.89% return. Over the past 10 years, QHY has underperformed SPHY with an annualized return of 4.89%, while SPHY has yielded a comparatively higher 5.23% annualized return.
QHY
- 1D
- -0.07%
- 1M
- 0.24%
- YTD
- 1.58%
- 6M
- 1.57%
- 1Y
- 6.08%
- 3Y*
- 8.28%
- 5Y*
- 3.07%
- 10Y*
- 4.89%
SPHY
- 1D
- 0.09%
- 1M
- 0.33%
- YTD
- 1.89%
- 6M
- 1.89%
- 1Y
- 6.35%
- 3Y*
- 9.12%
- 5Y*
- 4.29%
- 10Y*
- 5.23%
QHY vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QHY WisdomTree U.S. Short-Term Corporate Bond Fund | 1.58% | 9.61% | 5.92% | 10.12% | -11.81% | 4.12% | 5.99% | 15.65% | -0.06% | 5.66% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.89% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between QHY and SPHY is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2016 | 0.69 |
Over the past year, QHY and SPHY have become more correlated (0.90) than their long-term average of 0.69, meaning their price movements have been converging.
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Return for Risk
QHY vs. SPHY — Risk / Return Rank
QHY
SPHY
QHY vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. Short-Term Corporate Bond Fund (QHY) 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.
| QHY | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.34 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 2.64 | -0.44 |
| Martin ratioReturn relative to average drawdown | 9.98 | 11.91 | -1.93 |
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Drawdowns
QHY vs. SPHY - Drawdown Comparison
The maximum QHY drawdown since its inception was -22.74%, roughly equal to the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for QHY and SPHY.
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Drawdown Indicators
| QHY | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.74% | -21.97% | -0.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -2.41% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -4.58% | -4.85% | +0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -16.21% | -15.29% | -0.92% |
Max Drawdown (10Y)Largest decline over 10 years | -22.74% | -21.97% | -0.77% |
Current DrawdownCurrent decline from peak | -0.28% | -0.13% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -2.73% | -2.28% | -0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.53% | +0.08% |
Volatility
QHY vs. SPHY - Volatility Comparison
WisdomTree U.S. Short-Term Corporate Bond Fund (QHY) and SPDR Portfolio High Yield Bond ETF (SPHY) have volatilities of 0.90% and 0.92%, 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.
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Volatility by Period
| QHY | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.92% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 2.97% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 3.71% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.58% | 7.18% | +0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.19% | 7.86% | +0.33% |
QHY vs. SPHY - Expense Ratio Comparison
QHY has a 0.38% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
QHY vs. SPHY - Dividend Comparison
QHY's dividend yield for the trailing twelve months is around 6.26%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QHY WisdomTree U.S. Short-Term Corporate Bond Fund | 6.26% | 6.26% | 6.40% | 6.11% | 5.44% | 4.09% | 4.80% | 5.21% | 5.93% | 6.47% | 4.39% | 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
QHY and SPHY have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (0.92%) compared to QHY (0.90%). In terms of maximum drawdown, QHY dropped -22.74% vs SPHY's -21.97%.
On 10-year performance, SPHY leads with 5.23% vs 4.89% for QHY. 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.
Over the 10-year period, SPHY has performed better with a 5.23% return vs 4.89%. 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 0.38% for QHY.
SPHY has the higher dividend yield at 7.24%, compared with 6.26% for QHY.
QHY tracks WisdomTree U.S. High Yield Corporate Bond Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.38% for QHY and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.72 vs 1.66), 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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