RCL vs. SPHY

Last updated Jun 13, 2026

RCL (Royal Caribbean Cruises Ltd.) is a stock, while SPHY (SPDR Portfolio High Yield Bond ETF) is High Yield Bonds fund tracking the ICE BofA US High Yield Index. Over the past 10 years, RCL returned 16.48%/yr vs 5.21%/yr for SPHY. At a 0.29 correlation, their price movements are largely independent.

Performance

RCL vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royal Caribbean Cruises Ltd. (RCL) 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, RCL achieves a 6.66% return, which is significantly higher than SPHY's 1.85% return. Over the past 10 years, RCL has outperformed SPHY with an annualized return of 16.48%, while SPHY has yielded a comparatively lower 5.21% annualized return.

RCL

• 1D: 2.23%
• 1M: 11.50%
• YTD: 6.66%
• 6M: 7.04%
• 1Y: 16.02%
• 3Y*: 46.74%
• 5Y*: 27.43%
• 10Y*: 16.48%

SPHY

• 1D: 0.04%
• 1M: 0.67%
• YTD: 1.85%
• 6M: 2.41%
• 1Y: 7.35%
• 3Y*: 8.90%
• 5Y*: 4.36%
• 10Y*: 5.21%

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

RCL vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RCL Royal Caribbean Cruises Ltd.	6.66%	22.46%	78.98%	161.97%	-35.72%	2.96%	-43.50%	39.94%	-16.13%	48.22%
SPHY SPDR Portfolio High Yield Bond ETF	1.85%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between RCL and SPHY is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012	0.29

The correlation between RCL and SPHY shifts across timeframes, from 0.29 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RCL vs. SPHY — Risk / Return Rank

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

RCL

RCL Risk / Return Rank: 51
RCL Sharpe Ratio Rank: 53
RCL Sortino Ratio Rank: 51
RCL Omega Ratio Rank: 48
RCL Calmar Ratio Rank: 52
RCL Martin Ratio Rank: 50

SPHY

SPHY Risk / Return Rank: 73
SPHY Sharpe Ratio Rank: 68
SPHY Sortino Ratio Rank: 76
SPHY Omega Ratio Rank: 75
SPHY Calmar Ratio Rank: 67
SPHY Martin Ratio Rank: 79

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.

RCL vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royal Caribbean Cruises Ltd. (RCL) 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.

	RCL	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	0.27	1.91	-1.64
Sortino ratio: Return per unit of downside risk	0.77	2.91	-2.14
Omega ratio: Gain probability vs. loss probability	1.09	1.38	-0.29
Calmar ratio: Return relative to maximum drawdown	0.39	2.94	-2.55
Martin ratio: Return relative to average drawdown	0.66	13.29	-12.62

RCL vs. SPHY - Sharpe Ratio Comparison

The current RCL Sharpe Ratio is 0.27, which is lower than the SPHY Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of RCL 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

RCL vs. SPHY - Drawdown Comparison

The maximum RCL drawdown since its inception was -89.49%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for RCL and SPHY.

Drawdown Indicators

	RCL	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-89.49%	-21.97%	-67.52%
Max Drawdown (1Y) Largest decline over 1 year	-32.36%	-2.41%	-29.95%
Max Drawdown (3Y) Largest decline over 3 years	-35.02%	-4.85%	-30.17%
Max Drawdown (5Y) Largest decline over 5 years	-67.64%	-15.29%	-52.35%
Max Drawdown (10Y) Largest decline over 10 years	-83.30%	-21.97%	-61.33%
Current Drawdown Current decline from peak	-18.16%	0.00%	-18.16%
Average Drawdown Average peak-to-trough decline	-27.76%	-2.29%	-25.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.15%	0.53%	+18.62%

Volatility

RCL vs. SPHY - Volatility Comparison

Royal Caribbean Cruises Ltd. (RCL) has a higher volatility of 14.15% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.16%. This indicates that RCL'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

	RCL	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.15%	1.16%	+12.99%
Volatility (6M) Calculated over the trailing 6-month period	38.00%	2.95%	+35.05%
Volatility (1Y) Calculated over the trailing 1-year period	46.50%	3.72%	+42.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.52%	7.18%	+41.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.35%	7.87%	+45.48%

Dividends

RCL vs. SPHY - Dividend Comparison

RCL's dividend yield for the trailing twelve months is around 1.70%, less than SPHY's 7.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RCL Royal Caribbean Cruises Ltd.	1.70%	1.25%	0.41%	0.00%	0.00%	0.00%	1.04%	2.22%	2.66%	1.81%	2.08%	1.33%
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 RCL and SPHY in my portfolio?

RCL and SPHY have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RCL or SPHY?

RCL has higher volatility (14.15%) compared to SPHY (1.16%). In terms of maximum drawdown, RCL dropped -89.49% vs SPHY's -21.97%.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (1.91 vs 0.27), 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.