SCYB vs. SPHY
SCYB (Schwab High Yield Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - SCYB tracks the ICE BofA US Cash Pay High Yield Constrained Index while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past year, SCYB returned 6.73% vs 6.89% for SPHY. Their correlation of 0.94 suggests significant overlap in exposure. SCYB charges 0.03%/yr vs 0.05%/yr for SPHY.
Performance
SCYB vs. SPHY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SCYB having a 1.96% return and SPHY slightly higher at 1.98%.
SCYB
- 1D
- 0.27%
- 1M
- 0.76%
- YTD
- 1.96%
- 6M
- 2.23%
- 1Y
- 6.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPHY
- 1D
- 0.30%
- 1M
- 0.76%
- YTD
- 1.98%
- 6M
- 2.32%
- 1Y
- 6.89%
- 3Y*
- 8.90%
- 5Y*
- 4.43%
- 10Y*
- 5.17%
SCYB vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SCYB Schwab High Yield Bond ETF | 1.96% | 8.33% | 8.15% | 7.29% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.98% | 8.59% | 8.54% | 7.56% |
Correlation
The correlation between SCYB and SPHY is 0.94, 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 | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | 0.94 |
The correlation between SCYB and SPHY has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.
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Return for Risk
SCYB vs. SPHY — Risk / Return Rank
SCYB
SPHY
SCYB vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab High Yield Bond ETF (SCYB) 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.
| SCYB | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.39 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.88 | 3.02 | -0.14 |
| Martin ratioReturn relative to average drawdown | 12.82 | 13.62 | -0.79 |
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Drawdowns
SCYB vs. SPHY - Drawdown Comparison
The maximum SCYB drawdown since its inception was -4.92%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for SCYB and SPHY.
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Drawdown Indicators
| SCYB | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.92% | -21.97% | +17.05% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -2.41% | -0.03% |
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 DrawdownCurrent decline from peak | -0.11% | -0.04% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -0.51% | -2.28% | +1.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.53% | +0.02% |
Volatility
SCYB vs. SPHY - Volatility Comparison
Schwab High Yield Bond ETF (SCYB) and SPDR Portfolio High Yield Bond ETF (SPHY) have volatilities of 1.10% and 1.12%, 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
| SCYB | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.12% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 2.98% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 3.73% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.12% | 7.18% | -2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.12% | 7.87% | -2.75% |
SCYB vs. SPHY - Expense Ratio Comparison
SCYB has a 0.03% expense ratio, which is lower than SPHY's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SCYB vs. SPHY - Dividend Comparison
SCYB's dividend yield for the trailing twelve months is around 6.91%, less than SPHY's 7.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCYB Schwab High Yield Bond ETF | 6.91% | 6.99% | 7.06% | 3.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.23% | 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
With a correlation of 0.94, SCYB and SPHY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPHY has higher volatility (1.12%) compared to SCYB (1.10%). In terms of maximum drawdown, SCYB dropped -4.92% vs SPHY's -21.97%.
On 1-year performance, SPHY leads with 6.89% vs 6.73% for SCYB. On fees, SCYB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPHY has performed better with a 6.89% return vs 6.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCYB is cheaper with a 0.03% expense ratio, compared with 0.05% for SPHY.
SPHY has the higher dividend yield at 7.23%, compared with 6.91% for SCYB.
SCYB tracks ICE BofA US Cash Pay High Yield Constrained Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.03% for SCYB and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.95 vs 1.86), 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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