SHCDX vs. SPY

Last updated Aug 1, 2026

SHCDX (Virtus Stone Harbor Emerg Mkts Corp Dbt) and SPY (State Street SPDR S&P 500 ETF) are both funds - SHCDX is a Emerging Markets Bonds fund managed by Stone Harbor, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, SHCDX returned 4.32%/yr vs 15.07%/yr for SPY. Their 0.22 correlation means their historical movements had little consistent relationship. SHCDX charges 1.02%/yr vs 0.09%/yr for SPY.

Performance

SHCDX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Stone Harbor Emerg Mkts Corp Dbt (SHCDX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHCDX achieves a 2.83% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, SHCDX has underperformed SPY with an annualized return of 4.32%, while SPY has yielded a comparatively higher 15.07% annualized return.

SHCDX

• 1D: -0.25%
• 1M: -0.45%
• 6M: 1.81%
• YTD: 2.83%
• 1Y: 5.93%
• 3Y*: 7.97%
• 5Y*: 2.95%
• 10Y*: 4.32%
• ALL TIME*: 4.89%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SHCDX Virtus Stone Harbor Emerg Mkts Corp Dbt	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

SHCDX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHCDX Virtus Stone Harbor Emerg Mkts Corp Dbt	2.83%	8.81%	7.58%	9.70%	-11.76%	1.95%	7.77%	13.94%	-3.90%	9.29%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SHCDX and SPY is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.25
Correlation (5Y) Shows whether the relationship held over a longer period.	0.26
Correlation (10Y) Provides a long-term view across more market conditions.	0.22
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.22

The correlation between SHCDX and SPY shifts across timeframes, from 0.22 (10 years) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SHCDX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SHCDX

SHCDX Risk / Return Rank: 94
SHCDX Sharpe Ratio Rank: 98
SHCDX Sortino Ratio Rank: 97
SHCDX Omega Ratio Rank: 97
SHCDX Calmar Ratio Rank: 88
SHCDX Martin Ratio Rank: 91

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SHCDX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Stone Harbor Emerg Mkts Corp Dbt (SHCDX) and State Street SPDR S&P 500 ETF (SPY). 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.

	SHCDX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.97	1.52	+1.45
Sortino ratio: Return per unit of downside risk	4.71	2.11	+2.60
Omega ratio: Gain probability vs. loss probability	1.75	1.27	+0.47
Calmar ratio: Return relative to maximum drawdown	3.20	2.20	+1.00
Martin ratio: Return relative to average drawdown	12.87	9.40	+3.47

SHCDX vs. SPY - Sharpe Ratio Comparison

The current SHCDX Sharpe Ratio is 2.97, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of SHCDX and SPY, 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

SHCDX vs. SPY - Drawdown Comparison

The maximum SHCDX drawdown since its inception was -26.24%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SHCDX and SPY.

Drawdown Indicators

	SHCDX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-26.24%	-55.19%	+28.95%
Max Drawdown (1Y) Largest decline over 1 year	-1.90%	-8.88%	+6.98%
Max Drawdown (3Y) Largest decline over 3 years	-3.86%	-18.76%	+14.90%
Max Drawdown (5Y) Largest decline over 5 years	-21.81%	-24.50%	+2.69%
Max Drawdown (10Y) Largest decline over 10 years	-26.24%	-33.72%	+7.48%
Current Drawdown Current decline from peak	-0.49%	-1.40%	+0.91%
Average Drawdown Average peak-to-trough decline	-3.08%	-9.01%	+5.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	2.08%	-1.61%

Volatility

SHCDX vs. SPY - Volatility Comparison

The current volatility for Virtus Stone Harbor Emerg Mkts Corp Dbt (SHCDX) is 0.45%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that SHCDX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHCDX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	3.58%	-3.13%
Volatility (6M) Calculated over the trailing 6-month period	1.72%	10.14%	-8.42%
Volatility (1Y) Calculated over the trailing 1-year period	2.05%	12.89%	-10.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.87%	17.18%	-13.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.94%	17.95%	-13.01%

SHCDX vs. SPY - Expense Ratio Comparison

SHCDX has a 1.02% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SHCDX vs. SPY - Dividend Comparison

SHCDX's dividend yield for the trailing twelve months is around 6.06%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHCDX Virtus Stone Harbor Emerg Mkts Corp Dbt	6.06%	6.00%	6.33%	5.72%	5.52%	4.65%	5.28%	4.72%	6.08%	4.10%	5.44%	5.04%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SHCDX and SPY in my portfolio?

SHCDX and SPY have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHCDX or SPY?

SPY has higher volatility (3.58%) compared to SHCDX (0.45%). In terms of maximum drawdown, SHCDX dropped -26.24% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SHCDX currently has the higher Sharpe Ratio (2.97 vs 1.52), 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.