SNLN vs. SPHY

Last updated Jun 4, 2026

SNLN (Highland iBoxx Senior Loan ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - SNLN tracks the Markit iBoxx USD Liquid Leveraged Loan Index while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. At a 0.20 correlation, their price movements are largely independent. SNLN charges 0.75%/yr vs 0.05%/yr for SPHY.

Performance

SNLN vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Highland iBoxx Senior Loan ETF (SNLN) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SNLN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPHY

• 1D: -0.21%
• 1M: 0.42%
• YTD: 1.54%
• 6M: 1.93%
• 1Y: 7.16%
• 3Y*: 8.97%
• 5Y*: 4.39%
• 10Y*: 5.15%

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

SNLN vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SNLN Highland iBoxx Senior Loan ETF	0.00%	0.00%	0.00%	5.84%	-3.76%	2.05%	-5.73%	7.03%	-0.95%	1.66%
SPHY SPDR Portfolio High Yield Bond ETF	1.54%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between SNLN and SPHY is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Nov 8, 2012	0.20

The correlation between SNLN and SPHY shifts across timeframes, from 0.05 (3 years) to 0.25 (10 years), reflecting how their relationship changes across market environments.

SNLN vs. SPHY - Sectors Allocation Comparison

Sectors	SNLN	SPHY
Industrials	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.1%
Financial Services	-	99.9%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SNLN vs. SPHY — Risk / Return Rank

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

SPHY

SPHY Risk / Return Rank: 62
SPHY Sharpe Ratio Rank: 56
SPHY Sortino Ratio Rank: 62
SPHY Omega Ratio Rank: 62
SPHY Calmar Ratio Rank: 59
SPHY Martin Ratio Rank: 71

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.

SNLN vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Highland iBoxx Senior Loan ETF (SNLN) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SNLN	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.96	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.62	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.64	—

Drawdowns

Drawdown Indicators

	SNLN	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	—	-21.97%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.41%	—
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 Drawdown Current decline from peak	—	-0.22%	—
Average Drawdown Average peak-to-trough decline	—	-2.29%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.53%	—

Volatility

Volatility by Period

	SNLN	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	3.68%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	7.17%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	7.89%	—

SNLN vs. SPHY - Expense Ratio Comparison

SNLN has a 0.75% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

SNLN vs. SPHY - Dividend Comparison

SNLN has not paid dividends to shareholders, while SPHY's dividend yield for the trailing twelve months is around 7.27%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SNLN Highland iBoxx Senior Loan ETF	0.00%	0.00%	0.00%	5.50%	4.88%	2.83%	3.21%	4.72%	5.03%	4.75%	4.36%	4.36%
SPHY SPDR Portfolio High Yield Bond ETF	7.27%	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 SNLN and SPHY in my portfolio?

SNLN and SPHY have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SNLN or SPHY?

On fees, SPHY is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SNLN or SPHY?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.75% for SNLN.

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

SPHY has the higher dividend yield at 7.27%, compared with 0.00% for SNLN.

What is the main difference between SNLN and SPHY?

SNLN tracks Markit iBoxx USD Liquid Leveraged Loan Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: Highland Capital Management and State Street. Their fees differ too: 0.75% for SNLN and 0.05% for SPHY.