SPEU vs. SPHY
SPEU (SPDR Portfolio Europe ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - SPEU is a Europe Equities fund tracking the STOXX Europe Total Market, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, SPEU returned 10.17%/yr vs 5.21%/yr for SPHY. At a 0.43 correlation, their price movements are largely independent. SPEU charges 0.09%/yr vs 0.05%/yr for SPHY.
Performance
SPEU vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, SPEU achieves a 7.38% return, which is significantly higher than SPHY's 1.85% return. Over the past 10 years, SPEU has outperformed SPHY with an annualized return of 10.17%, while SPHY has yielded a comparatively lower 5.21% annualized return.
SPEU
- 1D
- 0.18%
- 1M
- 2.29%
- YTD
- 7.38%
- 6M
- 9.85%
- 1Y
- 19.59%
- 3Y*
- 16.58%
- 5Y*
- 8.33%
- 10Y*
- 10.17%
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%
SPEU vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPEU SPDR Portfolio Europe ETF | 7.38% | 35.80% | 1.93% | 19.85% | -15.97% | 16.20% | 6.35% | 26.15% | -13.79% | 23.80% |
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 SPEU and SPHY is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.43 |
Over the past year, SPEU and SPHY have become more correlated (0.70) than their long-term average of 0.43, meaning their price movements have been converging.
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Return for Risk
SPEU vs. SPHY — Risk / Return Rank
SPEU
SPHY
SPEU vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) 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.
| SPEU | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.38 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 2.94 | -1.46 |
| Martin ratioReturn relative to average drawdown | 5.42 | 13.29 | -7.87 |
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Drawdowns
SPEU vs. SPHY - Drawdown Comparison
The maximum SPEU drawdown since its inception was -62.45%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for SPEU and SPHY.
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Drawdown Indicators
| SPEU | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.45% | -21.97% | -40.48% |
Max Drawdown (1Y)Largest decline over 1 year | -12.09% | -2.41% | -9.68% |
Max Drawdown (3Y)Largest decline over 3 years | -14.17% | -4.85% | -9.32% |
Max Drawdown (5Y)Largest decline over 5 years | -32.70% | -15.29% | -17.41% |
Max Drawdown (10Y)Largest decline over 10 years | -36.83% | -21.97% | -14.86% |
Current DrawdownCurrent decline from peak | -0.67% | 0.00% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -13.83% | -2.29% | -11.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 0.53% | +2.78% |
Volatility
SPEU vs. SPHY - Volatility Comparison
SPDR Portfolio Europe ETF (SPEU) has a higher volatility of 5.81% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.16%. This indicates that SPEU'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.
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Volatility by Period
| SPEU | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.81% | 1.16% | +4.65% |
Volatility (6M)Calculated over the trailing 6-month period | 13.40% | 2.95% | +10.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.92% | 3.72% | +12.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.60% | 7.18% | +10.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.51% | 7.87% | +10.64% |
SPEU vs. SPHY - Expense Ratio Comparison
SPEU has a 0.09% expense ratio, which is higher than SPHY's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPEU vs. SPHY - Dividend Comparison
SPEU's dividend yield for the trailing twelve months is around 3.33%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPEU SPDR Portfolio Europe ETF | 3.33% | 3.47% | 3.29% | 2.91% | 3.08% | 2.67% | 2.29% | 3.19% | 3.99% | 2.82% | 3.66% | 3.62% |
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
SPEU and SPHY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEU has higher volatility (5.81%) compared to SPHY (1.16%). In terms of maximum drawdown, SPEU dropped -62.45% vs SPHY's -21.97%.
On 10-year performance, SPEU leads with 10.17% vs 5.21% for SPHY. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPEU has performed better with a 10.17% return vs 5.21%. 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 0.09% for SPEU.
SPHY has the higher dividend yield at 7.24%, compared with 3.33% for SPEU.
SPEU is categorized as Europe Equities, while SPHY is High Yield Bonds. SPEU tracks STOXX Europe Total Market, while SPHY tracks ICE BofA US High Yield Index. Their fees differ too: 0.09% for SPEU and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.91 vs 1.13), 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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