SPEU vs. USHY
SPEU (SPDR Portfolio Europe ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - SPEU is a Europe Equities fund tracking the STOXX Europe Total Market, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, SPEU returned 8.33%/yr vs 4.21%/yr for USHY. A 0.64 correlation means they provide meaningful diversification when combined. SPEU charges 0.09%/yr vs 0.15%/yr for USHY.
Performance
SPEU vs. USHY - 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 USHY's 1.75% 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%
USHY
- 1D
- 0.03%
- 1M
- 0.68%
- YTD
- 1.75%
- 6M
- 2.37%
- 1Y
- 7.19%
- 3Y*
- 8.94%
- 5Y*
- 4.21%
- 10Y*
- —
SPEU vs. USHY - 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% | 2.06% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.75% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between SPEU and USHY is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.64 |
The correlation between SPEU and USHY has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.
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Return for Risk
SPEU vs. USHY — Risk / Return Rank
SPEU
USHY
SPEU vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.36 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 2.85 | -1.37 |
| Martin ratioReturn relative to average drawdown | 5.42 | 12.77 | -7.36 |
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Drawdowns
SPEU vs. USHY - Drawdown Comparison
The maximum SPEU drawdown since its inception was -62.45%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for SPEU and USHY.
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Drawdown Indicators
| SPEU | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.45% | -22.44% | -40.01% |
Max Drawdown (1Y)Largest decline over 1 year | -12.09% | -2.43% | -9.66% |
Max Drawdown (3Y)Largest decline over 3 years | -14.17% | -4.66% | -9.51% |
Max Drawdown (5Y)Largest decline over 5 years | -32.70% | -15.56% | -17.14% |
Max Drawdown (10Y)Largest decline over 10 years | -36.83% | — | — |
Current DrawdownCurrent decline from peak | -0.67% | 0.00% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -13.83% | -2.66% | -11.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 0.54% | +2.77% |
Volatility
SPEU vs. USHY - Volatility Comparison
SPDR Portfolio Europe ETF (SPEU) has a higher volatility of 5.81% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.20%. This indicates that SPEU's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEU | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.81% | 1.20% | +4.61% |
Volatility (6M)Calculated over the trailing 6-month period | 13.40% | 2.96% | +10.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.92% | 3.69% | +12.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.60% | 7.35% | +10.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.51% | 8.24% | +10.27% |
SPEU vs. USHY - Expense Ratio Comparison
SPEU has a 0.09% expense ratio, which is lower than USHY's 0.15% 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
SPEU vs. USHY - Dividend Comparison
SPEU's dividend yield for the trailing twelve months is around 3.33%, less than USHY's 6.90% 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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
SPEU and USHY have a correlation of 0.71, 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 USHY (1.20%). In terms of maximum drawdown, SPEU dropped -62.45% vs USHY's -22.44%.
On 5-year performance, SPEU leads with 8.33% vs 4.21% for USHY. On fees, SPEU is cheaper at 0.09% per year. On volatility, USHY has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPEU has performed better with a 8.33% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEU is cheaper with a 0.09% expense ratio, compared with 0.15% for USHY.
USHY has the higher dividend yield at 6.90%, compared with 3.33% for SPEU.
SPEU is categorized as Europe Equities, while USHY is High Yield Bonds. SPEU tracks STOXX Europe Total Market, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.09% for SPEU and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.88 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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