SPHIX vs. IYW
SPHIX (Fidelity High Income Fund) and IYW (iShares U.S. Technology ETF) are both funds - SPHIX is a High Yield Bonds fund managed by Fidelity, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Over the past 10 years, SPHIX returned 5.33%/yr vs 25.94%/yr for IYW. At a 0.35 correlation, their price movements are largely independent. SPHIX charges 0.70%/yr vs 0.38%/yr for IYW.
Performance
SPHIX vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, SPHIX achieves a 3.45% return, which is significantly lower than IYW's 21.96% return. Over the past 10 years, SPHIX has underperformed IYW with an annualized return of 5.33%, while IYW has yielded a comparatively higher 25.94% annualized return.
SPHIX
- 1D
- -0.12%
- 1M
- 0.75%
- YTD
- 3.45%
- 6M
- 4.21%
- 1Y
- 9.76%
- 3Y*
- 10.17%
- 5Y*
- 4.19%
- 10Y*
- 5.33%
IYW
- 1D
- -3.91%
- 1M
- 0.69%
- YTD
- 21.96%
- 6M
- 20.43%
- 1Y
- 47.04%
- 3Y*
- 32.10%
- 5Y*
- 20.32%
- 10Y*
- 25.94%
SPHIX vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHIX Fidelity High Income Fund | 3.45% | 9.85% | 9.57% | 10.99% | -13.08% | 3.55% | 2.47% | 14.27% | -2.39% | 8.60% |
IYW iShares U.S. Technology ETF | 21.96% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
Correlation
The correlation between SPHIX and IYW is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since May 19, 2000 | 0.35 |
Over the past year, SPHIX and IYW have become more correlated (0.55) than their long-term average of 0.35, meaning their price movements have been converging.
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Return for Risk
SPHIX vs. IYW — Risk / Return Rank
SPHIX
IYW
SPHIX vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity High Income Fund (SPHIX) and iShares U.S. Technology ETF (IYW). 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.
| SPHIX | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.36 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 4.26 | 2.65 | +1.61 |
| Martin ratioReturn relative to average drawdown | 21.27 | 8.46 | +12.81 |
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Drawdowns
SPHIX vs. IYW - Drawdown Comparison
The maximum SPHIX drawdown since its inception was -31.36%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for SPHIX and IYW.
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Drawdown Indicators
| SPHIX | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.36% | -81.90% | +50.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.33% | -17.81% | +15.48% |
Max Drawdown (3Y)Largest decline over 3 years | -4.15% | -26.47% | +22.32% |
Max Drawdown (5Y)Largest decline over 5 years | -16.46% | -39.44% | +22.98% |
Max Drawdown (10Y)Largest decline over 10 years | -22.44% | -39.44% | +17.00% |
Current DrawdownCurrent decline from peak | -0.24% | -6.35% | +6.11% |
Average DrawdownAverage peak-to-trough decline | -3.47% | -34.59% | +31.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 5.57% | -5.10% |
Volatility
SPHIX vs. IYW - Volatility Comparison
The current volatility for Fidelity High Income Fund (SPHIX) is 0.88%, while iShares U.S. Technology ETF (IYW) has a volatility of 11.15%. This indicates that SPHIX experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHIX | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 11.15% | -10.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 18.45% | -15.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.37% | 22.34% | -18.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.31% | 26.24% | -20.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 25.26% | -19.48% |
SPHIX vs. IYW - Expense Ratio Comparison
SPHIX has a 0.70% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
SPHIX vs. IYW - Dividend Comparison
SPHIX's dividend yield for the trailing twelve months is around 6.38%, more than IYW's 0.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
SPHIX Fidelity High Income Fund | 6.38% | 6.43% | 6.10% | 5.41% | 3.91% | 4.07% | 4.71% | 5.10% | 6.02% | 5.40% | 6.07% | 5.59% |
Frequently Asked Questions
SPHIX and IYW have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYW has higher volatility (11.15%) compared to SPHIX (0.88%). In terms of maximum drawdown, SPHIX dropped -31.36% vs IYW's -81.90%.
SPHIX currently has the higher Sharpe Ratio (2.95 vs 2.12), 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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