SPHY vs. BBHY

Last updated Jun 5, 2026

SPHY (SPDR Portfolio High Yield Bond ETF) and BBHY (JPMorgan BetaBuilders USD High Yield Corporate Bond ETF) are both High Yield Bonds funds tracking the ICE BofA US High Yield Index, from State Street and JPMorgan respectively. Both are passively managed. Over the past 5 years, SPHY returned 4.41%/yr vs 4.12%/yr for BBHY. A 0.76 correlation means they provide meaningful diversification when combined. SPHY charges 0.05%/yr vs 0.15%/yr for BBHY.

Performance

SPHY vs. BBHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio High Yield Bond ETF (SPHY) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHY achieves a 1.63% return, which is significantly lower than BBHY's 1.73% return.

SPHY

• 1D: 0.09%
• 1M: 0.42%
• YTD: 1.63%
• 6M: 2.02%
• 1Y: 7.02%
• 3Y*: 8.98%
• 5Y*: 4.41%
• 10Y*: 5.14%

BBHY

• 1D: 0.15%
• 1M: 0.49%
• YTD: 1.73%
• 6M: 2.18%
• 1Y: 7.10%
• 3Y*: 8.76%
• 5Y*: 4.12%
• 10Y*: —

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

SPHY vs. BBHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHY SPDR Portfolio High Yield Bond ETF	1.63%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF	1.73%	8.51%	7.81%	11.98%	-10.37%	3.88%	5.36%	14.35%	-2.50%	6.57%

Correlation

The correlation between SPHY and BBHY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 16, 2016	0.76

Over the past year, SPHY and BBHY have become more correlated (0.97) than their long-term average of 0.76, meaning their price movements have been converging.

SPHY vs. BBHY - Sectors Allocation Comparison

Sectors	SPHY	BBHY
Financial Services	99.9%	4.1%
Energy	0.1%	5.2%
Basic Materials	-	3.2%
Communication Services	-	7.9%
Consumer Cyclical	-	10.0%
Consumer Defensive	-	2.5%
Healthcare	-	5.4%
Industrials	-	8.4%
Real Estate	-	3.9%
Technology	-	4.0%
Utilities	-	2.0%

Return for Risk

SPHY vs. BBHY — Risk / Return Rank

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

SPHY

SPHY Risk / Return Rank: 64
SPHY Sharpe Ratio Rank: 58
SPHY Sortino Ratio Rank: 64
SPHY Omega Ratio Rank: 64
SPHY Calmar Ratio Rank: 60
SPHY Martin Ratio Rank: 72

BBHY

BBHY Risk / Return Rank: 65
BBHY Sharpe Ratio Rank: 60
BBHY Sortino Ratio Rank: 66
BBHY Omega Ratio Rank: 65
BBHY Calmar Ratio Rank: 62
BBHY Martin Ratio Rank: 73

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.

SPHY vs. BBHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY). 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.

	SPHY	BBHY	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.97	-0.05
Sortino ratio: Return per unit of downside risk	2.92	2.99	-0.07
Omega ratio: Gain probability vs. loss probability	1.38	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	2.92	3.00	-0.08
Martin ratio: Return relative to average drawdown	13.27	13.50	-0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHY vs. BBHY - Sharpe Ratio Comparison

The current SPHY Sharpe Ratio is 1.92, which is comparable to the BBHY Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SPHY and BBHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPHY	BBHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	1.97	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.57	+0.05
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	0.64	-0.01

Drawdowns

SPHY vs. BBHY - Drawdown Comparison

The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum BBHY drawdown of -24.98%. Use the drawdown chart below to compare losses from any high point for SPHY and BBHY.

Drawdown Indicators

	SPHY	BBHY	Difference
Max Drawdown Largest peak-to-trough decline	-21.97%	-24.98%	+3.01%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-2.37%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-4.85%	-5.00%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-15.29%	-15.32%	+0.03%
Max Drawdown (10Y) Largest decline over 10 years	-21.97%	—	—
Current Drawdown Current decline from peak	-0.14%	-0.14%	0.00%
Average Drawdown Average peak-to-trough decline	-2.29%	-2.37%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.53%	0.00%

Volatility

SPHY vs. BBHY - Volatility Comparison

SPDR Portfolio High Yield Bond ETF (SPHY) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) have volatilities of 1.14% and 1.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHY	BBHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	1.13%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	2.85%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	3.62%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.17%	7.26%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.89%	7.53%	+0.36%

SPHY vs. BBHY - Expense Ratio Comparison

SPHY has a 0.05% expense ratio, which is lower than BBHY'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

SPHY vs. BBHY - Dividend Comparison

SPHY's dividend yield for the trailing twelve months is around 7.26%, more than BBHY's 6.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF	6.94%	7.24%	7.18%	6.49%	5.92%	4.06%	4.73%	4.99%	5.02%	4.81%	1.42%	0.00%
SPHY SPDR Portfolio High Yield Bond ETF	7.26%	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 SPHY and BBHY in my portfolio?

With a correlation of 0.97, SPHY and BBHY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPHY or BBHY?

SPHY has higher volatility (1.14%) compared to BBHY (1.13%). In terms of maximum drawdown, SPHY dropped -21.97% vs BBHY's -24.98%.

Which ETF is better, SPHY or BBHY?

On 5-year performance, SPHY leads with 4.41% vs 4.12% for BBHY. On fees, SPHY is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHY or BBHY?

Over the 5-year period, SPHY has performed better with a 4.41% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHY or BBHY?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.15% for BBHY.

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

SPHY has the higher dividend yield at 7.26%, compared with 6.94% for BBHY.

What is the main difference between SPHY and BBHY?

Both ETFs track ICE BofA US High Yield Index. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.05% for SPHY and 0.15% for BBHY.

Which has better risk-adjusted returns?

BBHY currently has the higher Sharpe Ratio (1.97 vs 1.92), 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.