SPHY vs. BRLN
SPHY (SPDR Portfolio High Yield Bond ETF) and BRLN (BlackRock Floating Rate Loan ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while BRLN is a Bank Loan fund actively managed by BlackRock. SPHY is passively managed, while BRLN is actively managed. Over the past 3 years, SPHY returned 8.78%/yr vs 7.18%/yr for BRLN. At a 0.20 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.55%/yr for BRLN.
Performance
SPHY vs. BRLN - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.32% return, which is significantly higher than BRLN's 1.14% return.
SPHY
- 1D
- 0.09%
- 1M
- -0.18%
- YTD
- 1.32%
- 6M
- 1.93%
- 1Y
- 6.98%
- 3Y*
- 8.78%
- 5Y*
- 4.29%
- 10Y*
- 5.03%
BRLN
- 1D
- 0.35%
- 1M
- 0.60%
- YTD
- 1.14%
- 6M
- 1.72%
- 1Y
- 4.81%
- 3Y*
- 7.18%
- 5Y*
- —
- 10Y*
- —
SPHY vs. BRLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.32% | 8.59% | 8.54% | 12.81% | 2.40% |
BRLN BlackRock Floating Rate Loan ETF | 1.14% | 5.38% | 7.49% | 13.42% | 2.13% |
Correlation
The correlation between SPHY and BRLN is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2022 | 0.20 |
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Return for Risk
SPHY vs. BRLN — Risk / Return Rank
SPHY
BRLN
SPHY vs. BRLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and BlackRock Floating Rate Loan ETF (BRLN). 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 | BRLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.29 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 2.41 | +0.49 |
| Martin ratioReturn relative to average drawdown | 13.14 | 9.32 | +3.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPHY | BRLN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.90 | 1.54 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 2.16 | -1.52 |
Drawdowns
SPHY vs. BRLN - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, which is greater than BRLN's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for SPHY and BRLN.
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Drawdown Indicators
| SPHY | BRLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -3.85% | -18.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -2.00% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -3.85% | -1.00% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | — | — |
Current DrawdownCurrent decline from peak | -0.44% | -0.42% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -0.31% | -1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.52% | +0.01% |
Volatility
SPHY vs. BRLN - Volatility Comparison
SPDR Portfolio High Yield Bond ETF (SPHY) and BlackRock Floating Rate Loan ETF (BRLN) have volatilities of 1.10% and 1.11%, 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.
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Volatility by Period
| SPHY | BRLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.11% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 2.34% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 3.14% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 3.74% | +3.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 3.74% | +4.14% |
SPHY vs. BRLN - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than BRLN's 0.55% expense ratio.
Dividends
SPHY vs. BRLN - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.28%, more than BRLN's 6.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRLN BlackRock Floating Rate Loan ETF | 6.37% | 6.50% | 7.87% | 9.06% | 1.48% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.28% | 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
SPHY and BRLN have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRLN has higher volatility (1.11%) compared to SPHY (1.10%). In terms of maximum drawdown, SPHY dropped -21.97% vs BRLN's -3.85%.
On 3-year performance, SPHY leads with 8.78% vs 7.18% for BRLN. 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.
Over the 3-year period, SPHY has performed better with a 8.78% return vs 7.18%. 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 0.55% for BRLN.
SPHY has the higher dividend yield at 7.28%, compared with 6.37% for BRLN.
SPHY is categorized as High Yield Bonds, while BRLN is Bank Loan. They also come from different issuers: State Street and BlackRock. Their fees differ too: 0.05% for SPHY and 0.55% for BRLN.
SPHY currently has the higher Sharpe Ratio (1.90 vs 1.54), 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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