SPHY vs. DFIV

Last updated Jun 6, 2026

SPHY (SPDR Portfolio High Yield Bond ETF) and DFIV (Dimensional International Value ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while DFIV is a Foreign Large Cap Equities fund actively managed by Dimensional. SPHY is passively managed, while DFIV is actively managed. Over the past 3 years, SPHY returned 8.82%/yr vs 23.03%/yr for DFIV. A 0.61 correlation means they provide meaningful diversification when combined. SPHY charges 0.05%/yr vs 0.27%/yr for DFIV.

Performance

SPHY vs. DFIV - Performance Comparison

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

Returns By Period

In the year-to-date period, SPHY achieves a 1.24% return, which is significantly lower than DFIV's 9.75% return.

SPHY

• 1D: -0.39%
• 1M: -0.31%
• YTD: 1.24%
• 6M: 1.59%
• 1Y: 6.84%
• 3Y*: 8.82%
• 5Y*: 4.33%
• 10Y*: 5.04%

DFIV

• 1D: -2.25%
• 1M: -1.78%
• YTD: 9.75%
• 6M: 13.52%
• 1Y: 32.62%
• 3Y*: 23.03%
• 5Y*: —
• 10Y*: —

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

SPHY vs. DFIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPHY SPDR Portfolio High Yield Bond ETF	1.24%	8.59%	8.54%	12.81%	-10.57%	0.53%
DFIV Dimensional International Value ETF	9.75%	45.36%	7.26%	17.75%	-3.70%	0.08%

Correlation

The correlation between SPHY and DFIV is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 14, 2021	0.61

The correlation between SPHY and DFIV has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.

SPHY vs. DFIV - Sectors Allocation Comparison

Sectors	SPHY	DFIV
Financial Services	99.9%	32.4%
Energy	0.1%	16.4%
Basic Materials	-	10.9%
Communication Services	-	4.2%
Consumer Cyclical	-	9.6%
Consumer Defensive	-	4.9%
Healthcare	-	4.9%
Industrials	-	9.6%
Real Estate	-	1.8%
Technology	-	2.8%
Utilities	-	2.5%

Return for Risk

SPHY vs. DFIV — Risk / Return Rank

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

SPHY

SPHY Risk / Return Rank: 62
SPHY Sharpe Ratio Rank: 56
SPHY Sortino Ratio Rank: 61
SPHY Omega Ratio Rank: 62
SPHY Calmar Ratio Rank: 59
SPHY Martin Ratio Rank: 70

DFIV

DFIV Risk / Return Rank: 72
DFIV Sharpe Ratio Rank: 75
DFIV Sortino Ratio Rank: 72
DFIV Omega Ratio Rank: 73
DFIV Calmar Ratio Rank: 70
DFIV Martin Ratio Rank: 71

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. DFIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Dimensional International Value ETF (DFIV). 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	DFIV	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.36	-0.50
Sortino ratio: Return per unit of downside risk	2.82	3.21	-0.38
Omega ratio: Gain probability vs. loss probability	1.37	1.42	-0.05
Calmar ratio: Return relative to maximum drawdown	2.85	3.39	-0.55
Martin ratio: Return relative to average drawdown	12.89	13.09	-0.19
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. DFIV - Sharpe Ratio Comparison

The current SPHY Sharpe Ratio is 1.86, which is comparable to the DFIV Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of SPHY and DFIV, 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	DFIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.36	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
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	0.91	-0.28

Drawdowns

SPHY vs. DFIV - Drawdown Comparison

The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum DFIV drawdown of -25.42%. Use the drawdown chart below to compare losses from any high point for SPHY and DFIV.

Drawdown Indicators

	SPHY	DFIV	Difference
Max Drawdown Largest peak-to-trough decline	-21.97%	-25.42%	+3.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-9.66%	+7.25%
Max Drawdown (3Y) Largest decline over 3 years	-4.85%	-14.72%	+9.87%
Max Drawdown (5Y) Largest decline over 5 years	-15.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.97%	—	—
Current Drawdown Current decline from peak	-0.52%	-2.60%	+2.08%
Average Drawdown Average peak-to-trough decline	-2.29%	-4.48%	+2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	2.50%	-1.97%

Volatility

SPHY vs. DFIV - Volatility Comparison

The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 1.15%, while Dimensional International Value ETF (DFIV) has a volatility of 4.14%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than DFIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHY	DFIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	4.14%	-2.99%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	11.26%	-8.33%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	13.88%	-10.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.17%	16.66%	-9.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.89%	16.66%	-8.77%

SPHY vs. DFIV - Expense Ratio Comparison

SPHY has a 0.05% expense ratio, which is lower than DFIV's 0.27% 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. DFIV - Dividend Comparison

SPHY's dividend yield for the trailing twelve months is around 7.29%, more than DFIV's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFIV Dimensional International Value ETF	2.60%	2.92%	3.88%	3.93%	3.84%	2.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHY SPDR Portfolio High Yield Bond ETF	7.29%	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 DFIV in my portfolio?

SPHY and DFIV have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHY or DFIV?

DFIV has higher volatility (4.14%) compared to SPHY (1.15%). In terms of maximum drawdown, SPHY dropped -21.97% vs DFIV's -25.42%.

Which ETF is better, SPHY or DFIV?

On 3-year performance, DFIV leads with 23.03% vs 8.82% for SPHY. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHY or DFIV?

Over the 3-year period, DFIV has performed better with a 23.03% return vs 8.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHY or DFIV?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.27% for DFIV.

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

SPHY has the higher dividend yield at 7.29%, compared with 2.60% for DFIV.

What is the main difference between SPHY and DFIV?

SPHY is categorized as High Yield Bonds, while DFIV is Foreign Large Cap Equities. They also come from different issuers: State Street and Dimensional. Their fees differ too: 0.05% for SPHY and 0.27% for DFIV.

Which has better risk-adjusted returns?

DFIV currently has the higher Sharpe Ratio (2.36 vs 1.86), 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.