SPHY vs. EUHY
SPHY (SPDR Portfolio High Yield Bond ETF) and EUHY (iShares Euro High Yield Corporate Bond USD Hedged ETF) are both High Yield Bonds funds - SPHY tracks the ICE BofA US High Yield Index while EUHY tracks the BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index. Both are passively managed. Over the past 10 years, SPHY returned 5.03%/yr vs 3.68%/yr for EUHY. At a 0.32 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.35%/yr for EUHY.
Performance
SPHY vs. EUHY - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.32% return, which is significantly lower than EUHY's 1.70% return. Over the past 10 years, SPHY has outperformed EUHY with an annualized return of 5.03%, while EUHY has yielded a comparatively lower 3.68% annualized 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%
EUHY
- 1D
- -0.12%
- 1M
- 0.05%
- YTD
- 1.70%
- 6M
- 2.27%
- 1Y
- 5.47%
- 3Y*
- 9.44%
- 5Y*
- 1.82%
- 10Y*
- 3.68%
SPHY vs. EUHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.32% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 1.70% | 17.41% | -0.55% | 16.06% | -15.59% | -3.78% | 10.69% | 8.60% | -7.71% | 19.68% |
Correlation
The correlation between SPHY and EUHY is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2012 | 0.32 |
Over the past year, SPHY and EUHY have become more correlated (0.61) than their long-term average of 0.32, meaning their price movements have been converging.
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Return for Risk
SPHY vs. EUHY — Risk / Return Rank
SPHY
EUHY
SPHY vs. EUHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY). 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 | EUHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.19 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 1.57 | +1.34 |
| Martin ratioReturn relative to average drawdown | 13.14 | 3.75 | +9.38 |
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 | EUHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.90 | 1.00 | +0.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.18 | +0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.35 | +0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.34 | +0.29 |
Drawdowns
SPHY vs. EUHY - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum EUHY drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for SPHY and EUHY.
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Drawdown Indicators
| SPHY | EUHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -32.45% | +10.48% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -3.50% | +1.09% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -8.23% | +3.38% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -32.45% | +17.16% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -32.45% | +10.48% |
Current DrawdownCurrent decline from peak | -0.44% | -0.38% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -8.58% | +6.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 1.46% | -0.93% |
Volatility
SPHY vs. EUHY - Volatility Comparison
SPDR Portfolio High Yield Bond ETF (SPHY) has a higher volatility of 1.10% compared to iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) at 1.03%. This indicates that SPHY's price experiences larger fluctuations and is considered to be riskier than EUHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | EUHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.03% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 2.89% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 5.51% | -1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 10.00% | -2.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 10.42% | -2.54% |
SPHY vs. EUHY - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than EUHY's 0.35% expense ratio.
Dividends
SPHY vs. EUHY - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.28%, more than EUHY's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 5.35% | 3.56% | 5.11% | 3.38% | 0.61% | 3.07% | 1.45% | 1.19% | 4.01% | 0.69% | 1.70% | 3.24% |
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 EUHY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (1.10%) compared to EUHY (1.03%). In terms of maximum drawdown, SPHY dropped -21.97% vs EUHY's -32.45%.
On 10-year performance, SPHY leads with 5.03% vs 3.68% for EUHY. 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 10-year period, SPHY has performed better with a 5.03% return vs 3.68%. 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 0.35% for EUHY.
SPHY has the higher dividend yield at 7.28%, compared with 5.35% for EUHY.
SPHY tracks ICE BofA US High Yield Index, while EUHY tracks BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for SPHY and 0.35% for EUHY.
SPHY currently has the higher Sharpe Ratio (1.90 vs 1.00), 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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