SPHY vs. FFRHX
SPHY (SPDR Portfolio High Yield Bond ETF) and FFRHX (Fidelity Floating Rate High Income Fund) are both funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while FFRHX is a Bank Loan fund actively managed by Fidelity. SPHY is passively managed, while FFRHX is actively managed. Over the past 10 years, SPHY returned 5.21%/yr vs 4.90%/yr for FFRHX. At a 0.23 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.67%/yr for FFRHX.
Performance
SPHY vs. FFRHX - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.85% return, which is significantly higher than FFRHX's 1.60% return. Over the past 10 years, SPHY has outperformed FFRHX with an annualized return of 5.21%, while FFRHX has yielded a comparatively lower 4.90% annualized return.
SPHY
- 1D
- 0.04%
- 1M
- 1.11%
- YTD
- 1.85%
- 6M
- 2.41%
- 1Y
- 7.35%
- 3Y*
- 8.90%
- 5Y*
- 4.36%
- 10Y*
- 5.21%
FFRHX
- 1D
- -0.11%
- 1M
- -0.00%
- YTD
- 1.60%
- 6M
- 1.98%
- 1Y
- 5.89%
- 3Y*
- 7.24%
- 5Y*
- 5.35%
- 10Y*
- 4.90%
SPHY vs. FFRHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.85% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
FFRHX Fidelity Floating Rate High Income Fund | 1.60% | 5.47% | 7.10% | 12.63% | -1.55% | 5.01% | 1.69% | 8.63% | 0.10% | 3.91% |
Correlation
The correlation between SPHY and FFRHX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.23 |
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Return for Risk
SPHY vs. FFRHX — Risk / Return Rank
SPHY
FFRHX
SPHY vs. FFRHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Fidelity Floating Rate High Income Fund (FFRHX). 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.
| SPHY | FFRHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.86 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 4.87 | -1.92 |
| Martin ratioReturn relative to average drawdown | 13.29 | 17.02 | -3.73 |
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Drawdowns
SPHY vs. FFRHX - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, roughly equal to the maximum FFRHX drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for SPHY and FFRHX.
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Drawdown Indicators
| SPHY | FFRHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -22.20% | +0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -1.19% | -1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -3.29% | -1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -5.90% | -9.39% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -22.20% | +0.23% |
Current DrawdownCurrent decline from peak | 0.00% | -0.55% | +0.55% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -1.15% | -1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.34% | +0.19% |
Volatility
SPHY vs. FFRHX - Volatility Comparison
SPDR Portfolio High Yield Bond ETF (SPHY) has a higher volatility of 1.16% compared to Fidelity Floating Rate High Income Fund (FFRHX) at 0.64%. This indicates that SPHY's price experiences larger fluctuations and is considered to be riskier than FFRHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | FFRHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.64% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 1.63% | +1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 2.37% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 2.88% | +4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.87% | 4.14% | +3.73% |
SPHY vs. FFRHX - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than FFRHX's 0.67% expense ratio.
Dividends
SPHY vs. FFRHX - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.24%, more than FFRHX's 7.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFRHX Fidelity Floating Rate High Income Fund | 7.10% | 7.41% | 6.94% | 8.24% | 3.81% | 2.74% | 3.84% | 5.15% | 4.74% | 4.05% | 4.44% | 3.69% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.24% | 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 FFRHX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (1.16%) compared to FFRHX (0.64%). In terms of maximum drawdown, SPHY dropped -21.97% vs FFRHX's -22.20%.
FFRHX currently has the higher Sharpe Ratio (2.45 vs 1.91), 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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