SPHY vs. GLDM
Compare and contrast key facts about SPDR Portfolio High Yield Bond ETF (SPHY) and SPDR Gold MiniShares Trust (GLDM).
SPHY and GLDM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012. GLDM is a passively managed fund by State Street that tracks the performance of the LBMA Gold PM Price. It was launched on Jun 25, 2018. Both SPHY and GLDM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPHY vs. GLDM - Performance Comparison
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SPHY vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | -0.32% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -0.11% |
GLDM SPDR Gold MiniShares Trust | 8.57% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.84% |
Returns By Period
In the year-to-date period, SPHY achieves a -0.32% return, which is significantly lower than GLDM's 8.57% return.
SPHY
- 1D
- 1.00%
- 1M
- -1.02%
- YTD
- -0.32%
- 6M
- 0.94%
- 1Y
- 7.11%
- 3Y*
- 8.40%
- 5Y*
- 4.31%
- 10Y*
- 5.29%
GLDM
- 1D
- 3.77%
- 1M
- -10.99%
- YTD
- 8.57%
- 6M
- 21.24%
- 1Y
- 49.77%
- 3Y*
- 33.33%
- 5Y*
- 21.91%
- 10Y*
- —
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SPHY vs. GLDM - Expense Ratio Comparison
Both SPHY and GLDM have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
SPHY vs. GLDM — Risk / Return Rank
SPHY
GLDM
SPHY vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and SPDR Gold MiniShares Trust (GLDM). 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 | GLDM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.30 | 1.82 | -0.52 |
Sortino ratioReturn per unit of downside risk | 1.92 | 2.25 | -0.33 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.33 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.76 | 2.71 | -0.95 |
Martin ratioReturn relative to average drawdown | 9.23 | 10.04 | -0.81 |
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 | GLDM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 1.82 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 1.25 | -0.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | 1.09 | -0.47 |
Correlation
The correlation between SPHY and GLDM is 0.16, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
SPHY vs. GLDM - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.39%, while GLDM has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 6.76% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
GLDM SPDR Gold MiniShares Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SPHY vs. GLDM - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, roughly equal to the maximum GLDM drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for SPHY and GLDM.
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Drawdown Indicators
| SPHY | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -21.63% | -0.34% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -19.14% | +15.07% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -20.92% | +5.63% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | — | — |
Current DrawdownCurrent decline from peak | -1.31% | -13.19% | +11.88% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -6.04% | +3.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 5.16% | -4.38% |
Volatility
SPHY vs. GLDM - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 2.23%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 11.01%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.23% | 11.01% | -8.78% |
Volatility (6M)Calculated over the trailing 6-month period | 2.87% | 24.07% | -21.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.49% | 27.57% | -22.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.15% | 17.65% | -10.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.97% | 16.77% | -8.80% |