SPHY vs. HYBB
Compare and contrast key facts about SPDR Portfolio High Yield Bond ETF (SPHY) and iShares BB Rated Corporate Bond ETF (HYBB).
SPHY and HYBB 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. HYBB is a passively managed fund by iShares that tracks the performance of the ICE BofA BB US High Yield Constrained Index (USD). It was launched on Oct 6, 2020. Both SPHY and HYBB 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. HYBB - Performance Comparison
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SPHY vs. HYBB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | -0.07% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 5.33% |
HYBB iShares BB Rated Corporate Bond ETF | -0.11% | 8.95% | 6.35% | 10.53% | -10.11% | 3.36% | 4.29% |
Returns By Period
In the year-to-date period, SPHY achieves a -0.07% return, which is significantly higher than HYBB's -0.11% return.
SPHY
- 1D
- 0.25%
- 1M
- -0.69%
- YTD
- -0.07%
- 6M
- 1.01%
- 1Y
- 7.16%
- 3Y*
- 8.49%
- 5Y*
- 4.36%
- 10Y*
- 5.32%
HYBB
- 1D
- 0.29%
- 1M
- -0.94%
- YTD
- -0.11%
- 6M
- 1.05%
- 1Y
- 6.89%
- 3Y*
- 7.26%
- 5Y*
- 3.57%
- 10Y*
- —
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SPHY vs. HYBB - Expense Ratio Comparison
SPHY has a 0.10% expense ratio, which is lower than HYBB's 0.25% 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%.
Return for Risk
SPHY vs. HYBB — Risk / Return Rank
SPHY
HYBB
SPHY vs. HYBB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and iShares BB Rated Corporate Bond ETF (HYBB). 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 | HYBB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.31 | 1.27 | +0.04 |
Sortino ratioReturn per unit of downside risk | 1.94 | 1.93 | +0.01 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.32 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.81 | 1.95 | -0.14 |
Martin ratioReturn relative to average drawdown | 9.48 | 9.97 | -0.49 |
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 | HYBB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | 1.27 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 0.52 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.60 | +0.03 |
Correlation
The correlation between SPHY and HYBB is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPHY vs. HYBB - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.37%, more than HYBB's 6.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 7.37% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
HYBB iShares BB Rated Corporate Bond ETF | 6.13% | 6.08% | 6.22% | 6.28% | 5.04% | 3.86% | 0.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SPHY vs. HYBB - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, which is greater than HYBB's maximum drawdown of -15.28%. Use the drawdown chart below to compare losses from any high point for SPHY and HYBB.
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Drawdown Indicators
| SPHY | HYBB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -15.28% | -6.69% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -3.71% | -0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -15.28% | -0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | — | — |
Current DrawdownCurrent decline from peak | -1.06% | -1.16% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -3.32% | +1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.72% | +0.06% |
Volatility
SPHY vs. HYBB - Volatility Comparison
SPDR Portfolio High Yield Bond ETF (SPHY) has a higher volatility of 2.23% compared to iShares BB Rated Corporate Bond ETF (HYBB) at 1.91%. This indicates that SPHY's price experiences larger fluctuations and is considered to be riskier than HYBB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | HYBB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.23% | 1.91% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 2.54% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.50% | 5.45% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.16% | 6.92% | +0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.97% | 6.75% | +1.22% |