SPHY vs. HYDB
SPHY (SPDR Portfolio High Yield Bond ETF) and HYDB (iShares High Yield Bond Factor ETF) are both High Yield Bonds funds - SPHY tracks the ICE BofA US High Yield Index while HYDB tracks the BlackRock High Yield Defensive Bond Index. Both are passively managed. Over the past 5 years, SPHY returned 4.39%/yr vs 4.67%/yr for HYDB. A 0.80 correlation means they provide meaningful diversification when combined. SPHY charges 0.05%/yr vs 0.35%/yr for HYDB.
Performance
SPHY vs. HYDB - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.54% return, which is significantly higher than HYDB's 1.32% return.
SPHY
- 1D
- -0.21%
- 1M
- 0.42%
- YTD
- 1.54%
- 6M
- 1.93%
- 1Y
- 7.16%
- 3Y*
- 8.97%
- 5Y*
- 4.39%
- 10Y*
- 5.15%
HYDB
- 1D
- -0.21%
- 1M
- 0.39%
- YTD
- 1.32%
- 6M
- 1.87%
- 1Y
- 7.20%
- 3Y*
- 9.11%
- 5Y*
- 4.67%
- 10Y*
- —
SPHY vs. HYDB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.54% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 2.93% |
HYDB iShares High Yield Bond Factor ETF | 1.32% | 8.10% | 9.11% | 14.02% | -9.99% | 5.14% | 7.39% | 16.13% | -3.18% | 3.38% |
Correlation
The correlation between SPHY and HYDB is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2017 | 0.80 |
The correlation between SPHY and HYDB shifts across timeframes, from 0.80 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPHY vs. HYDB — Risk / Return Rank
SPHY
HYDB
SPHY vs. HYDB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and iShares High Yield Bond Factor ETF (HYDB). 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 | HYDB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.37 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 2.55 | +0.43 |
| Martin ratioReturn relative to average drawdown | 13.52 | 11.30 | +2.22 |
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 | HYDB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | 1.91 | +0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | 0.67 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.71 | -0.08 |
Drawdowns
SPHY vs. HYDB - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, roughly equal to the maximum HYDB drawdown of -21.58%. Use the drawdown chart below to compare losses from any high point for SPHY and HYDB.
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Drawdown Indicators
| SPHY | HYDB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -21.58% | -0.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -2.83% | +0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -5.58% | +0.73% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -14.28% | -1.01% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | -0.21% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -2.39% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.64% | -0.11% |
Volatility
SPHY vs. HYDB - Volatility Comparison
SPDR Portfolio High Yield Bond ETF (SPHY) and iShares High Yield Bond Factor ETF (HYDB) have volatilities of 1.14% and 1.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | HYDB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.13% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 2.93% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 3.79% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.17% | 7.04% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 7.76% | +0.13% |
SPHY vs. HYDB - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than HYDB's 0.35% expense ratio.
Dividends
SPHY vs. HYDB - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.27%, more than HYDB's 7.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYDB iShares High Yield Bond Factor ETF | 7.00% | 7.04% | 6.95% | 7.00% | 6.30% | 4.70% | 5.81% | 5.68% | 6.16% | 2.70% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.27% | 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
With a correlation of 0.96, SPHY and HYDB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPHY has higher volatility (1.14%) compared to HYDB (1.13%). In terms of maximum drawdown, SPHY dropped -21.97% vs HYDB's -21.58%.
On 5-year performance, HYDB leads with 4.67% vs 4.39% for SPHY. 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 5-year period, HYDB has performed better with a 4.67% return vs 4.39%. 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 HYDB.
SPHY has the higher dividend yield at 7.27%, compared with 7.00% for HYDB.
SPHY tracks ICE BofA US High Yield Index, while HYDB tracks BlackRock High Yield Defensive Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for SPHY and 0.35% for HYDB.
SPHY currently has the higher Sharpe Ratio (1.96 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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