SPHY vs. HYDW
SPHY (SPDR Portfolio High Yield Bond ETF) and HYDW (Xtrackers Low Beta High Yield Bond ETF) are both High Yield Bonds funds - SPHY tracks the ICE BofA US High Yield Index while HYDW tracks the Solactive USD High Yield Corporates Total Market Low Beta Index. Both are passively managed. Over the past 5 years, SPHY returned 4.41%/yr vs 3.58%/yr for HYDW. Their correlation of 0.81 suggests significant overlap in exposure. SPHY charges 0.05%/yr vs 0.20%/yr for HYDW.
Performance
SPHY vs. HYDW - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.63% return, which is significantly higher than HYDW's 1.04% return.
SPHY
- 1D
- 0.09%
- 1M
- 0.42%
- YTD
- 1.63%
- 6M
- 2.02%
- 1Y
- 7.02%
- 3Y*
- 8.98%
- 5Y*
- 4.41%
- 10Y*
- 5.14%
HYDW
- 1D
- 0.15%
- 1M
- 0.27%
- YTD
- 1.04%
- 6M
- 1.44%
- 1Y
- 5.53%
- 3Y*
- 6.99%
- 5Y*
- 3.58%
- 10Y*
- —
SPHY vs. HYDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.63% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -2.69% |
HYDW Xtrackers Low Beta High Yield Bond ETF | 1.04% | 8.47% | 5.42% | 9.84% | -7.86% | 2.77% | 5.51% | 11.44% | -1.08% |
Correlation
The correlation between SPHY and HYDW is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018 | 0.81 |
The correlation between SPHY and HYDW shifts across timeframes, from 0.81 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPHY vs. HYDW — Risk / Return Rank
SPHY
HYDW
SPHY vs. HYDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Xtrackers Low Beta High Yield Bond ETF (HYDW). 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 | HYDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.37 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 2.66 | +0.27 |
| Martin ratioReturn relative to average drawdown | 13.27 | 12.66 | +0.61 |
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 | HYDW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.92 | 1.88 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | 0.56 | +0.06 |
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 | 0.58 | +0.05 |
Drawdowns
SPHY vs. HYDW - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, which is greater than HYDW's maximum drawdown of -17.75%. Use the drawdown chart below to compare losses from any high point for SPHY and HYDW.
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Drawdown Indicators
| SPHY | HYDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -17.75% | -4.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -2.09% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -3.64% | -1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -12.68% | -2.61% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | — | — |
Current DrawdownCurrent decline from peak | -0.14% | -0.11% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -1.89% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.44% | +0.09% |
Volatility
SPHY vs. HYDW - Volatility Comparison
SPDR Portfolio High Yield Bond ETF (SPHY) has a higher volatility of 1.14% compared to Xtrackers Low Beta High Yield Bond ETF (HYDW) at 0.74%. This indicates that SPHY's price experiences larger fluctuations and is considered to be riskier than HYDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | HYDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.74% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 2.26% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 2.95% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.17% | 6.40% | +0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 6.99% | +0.90% |
SPHY vs. HYDW - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than HYDW's 0.20% 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%.
Dividends
SPHY vs. HYDW - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.26%, more than HYDW's 5.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYDW Xtrackers Low Beta High Yield Bond ETF | 5.75% | 5.75% | 5.35% | 5.69% | 4.78% | 3.30% | 4.45% | 4.56% | 4.42% | 0.00% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.26% | 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 HYDW have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (1.14%) compared to HYDW (0.74%). In terms of maximum drawdown, SPHY dropped -21.97% vs HYDW's -17.75%.
On 5-year performance, SPHY leads with 4.41% vs 3.58% for HYDW. On fees, SPHY is cheaper at 0.05% per year. On volatility, HYDW has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPHY has performed better with a 4.41% return vs 3.58%. 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 0.20% for HYDW.
SPHY has the higher dividend yield at 7.26%, compared with 5.75% for HYDW.
SPHY tracks ICE BofA US High Yield Index, while HYDW tracks Solactive USD High Yield Corporates Total Market Low Beta Index. They also come from different issuers: State Street and Deutsche Bank. Their fees differ too: 0.05% for SPHY and 0.20% for HYDW.
SPHY currently has the higher Sharpe Ratio (1.92 vs 1.88), 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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