SPHY vs. HYG
SPHY (SPDR Portfolio High Yield Bond ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both High Yield Bonds funds - SPHY tracks the ICE BofA US High Yield Index while HYG tracks the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, SPHY returned 4.86%/yr vs 4.64%/yr for HYG. Their 0.60 correlation means they have sometimes moved together and sometimes differently. SPHY charges 0.05%/yr vs 0.49%/yr for HYG.
Performance
SPHY vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 2.13% return, which is significantly higher than HYG's 1.81% return. Both investments have delivered pretty close results over the past 10 years, with SPHY having a 4.86% annualized return and HYG not far behind at 4.64%.
SPHY
- 1D
- 0.28%
- 1M
- -0.02%
- 6M
- 1.41%
- YTD
- 2.13%
- 1Y
- 5.77%
- 3Y*
- 8.59%
- 5Y*
- 4.30%
- 10Y*
- 4.86%
- ALL TIME*
- 4.96%
HYG
- 1D
- 0.27%
- 1M
- -0.02%
- 6M
- 1.13%
- YTD
- 1.81%
- 1Y
- 5.12%
- 3Y*
- 8.25%
- 5Y*
- 3.73%
- 10Y*
- 4.64%
- ALL TIME*
- 4.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.88B | $2.52B | $2.69B | |
| $261.99M | $177.04M | $128.39M |
SPHY vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 2.13% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.81% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
Correlation
The correlation between SPHY and HYG is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.60 |
Over the past year, SPHY and HYG have become more correlated (0.97) than their long-term average of 0.60, meaning their price movements have been converging.
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Return for Risk
SPHY vs. HYG — Risk / Return Rank
SPHY
HYG
SPHY vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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 | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.25 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.20 | +0.21 |
| Martin ratioReturn relative to average drawdown | 10.68 | 9.47 | +1.21 |
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Drawdowns
SPHY vs. HYG - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for SPHY and HYG.
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Drawdown Indicators
| SPHY | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -34.25% | +12.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -2.34% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -4.56% | -0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -15.79% | +0.50% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -22.03% | +0.06% |
Current DrawdownCurrent decline from peak | -0.15% | -0.22% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -3.22% | +0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.54% | 0.00% |
Volatility
SPHY vs. HYG - Volatility Comparison
SPDR Portfolio High Yield Bond ETF (SPHY) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG) have volatilities of 0.79% and 0.83%, 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 | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 0.83% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 3.17% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 3.87% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 7.53% | -0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.83% | 8.21% | -0.38% |
SPHY vs. HYG - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than HYG's 0.49% expense ratio.
Dividends
SPHY vs. HYG - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.23%, more than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.23% | 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 0.97, SPHY and HYG 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.
HYG has higher volatility (0.83%) compared to SPHY (0.79%). In terms of maximum drawdown, SPHY dropped -21.97% vs HYG's -34.25%.
On 10-year performance, SPHY leads with 4.86% vs 4.64% for HYG. 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 10-year period, SPHY has performed better with a 4.86% return vs 4.64%. 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 0.49% for HYG.
SPHY has the higher dividend yield at 7.23%, compared with 5.91% for HYG.
SPHY tracks ICE BofA US High Yield Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for SPHY and 0.49% for HYG.
SPHY currently has the higher Sharpe Ratio (1.58 vs 1.33), 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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