SPHY vs. HYGV
SPHY (SPDR Portfolio High Yield Bond ETF) and HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) are both High Yield Bonds funds - SPHY tracks the ICE BofA US High Yield Index while HYGV tracks the Northern Trust High Yield Value-Scored US Corporate Bond Index. Both are passively managed. Over the past 5 years, SPHY returned 4.29%/yr vs 3.37%/yr for HYGV. Their correlation of 0.88 suggests significant overlap in exposure. SPHY charges 0.05%/yr vs 0.37%/yr for HYGV.
Performance
SPHY vs. HYGV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPHY achieves a 1.89% return, which is significantly higher than HYGV's 1.78% return.
SPHY
- 1D
- 0.09%
- 1M
- 0.33%
- YTD
- 1.89%
- 6M
- 1.89%
- 1Y
- 6.35%
- 3Y*
- 9.12%
- 5Y*
- 4.29%
- 10Y*
- 5.23%
HYGV
- 1D
- 0.07%
- 1M
- 0.34%
- YTD
- 1.78%
- 6M
- 1.72%
- 1Y
- 6.07%
- 3Y*
- 8.60%
- 5Y*
- 3.37%
- 10Y*
- —
SPHY vs. HYGV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.89% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -0.79% |
HYGV FlexShares High Yield Value-Scored US Bond Index Fund | 1.78% | 7.92% | 8.02% | 12.11% | -12.60% | 5.93% | 8.01% | 15.76% | -4.15% |
Correlation
The correlation between SPHY and HYGV 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 | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2018 | 0.88 |
The correlation between SPHY and HYGV has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPHY vs. HYGV — Risk / Return Rank
SPHY
HYGV
SPHY vs. HYGV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV). 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 | HYGV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.30 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 2.27 | +0.37 |
| Martin ratioReturn relative to average drawdown | 11.91 | 9.76 | +2.15 |
Loading charts...
Drawdowns
SPHY vs. HYGV - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum HYGV drawdown of -23.47%. Use the drawdown chart below to compare losses from any high point for SPHY and HYGV.
Loading charts...
Drawdown Indicators
| SPHY | HYGV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -23.47% | +1.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -2.68% | +0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -5.56% | +0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -17.12% | +1.83% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | — | — |
Current DrawdownCurrent decline from peak | -0.13% | -0.17% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -3.30% | +1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.62% | -0.09% |
Volatility
SPHY vs. HYGV - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 0.92%, while FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) has a volatility of 0.99%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than HYGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPHY | HYGV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.99% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 3.09% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 3.87% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 7.60% | -0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.86% | 9.17% | -1.31% |
SPHY vs. HYGV - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than HYGV's 0.37% expense ratio.
Dividends
SPHY vs. HYGV - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.24%, less than HYGV's 7.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGV FlexShares High Yield Value-Scored US Bond Index Fund | 7.38% | 7.48% | 8.20% | 8.77% | 7.64% | 6.07% | 6.18% | 7.95% | 5.63% | 0.00% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.24% | 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 HYGV 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.
HYGV has higher volatility (0.99%) compared to SPHY (0.92%). In terms of maximum drawdown, SPHY dropped -21.97% vs HYGV's -23.47%.
On 5-year performance, SPHY leads with 4.29% vs 3.37% for HYGV. 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, SPHY has performed better with a 4.29% return vs 3.37%. 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 0.37% for HYGV.
HYGV has the higher dividend yield at 7.38%, compared with 7.24% for SPHY.
SPHY tracks ICE BofA US High Yield Index, while HYGV tracks Northern Trust High Yield Value-Scored US Corporate Bond Index. They also come from different issuers: State Street and Northern Trust. Their fees differ too: 0.05% for SPHY and 0.37% for HYGV.
SPHY currently has the higher Sharpe Ratio (1.72 vs 1.57), 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.
Find the right allocation for SPHY and HYGV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer