SPHY vs. HYGV

Last updated Jun 5, 2026

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 4.41%/yr vs 3.52%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio High Yield Bond ETF (SPHY) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPHY having a 1.63% return and HYGV slightly lower at 1.56%.

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%

HYGV

• 1D: 0.14%
• 1M: 0.39%
• YTD: 1.56%
• 6M: 1.85%
• 1Y: 6.88%
• 3Y*: 8.51%
• 5Y*: 3.52%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPHY vs. HYGV - 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%	-0.75%
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	1.56%	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 19, 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.

SPHY vs. HYGV - Sectors Allocation Comparison

Sectors	SPHY	HYGV
Financial Services	99.9%	-
Energy	0.1%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SPHY vs. HYGV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPHY

SPHY Risk / Return Rank: 64
SPHY Sharpe Ratio Rank: 58
SPHY Sortino Ratio Rank: 64
SPHY Omega Ratio Rank: 64
SPHY Calmar Ratio Rank: 60
SPHY Martin Ratio Rank: 72

HYGV

HYGV Risk / Return Rank: 57
HYGV Sharpe Ratio Rank: 54
HYGV Sortino Ratio Rank: 60
HYGV Omega Ratio Rank: 57
HYGV Calmar Ratio Rank: 53
HYGV Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	SPHY	HYGV	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.80	+0.12
Sortino ratio: Return per unit of downside risk	2.92	2.76	+0.16
Omega ratio: Gain probability vs. loss probability	1.38	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	2.92	2.57	+0.35
Martin ratio: Return relative to average drawdown	13.27	11.11	+2.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHY vs. HYGV - Sharpe Ratio Comparison

The current SPHY Sharpe Ratio is 1.92, which is comparable to the HYGV Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of SPHY and HYGV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPHY	HYGV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	1.80	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.47	+0.15
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	0.55	+0.09

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.

Drawdown Indicators

	SPHY	HYGV	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.14%	-0.13%	-0.01%
Average Drawdown Average peak-to-trough decline	-2.29%	-3.32%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.62%	-0.09%

Volatility

SPHY vs. HYGV - Volatility Comparison

SPDR Portfolio High Yield Bond ETF (SPHY) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) have volatilities of 1.14% and 1.18%, 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.

Volatility by Period

	SPHY	HYGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	1.18%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	3.01%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	3.85%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.17%	7.59%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.89%	9.20%	-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 7.26%, less than HYGV's 7.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	7.40%	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	7.26%	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

Can I hold both SPHY and HYGV in my portfolio?

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.

Which is riskier, SPHY or HYGV?

HYGV has higher volatility (1.18%) compared to SPHY (1.14%). In terms of maximum drawdown, SPHY dropped -21.97% vs HYGV's -23.47%.

Which ETF is better, SPHY or HYGV?

On 5-year performance, SPHY leads with 4.41% vs 3.52% 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.

Which ETF has performed better, SPHY or HYGV?

Over the 5-year period, SPHY has performed better with a 4.41% return vs 3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHY or HYGV?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.37% for HYGV.

Which ETF pays a higher dividend yield, SPHY or HYGV?

HYGV has the higher dividend yield at 7.40%, compared with 7.26% for SPHY.

What is the main difference between SPHY and HYGV?

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.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (1.92 vs 1.80), 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.