SPHY vs. HYS

Last updated Jun 4, 2026

SPHY (SPDR Portfolio High Yield Bond ETF) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both High Yield Bonds funds - SPHY tracks the ICE BofA US High Yield Index while HYS tracks the ICE BofA US High Yield Constrained (0-5 Y). Both are passively managed. Over the past 10 years, SPHY returned 5.15%/yr vs 5.35%/yr for HYS. A 0.58 correlation means they provide meaningful diversification when combined. SPHY charges 0.05%/yr vs 0.56%/yr for HYS.

Performance

SPHY vs. HYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio High Yield Bond ETF (SPHY) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHY achieves a 1.54% return, which is significantly higher than HYS's 1.33% return. Both investments have delivered pretty close results over the past 10 years, with SPHY having a 5.15% annualized return and HYS not far ahead at 5.35%.

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%

HYS

• 1D: -0.09%
• 1M: 0.47%
• YTD: 1.33%
• 6M: 1.83%
• 1Y: 7.07%
• 3Y*: 8.58%
• 5Y*: 5.08%
• 10Y*: 5.35%

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

SPHY vs. HYS - 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%	7.35%
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.33%	8.80%	8.42%	11.38%	-5.42%	4.77%	3.27%	10.22%	-1.05%	5.75%

Correlation

The correlation between SPHY and HYS is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jun 20, 2012	0.58

Over the past year, SPHY and HYS have become more correlated (0.91) than their long-term average of 0.58, meaning their price movements have been converging.

SPHY vs. HYS - Sectors Allocation Comparison

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

Return for Risk

SPHY vs. HYS — Risk / Return Rank

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

SPHY

SPHY Risk / Return Rank: 62
SPHY Sharpe Ratio Rank: 56
SPHY Sortino Ratio Rank: 62
SPHY Omega Ratio Rank: 62
SPHY Calmar Ratio Rank: 59
SPHY Martin Ratio Rank: 71

HYS

HYS Risk / Return Rank: 68
HYS Sharpe Ratio Rank: 59
HYS Sortino Ratio Rank: 68
HYS Omega Ratio Rank: 63
HYS Calmar Ratio Rank: 74
HYS Martin Ratio Rank: 78

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. HYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). 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	HYS	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.04	-0.09
Sortino ratio: Return per unit of downside risk	2.98	3.17	-0.19
Omega ratio: Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	2.98	3.77	-0.78
Martin ratio: Return relative to average drawdown	13.52	15.35	-1.84
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. HYS - Sharpe Ratio Comparison

The current SPHY Sharpe Ratio is 1.96, which is comparable to the HYS Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SPHY and HYS, 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	HYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.04	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.82	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.78	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.81	-0.18

Drawdowns

SPHY vs. HYS - Drawdown Comparison

The maximum SPHY drawdown since its inception was -21.97%, which is greater than HYS's maximum drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for SPHY and HYS.

Drawdown Indicators

	SPHY	HYS	Difference
Max Drawdown Largest peak-to-trough decline	-21.97%	-20.91%	-1.06%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-1.88%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	-4.85%	-4.98%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-15.29%	-10.61%	-4.68%
Max Drawdown (10Y) Largest decline over 10 years	-21.97%	-20.91%	-1.06%
Current Drawdown Current decline from peak	-0.22%	-0.14%	-0.08%
Average Drawdown Average peak-to-trough decline	-2.29%	-1.53%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.46%	+0.07%

Volatility

SPHY vs. HYS - Volatility Comparison

The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 1.14%, while PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) has a volatility of 1.23%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than HYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHY	HYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	1.23%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	2.74%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	3.47%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.17%	6.26%	+0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.89%	6.84%	+1.05%

SPHY vs. HYS - Expense Ratio Comparison

SPHY has a 0.05% expense ratio, which is lower than HYS's 0.56% expense ratio.

Dividends

SPHY vs. HYS - Dividend Comparison

SPHY's dividend yield for the trailing twelve months is around 7.27%, less than HYS's 7.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	7.36%	7.20%	7.43%	6.44%	5.01%	3.74%	4.52%	4.98%	4.64%	5.01%	5.13%	5.22%
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

Can I hold both SPHY and HYS in my portfolio?

With a correlation of 0.91, SPHY and HYS 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 HYS?

HYS has higher volatility (1.23%) compared to SPHY (1.14%). In terms of maximum drawdown, SPHY dropped -21.97% vs HYS's -20.91%.

Which ETF is better, SPHY or HYS?

On 10-year performance, HYS leads with 5.35% vs 5.15% 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.

Which ETF has performed better, SPHY or HYS?

Over the 10-year period, HYS has performed better with a 5.35% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHY or HYS?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.56% for HYS.

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

HYS has the higher dividend yield at 7.36%, compared with 7.27% for SPHY.

What is the main difference between SPHY and HYS?

SPHY tracks ICE BofA US High Yield Index, while HYS tracks ICE BofA US High Yield Constrained (0-5 Y). They also come from different issuers: State Street and PIMCO. Their fees differ too: 0.05% for SPHY and 0.56% for HYS.

Which has better risk-adjusted returns?

HYS currently has the higher Sharpe Ratio (2.04 vs 1.96), 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.