SPHY vs. IGSB
SPHY (SPDR Portfolio High Yield Bond ETF) and IGSB (iShares Short-Term Corporate Bond ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while IGSB is a Corporate Bonds fund tracking the ICE BofAML 1-5 Year US Corporate Index. Both are passively managed. Over the past 10 years, SPHY returned 5.03%/yr vs 2.71%/yr for IGSB. At a 0.31 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.06%/yr for IGSB.
Performance
SPHY vs. IGSB - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.32% return, which is significantly higher than IGSB's 0.52% return. Over the past 10 years, SPHY has outperformed IGSB with an annualized return of 5.03%, while IGSB has yielded a comparatively lower 2.71% annualized return.
SPHY
- 1D
- 0.09%
- 1M
- -0.18%
- YTD
- 1.32%
- 6M
- 1.93%
- 1Y
- 6.98%
- 3Y*
- 8.78%
- 5Y*
- 4.29%
- 10Y*
- 5.03%
IGSB
- 1D
- 0.04%
- 1M
- -0.25%
- YTD
- 0.52%
- 6M
- 1.00%
- 1Y
- 4.70%
- 3Y*
- 5.70%
- 5Y*
- 2.36%
- 10Y*
- 2.71%
SPHY vs. IGSB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.32% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
IGSB iShares Short-Term Corporate Bond ETF | 0.52% | 6.96% | 4.97% | 6.40% | -5.63% | -0.56% | 5.37% | 7.11% | 1.25% | 1.27% |
Correlation
The correlation between SPHY and IGSB is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2012 | 0.31 |
Over the past year, SPHY and IGSB have become more correlated (0.66) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
SPHY vs. IGSB — Risk / Return Rank
SPHY
IGSB
SPHY vs. IGSB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and iShares Short-Term Corporate Bond ETF (IGSB). 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 | IGSB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.50 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 3.24 | -0.33 |
| Martin ratioReturn relative to average drawdown | 13.14 | 13.12 | +0.01 |
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 | IGSB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.90 | 2.47 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.81 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.78 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.70 | -0.07 |
Drawdowns
SPHY vs. IGSB - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, which is greater than IGSB's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for SPHY and IGSB.
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Drawdown Indicators
| SPHY | IGSB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -13.38% | -8.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -1.46% | -0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -1.46% | -3.39% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -9.46% | -5.83% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -13.38% | -8.59% |
Current DrawdownCurrent decline from peak | -0.44% | -0.51% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -0.85% | -1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.36% | +0.17% |
Volatility
SPHY vs. IGSB - Volatility Comparison
SPDR Portfolio High Yield Bond ETF (SPHY) has a higher volatility of 1.10% compared to iShares Short-Term Corporate Bond ETF (IGSB) at 0.61%. This indicates that SPHY's price experiences larger fluctuations and is considered to be riskier than IGSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | IGSB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.61% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 1.44% | +1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 1.91% | +1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 2.93% | +4.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 3.47% | +4.41% |
SPHY vs. IGSB - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than IGSB's 0.06% 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. IGSB - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.28%, more than IGSB's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGSB iShares Short-Term Corporate Bond ETF | 4.59% | 4.44% | 4.02% | 3.26% | 2.07% | 1.82% | 2.36% | 3.06% | 2.46% | 1.65% | 1.45% | 1.18% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.28% | 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 IGSB have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (1.10%) compared to IGSB (0.61%). In terms of maximum drawdown, SPHY dropped -21.97% vs IGSB's -13.38%.
On 10-year performance, SPHY leads with 5.03% vs 2.71% for IGSB. On fees, SPHY is cheaper at 0.05% per year. On volatility, IGSB has been the lower-risk option at 0.61%. 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 5.03% return vs 2.71%. 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 0.06% for IGSB.
SPHY has the higher dividend yield at 7.28%, compared with 4.59% for IGSB.
SPHY is categorized as High Yield Bonds, while IGSB is Corporate Bonds. SPHY tracks ICE BofA US High Yield Index, while IGSB tracks ICE BofAML 1-5 Year US Corporate Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for SPHY and 0.06% for IGSB.
IGSB currently has the higher Sharpe Ratio (2.47 vs 1.90), 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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