SPHY vs. ISCB
SPHY (SPDR Portfolio High Yield Bond ETF) and ISCB (iShares Morningstar Small-Cap ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while ISCB is a Small Cap Blend Equities fund tracking the Morningstar US Small Cap Extended Index. Both are passively managed. Over the past 10 years, SPHY returned 4.87%/yr vs 9.09%/yr for ISCB. At a 0.43 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.04%/yr for ISCB.
Performance
SPHY vs. ISCB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPHY achieves a 2.10% return, which is significantly lower than ISCB's 14.44% return. Over the past 10 years, SPHY has underperformed ISCB with an annualized return of 4.87%, while ISCB has yielded a comparatively higher 9.09% annualized return.
SPHY
- 1D
- 0.00%
- 1M
- 0.12%
- 6M
- 1.50%
- YTD
- 2.10%
- 1Y
- 5.87%
- 3Y*
- 8.49%
- 5Y*
- 4.27%
- 10Y*
- 4.87%
- ALL TIME*
- 4.97%
ISCB
- 1D
- -0.56%
- 1M
- 0.72%
- 6M
- 7.74%
- YTD
- 14.44%
- 1Y
- 25.22%
- 3Y*
- 14.39%
- 5Y*
- 7.02%
- 10Y*
- 9.09%
- ALL TIME*
- 8.88%
SPHY vs. ISCB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 2.10% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
ISCB iShares Morningstar Small-Cap ETF | 14.44% | 12.46% | 10.90% | 19.51% | -19.04% | 17.46% | 6.29% | 29.42% | -13.92% | 12.95% |
Correlation
The correlation between SPHY and ISCB is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.43 |
Over the past year, SPHY and ISCB have become more correlated (0.72) than their long-term average of 0.43, meaning their price movements have been converging.
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. ISCB — Risk / Return Rank
SPHY
ISCB
SPHY vs. ISCB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and iShares Morningstar Small-Cap ETF (ISCB). 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 | ISCB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.27 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.70 | -0.25 |
| Martin ratioReturn relative to average drawdown | 11.08 | 9.61 | +1.48 |
Loading charts...
Drawdowns
SPHY vs. ISCB - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum ISCB drawdown of -61.25%. Use the drawdown chart below to compare losses from any high point for SPHY and ISCB.
Loading charts...
Drawdown Indicators
| SPHY | ISCB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -61.25% | +39.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -9.39% | +6.98% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -26.22% | +21.37% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -29.94% | +14.65% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -44.18% | +22.21% |
Current DrawdownCurrent decline from peak | -0.17% | -2.03% | +1.86% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -9.75% | +7.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 2.63% | -2.10% |
Volatility
SPHY vs. ISCB - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 0.58%, while iShares Morningstar Small-Cap ETF (ISCB) has a volatility of 3.09%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than ISCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPHY | ISCB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 3.09% | -2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 11.57% | -8.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.64% | 16.46% | -12.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 21.29% | -14.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.84% | 22.61% | -14.77% |
SPHY vs. ISCB - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is higher than ISCB's 0.04% expense ratio. However, 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. ISCB - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.23%, more than ISCB's 1.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISCB iShares Morningstar Small-Cap ETF | 1.29% | 1.38% | 1.31% | 1.49% | 1.63% | 1.26% | 1.26% | 1.25% | 1.60% | 1.24% | 1.58% | 1.40% |
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
SPHY and ISCB have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISCB has higher volatility (3.09%) compared to SPHY (0.58%). In terms of maximum drawdown, SPHY dropped -21.97% vs ISCB's -61.25%.
On 10-year performance, ISCB leads with 9.09% vs 4.87% for SPHY. On fees, ISCB is cheaper at 0.04% per year. On volatility, SPHY has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ISCB has performed better with a 9.09% return vs 4.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISCB is cheaper with a 0.04% expense ratio, compared with 0.05% for SPHY.
SPHY has the higher dividend yield at 7.23%, compared with 1.29% for ISCB.
SPHY is categorized as High Yield Bonds, while ISCB is Small Cap Blend Equities. SPHY tracks ICE BofA US High Yield Index, while ISCB tracks Morningstar US Small Cap Extended Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for SPHY and 0.04% for ISCB.
SPHY currently has the higher Sharpe Ratio (1.62 vs 1.54), 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 ISCB
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