SPHY vs. JCPI
SPHY (SPDR Portfolio High Yield Bond ETF) and JCPI (JPMorgan Inflation Managed Bond ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while JCPI is a Inflation-Protected Bonds fund actively managed by JPMorgan. SPHY is passively managed, while JCPI is actively managed. Over the past 3 years, SPHY returned 8.49%/yr vs 5.17%/yr for JCPI. At a 0.44 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.25%/yr for JCPI.
Performance
SPHY vs. JCPI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPHY achieves a 2.10% return, which is significantly higher than JCPI's 1.26% 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%
JCPI
- 1D
- -0.19%
- 1M
- 0.17%
- 6M
- 1.18%
- YTD
- 1.26%
- 1Y
- 3.45%
- 3Y*
- 5.17%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.83%
SPHY vs. JCPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 2.10% | 8.59% | 8.54% | 12.81% | -4.54% |
JCPI JPMorgan Inflation Managed Bond ETF | 1.26% | 7.10% | 4.70% | 5.04% | -5.53% |
Correlation
The correlation between SPHY and JCPI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022 | 0.44 |
The correlation between SPHY and JCPI has been stable across timeframes, ranging from 0.44 to 0.51 - 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. JCPI — Risk / Return Rank
SPHY
JCPI
SPHY vs. JCPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and JPMorgan Inflation Managed Bond ETF (JCPI). 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 | JCPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.20 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.17 | +0.27 |
| Martin ratioReturn relative to average drawdown | 11.08 | 6.25 | +4.83 |
Loading charts...
Drawdowns
SPHY vs. JCPI - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, which is greater than JCPI's maximum drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for SPHY and JCPI.
Loading charts...
Drawdown Indicators
| SPHY | JCPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -7.85% | -14.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -1.60% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -2.77% | -2.08% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | — | — |
Current DrawdownCurrent decline from peak | -0.17% | -0.82% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -1.84% | -0.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.55% | -0.02% |
Volatility
SPHY vs. JCPI - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 0.58%, while JPMorgan Inflation Managed Bond ETF (JCPI) has a volatility of 1.03%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than JCPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPHY | JCPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 1.03% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 2.35% | +0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.64% | 3.07% | +0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 4.48% | +2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.84% | 4.48% | +3.36% |
SPHY vs. JCPI - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than JCPI's 0.25% 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. JCPI - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.23%, more than JCPI's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JCPI JPMorgan Inflation Managed Bond ETF | 4.23% | 3.93% | 3.98% | 3.45% | 3.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 JCPI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JCPI has higher volatility (1.03%) compared to SPHY (0.58%). In terms of maximum drawdown, SPHY dropped -21.97% vs JCPI's -7.85%.
On 3-year performance, SPHY leads with 8.49% vs 5.17% for JCPI. On fees, SPHY is cheaper at 0.05% 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 3-year period, SPHY has performed better with a 8.49% return vs 5.17%. 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 0.25% for JCPI.
SPHY has the higher dividend yield at 7.23%, compared with 4.23% for JCPI.
SPHY is categorized as High Yield Bonds, while JCPI is Inflation-Protected Bonds. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.05% for SPHY and 0.25% for JCPI.
SPHY currently has the higher Sharpe Ratio (1.62 vs 1.13), 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 JCPI
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