SPHY vs. MAIN
SPHY (SPDR Portfolio High Yield Bond ETF) is High Yield Bonds fund tracking the ICE BofA US High Yield Index, while MAIN (Main Street Capital Corporation) is a stock. Over the past 10 years, SPHY returned 5.21%/yr vs 13.19%/yr for MAIN. At a 0.27 correlation, their price movements are largely independent.
Performance
SPHY vs. MAIN - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.85% return, which is significantly higher than MAIN's -10.97% return. Over the past 10 years, SPHY has underperformed MAIN with an annualized return of 5.21%, while MAIN has yielded a comparatively higher 13.19% annualized return.
SPHY
- 1D
- 0.04%
- 1M
- 0.63%
- YTD
- 1.85%
- 6M
- 2.41%
- 1Y
- 7.07%
- 3Y*
- 8.90%
- 5Y*
- 4.36%
- 10Y*
- 5.21%
MAIN
- 1D
- 0.54%
- 1M
- 2.49%
- YTD
- -10.97%
- 6M
- -12.92%
- 1Y
- -3.94%
- 3Y*
- 18.74%
- 5Y*
- 12.76%
- 10Y*
- 13.19%
SPHY vs. MAIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.85% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
MAIN Main Street Capital Corporation | -10.97% | 10.74% | 47.30% | 28.22% | -11.37% | 48.31% | -19.54% | 36.88% | -8.27% | 16.62% |
Correlation
The correlation between SPHY and MAIN is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.27 |
The correlation between SPHY and MAIN shifts across timeframes, from 0.27 (all time) to 0.47 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPHY vs. MAIN — Risk / Return Rank
SPHY
MAIN
SPHY vs. MAIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Main Street Capital Corporation (MAIN). 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 | MAIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.07 | ||
| Sortino ratioReturn per unit of downside risk | +2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.99 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | -0.18 | +3.12 |
| Martin ratioReturn relative to average drawdown | 13.29 | -0.35 | +13.64 |
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Drawdowns
SPHY vs. MAIN - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum MAIN drawdown of -64.53%. Use the drawdown chart below to compare losses from any high point for SPHY and MAIN.
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Drawdown Indicators
| SPHY | MAIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -64.53% | +42.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -22.43% | +20.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -22.43% | +17.58% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -27.06% | +11.77% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -64.53% | +42.56% |
Current DrawdownCurrent decline from peak | 0.00% | -18.28% | +18.28% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -7.31% | +5.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 11.18% | -10.65% |
Volatility
SPHY vs. MAIN - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 1.16%, while Main Street Capital Corporation (MAIN) has a volatility of 5.82%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than MAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | MAIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 5.82% | -4.66% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 20.12% | -17.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 24.84% | -21.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 21.57% | -14.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.87% | 27.30% | -19.43% |
Dividends
SPHY vs. MAIN - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.24%, less than MAIN's 8.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MAIN Main Street Capital Corporation | 8.25% | 7.00% | 7.02% | 8.55% | 7.97% | 5.74% | 6.99% | 6.76% | 8.43% | 7.49% | 7.42% | 9.15% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.24% | 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 MAIN have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MAIN has higher volatility (5.82%) compared to SPHY (1.16%). In terms of maximum drawdown, SPHY dropped -21.97% vs MAIN's -64.53%.
SPHY currently has the higher Sharpe Ratio (1.91 vs -0.16), 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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