SPHY vs. MHY
SPHY (SPDR Portfolio High Yield Bond ETF) and MHY (Man Active High Yield ETF) are both High Yield Bonds funds. SPHY is passively managed, while MHY is actively managed. Their 0.78 correlation means they have sometimes moved together and sometimes differently. SPHY charges 0.05%/yr vs 0.69%/yr for MHY.
Performance
SPHY vs. MHY - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 2.13% return, which is significantly lower than MHY's 6.16% return.
SPHY
- 1D
- 0.28%
- 1M
- -0.02%
- 6M
- 1.41%
- YTD
- 2.13%
- 1Y
- 5.77%
- 3Y*
- 8.59%
- 5Y*
- 4.30%
- 10Y*
- 4.86%
- ALL TIME*
- 4.96%
MHY
- 1D
- 0.25%
- 1M
- 1.34%
- 6M
- 4.77%
- YTD
- 6.16%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $400.13K | $934.73K | $456.03K | |
| $261.99M | $177.04M | $128.39M |
SPHY vs. MHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 2.13% | 1.47% |
MHY Man Active High Yield ETF | 6.16% | 1.54% |
Correlation
The correlation between SPHY and MHY is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025 | 0.78 |
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Return for Risk
SPHY vs. MHY — Risk / Return Rank
SPHY
MHY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPHY vs. MHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Man Active High Yield ETF (MHY). 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 | MHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.31 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | — | — |
| Martin ratioReturn relative to average drawdown | 10.68 | — | — |
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Drawdowns
SPHY vs. MHY - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, which is greater than MHY's maximum drawdown of -1.58%. Use the drawdown chart below to compare losses from any high point for SPHY and MHY.
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Drawdown Indicators
| SPHY | MHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -1.58% | -20.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | — | — |
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 | -0.15% | 0.00% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -0.26% | -2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | — | — |
Volatility
SPHY vs. MHY - Volatility Comparison
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Volatility by Period
| SPHY | MHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 2.91% | +0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 2.91% | +4.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.83% | 2.91% | +4.92% |
SPHY vs. MHY - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than MHY's 0.69% expense ratio.
Dividends
SPHY vs. MHY - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.23%, more than MHY's 5.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MHY Man Active High Yield ETF | 5.20% | 3.42% | 0.00% | 0.00% | 0.00% | 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 MHY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPHY is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.69% for MHY.
SPHY has the higher dividend yield at 7.23%, compared with 5.20% for MHY.
They also come from different issuers: State Street and Man Group. Their fees differ too: 0.05% for SPHY and 0.69% for MHY.
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