SPHY vs. MSFT

Last updated Jun 13, 2026

SPHY (SPDR Portfolio High Yield Bond ETF) is High Yield Bonds fund tracking the ICE BofA US High Yield Index, while MSFT (Microsoft Corporation) is a stock. Over the past 10 years, SPHY returned 5.21%/yr vs 24.39%/yr for MSFT. At a 0.32 correlation, their price movements are largely independent.

Performance

SPHY vs. MSFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio High Yield Bond ETF (SPHY) and Microsoft Corporation (MSFT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHY achieves a 1.85% return, which is significantly higher than MSFT's -18.85% return. Over the past 10 years, SPHY has underperformed MSFT with an annualized return of 5.21%, while MSFT has yielded a comparatively higher 24.39% annualized return.

SPHY

• 1D: 0.04%
• 1M: 0.67%
• YTD: 1.85%
• 6M: 2.41%
• 1Y: 7.35%
• 3Y*: 8.90%
• 5Y*: 4.36%
• 10Y*: 5.21%

MSFT

• 1D: 0.10%
• 1M: -4.36%
• YTD: -18.85%
• 6M: -17.98%
• 1Y: -17.07%
• 3Y*: 6.16%
• 5Y*: 9.56%
• 10Y*: 24.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPHY vs. MSFT - 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%
MSFT Microsoft Corporation	-18.85%	15.58%	12.93%	58.19%	-28.02%	52.48%	42.53%	57.56%	20.80%	40.73%

Correlation

The correlation between SPHY and MSFT is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012	0.32

The correlation between SPHY and MSFT shifts across timeframes, from 0.28 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SPHY vs. MSFT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPHY

SPHY Risk / Return Rank: 73
SPHY Sharpe Ratio Rank: 68
SPHY Sortino Ratio Rank: 76
SPHY Omega Ratio Rank: 75
SPHY Calmar Ratio Rank: 67
SPHY Martin Ratio Rank: 79

MSFT

MSFT Risk / Return Rank: 17
MSFT Sharpe Ratio Rank: 13
MSFT Sortino Ratio Rank: 15
MSFT Omega Ratio Rank: 14
MSFT Calmar Ratio Rank: 24
MSFT Martin Ratio Rank: 20

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPHY vs. MSFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Microsoft Corporation (MSFT). 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	MSFT	Difference
Sharpe ratio: Return per unit of total volatility	1.91	-0.70	+2.61
Sortino ratio: Return per unit of downside risk	2.91	-0.84	+3.75
Omega ratio: Gain probability vs. loss probability	1.38	0.89	+0.49
Calmar ratio: Return relative to maximum drawdown	2.94	-0.53	+3.47
Martin ratio: Return relative to average drawdown	13.29	-1.08	+14.36

SPHY vs. MSFT - Sharpe Ratio Comparison

The current SPHY Sharpe Ratio is 1.91, which is higher than the MSFT Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of SPHY and MSFT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPHY vs. MSFT - Drawdown Comparison

The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum MSFT drawdown of -69.38%. Use the drawdown chart below to compare losses from any high point for SPHY and MSFT.

Drawdown Indicators

	SPHY	MSFT	Difference
Max Drawdown Largest peak-to-trough decline	-21.97%	-69.38%	+47.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-33.91%	+31.50%
Max Drawdown (3Y) Largest decline over 3 years	-4.85%	-33.91%	+29.06%
Max Drawdown (5Y) Largest decline over 5 years	-15.29%	-37.15%	+21.86%
Max Drawdown (10Y) Largest decline over 10 years	-21.97%	-37.15%	+15.18%
Current Drawdown Current decline from peak	0.00%	-27.46%	+27.46%
Average Drawdown Average peak-to-trough decline	-2.29%	-21.78%	+19.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	16.48%	-15.95%

Volatility

SPHY vs. MSFT - Volatility Comparison

The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 1.16%, while Microsoft Corporation (MSFT) has a volatility of 10.52%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than MSFT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHY	MSFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	10.52%	-9.36%
Volatility (6M) Calculated over the trailing 6-month period	2.95%	22.31%	-19.36%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	25.42%	-21.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.18%	26.66%	-19.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.87%	27.06%	-19.19%

Dividends

SPHY vs. MSFT - Dividend Comparison

SPHY's dividend yield for the trailing twelve months is around 7.24%, more than MSFT's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSFT Microsoft Corporation	0.91%	0.70%	0.73%	0.74%	1.06%	0.68%	0.94%	1.20%	1.69%	1.86%	2.37%	2.33%
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

Can I hold both SPHY and MSFT in my portfolio?

SPHY and MSFT have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHY or MSFT?

MSFT has higher volatility (10.52%) compared to SPHY (1.16%). In terms of maximum drawdown, SPHY dropped -21.97% vs MSFT's -69.38%.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (1.91 vs -0.70), 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.