SPHY vs. MUB
SPHY (SPDR Portfolio High Yield Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, SPHY returned 5.03%/yr vs 1.94%/yr for MUB. At a 0.20 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.07%/yr for MUB.
Performance
SPHY vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.32% return, which is significantly higher than MUB's 1.17% return. Over the past 10 years, SPHY has outperformed MUB with an annualized return of 5.03%, while MUB has yielded a comparatively lower 1.94% annualized return.
SPHY
- 1D
- 0.09%
- 1M
- -0.18%
- YTD
- 1.32%
- 6M
- 1.93%
- 1Y
- 6.98%
- 3Y*
- 8.78%
- 5Y*
- 4.29%
- 10Y*
- 5.03%
MUB
- 1D
- -0.03%
- 1M
- 0.21%
- YTD
- 1.17%
- 6M
- 1.69%
- 1Y
- 6.99%
- 3Y*
- 3.29%
- 5Y*
- 0.77%
- 10Y*
- 1.94%
SPHY vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.32% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
MUB iShares National AMT-Free Muni Bond ETF | 1.17% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between SPHY and MUB is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2012 | 0.20 |
Over the past year, SPHY and MUB have become more correlated (0.48) than their long-term average of 0.20, meaning their price movements have been converging.
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Return for Risk
SPHY vs. MUB — Risk / Return Rank
SPHY
MUB
SPHY vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and iShares National AMT-Free Muni Bond ETF (MUB). 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.
| SPHY | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.51 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 2.52 | +0.39 |
| Martin ratioReturn relative to average drawdown | 13.14 | 8.85 | +4.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPHY | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.90 | 2.42 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.19 | +0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.39 | +0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.58 | +0.05 |
Drawdowns
SPHY vs. MUB - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for SPHY and MUB.
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Drawdown Indicators
| SPHY | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -13.68% | -8.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -2.79% | +0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -5.34% | +0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -11.88% | -3.41% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -13.68% | -8.29% |
Current DrawdownCurrent decline from peak | -0.44% | -0.77% | +0.33% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -2.23% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.79% | -0.26% |
Volatility
SPHY vs. MUB - Volatility Comparison
SPDR Portfolio High Yield Bond ETF (SPHY) has a higher volatility of 1.10% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.99%. This indicates that SPHY's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.99% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 2.23% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 2.90% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 4.06% | +3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 4.92% | +2.96% |
SPHY vs. MUB - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than MUB's 0.07% 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. MUB - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.28%, more than MUB's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.18% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.28% | 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 MUB have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHY has higher volatility (1.10%) compared to MUB (0.99%). In terms of maximum drawdown, SPHY dropped -21.97% vs MUB's -13.68%.
On 10-year performance, SPHY leads with 5.03% vs 1.94% for MUB. On fees, SPHY is cheaper at 0.05% per year. On volatility, MUB has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHY has performed better with a 5.03% return vs 1.94%. 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 0.07% for MUB.
SPHY has the higher dividend yield at 7.28%, compared with 3.18% for MUB.
SPHY is categorized as High Yield Bonds, while MUB is Municipal Bonds. SPHY tracks ICE BofA US High Yield Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for SPHY and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.42 vs 1.90), 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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