SPHY vs. NHYB
SPHY (SPDR Portfolio High Yield Bond ETF) and NHYB (Nuveen High Yield Corporate Bond ETF) are both High Yield Bonds funds - SPHY tracks the ICE BofA US High Yield Index while NHYB tracks the ICE BofA BB-B US Cash Pay High Yield Constrained Index. Both are passively managed. Their correlation of 0.89 suggests significant overlap in exposure. SPHY charges 0.05%/yr vs 0.08%/yr for NHYB.
Performance
SPHY vs. NHYB - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPHY having a 1.85% return and NHYB slightly higher at 1.91%.
SPHY
- 1D
- -0.04%
- 1M
- 0.59%
- YTD
- 1.85%
- 6M
- 2.02%
- 1Y
- 6.57%
- 3Y*
- 9.19%
- 5Y*
- 4.30%
- 10Y*
- 5.16%
NHYB
- 1D
- -0.04%
- 1M
- 0.52%
- YTD
- 1.91%
- 6M
- 1.99%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPHY vs. NHYB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.85% | 1.18% |
NHYB Nuveen High Yield Corporate Bond ETF | 1.91% | 1.24% |
Correlation
The correlation between SPHY and NHYB is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 24, 2025 | 0.89 |
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Return for Risk
SPHY vs. NHYB — Risk / Return Rank
SPHY
NHYB
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPHY vs. NHYB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Nuveen High Yield Corporate Bond ETF (NHYB). 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 | NHYB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.35 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | — | — |
| Martin ratioReturn relative to average drawdown | 12.33 | — | — |
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Drawdowns
SPHY vs. NHYB - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, which is greater than NHYB's maximum drawdown of -2.40%. Use the drawdown chart below to compare losses from any high point for SPHY and NHYB.
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Drawdown Indicators
| SPHY | NHYB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -2.40% | -19.57% |
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 | -0.17% | -0.20% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -0.36% | -1.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | — | — |
Volatility
SPHY vs. NHYB - Volatility Comparison
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Volatility by Period
| SPHY | NHYB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 3.64% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 3.64% | +3.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.86% | 3.64% | +4.22% |
SPHY vs. NHYB - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than NHYB's 0.08% 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. NHYB - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.24%, more than NHYB's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NHYB Nuveen High Yield Corporate Bond ETF | 4.25% | 1.28% | 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 | 7.24% | 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 NHYB have a correlation of 0.89, 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 0.08% for NHYB.
SPHY has the higher dividend yield at 7.24%, compared with 4.25% for NHYB.
SPHY tracks ICE BofA US High Yield Index, while NHYB tracks ICE BofA BB-B US Cash Pay High Yield Constrained Index. They also come from different issuers: State Street and Nuveen. Their fees differ too: 0.05% for SPHY and 0.08% for NHYB.
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