SPHY vs. SGDM
SPHY (SPDR Portfolio High Yield Bond ETF) and SGDM (Sprott Gold Miners ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while SGDM is a Gold fund tracking the Solactive Gold Miners Custom Factors Index. Both are passively managed. Over the past 10 years, SPHY returned 5.21%/yr vs 11.84%/yr for SGDM. At a 0.15 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.50%/yr for SGDM.
Performance
SPHY vs. SGDM - 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 SGDM's -4.58% return. Over the past 10 years, SPHY has underperformed SGDM with an annualized return of 5.21%, while SGDM has yielded a comparatively higher 11.84% 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%
SGDM
- 1D
- 3.49%
- 1M
- -14.98%
- YTD
- -4.58%
- 6M
- -4.02%
- 1Y
- 43.72%
- 3Y*
- 37.20%
- 5Y*
- 17.23%
- 10Y*
- 11.84%
SPHY vs. SGDM - 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% |
SGDM Sprott Gold Miners ETF | -4.58% | 153.46% | 12.14% | 2.34% | -8.23% | -9.15% | 21.85% | 44.27% | -15.14% | 10.46% |
Correlation
The correlation between SPHY and SGDM is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014 | 0.15 |
Over the past year, SPHY and SGDM have become more correlated (0.35) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
SPHY vs. SGDM — Risk / Return Rank
SPHY
SGDM
SPHY vs. SGDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Sprott Gold Miners ETF (SGDM). 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 | SGDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.20 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 1.30 | +1.65 |
| Martin ratioReturn relative to average drawdown | 13.29 | 3.60 | +9.69 |
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Drawdowns
SPHY vs. SGDM - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum SGDM drawdown of -54.95%. Use the drawdown chart below to compare losses from any high point for SPHY and SGDM.
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Drawdown Indicators
| SPHY | SGDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -54.95% | +32.98% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -35.96% | +33.55% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -35.96% | +31.11% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -45.06% | +29.77% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -49.69% | +27.72% |
Current DrawdownCurrent decline from peak | 0.00% | -30.31% | +30.31% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -25.46% | +23.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 12.93% | -12.40% |
Volatility
SPHY vs. SGDM - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 1.16%, while Sprott Gold Miners ETF (SGDM) has a volatility of 16.53%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than SGDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | SGDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 16.53% | -15.37% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 38.64% | -35.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 46.24% | -42.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 36.11% | -28.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.87% | 36.97% | -29.10% |
SPHY vs. SGDM - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than SGDM's 0.50% expense ratio.
Dividends
SPHY vs. SGDM - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.24%, more than SGDM's 1.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SGDM Sprott Gold Miners ETF | 1.09% | 1.04% | 1.04% | 1.39% | 1.42% | 1.33% | 0.30% | 0.25% | 0.50% | 0.58% | 0.02% | 1.47% |
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 SGDM have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SGDM has higher volatility (16.53%) compared to SPHY (1.16%). In terms of maximum drawdown, SPHY dropped -21.97% vs SGDM's -54.95%.
On 10-year performance, SGDM leads with 11.84% vs 5.21% for SPHY. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGDM has performed better with a 11.84% return vs 5.21%. 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 0.50% for SGDM.
SPHY has the higher dividend yield at 7.24%, compared with 1.09% for SGDM.
SPHY is categorized as High Yield Bonds, while SGDM is Gold. SPHY tracks ICE BofA US High Yield Index, while SGDM tracks Solactive Gold Miners Custom Factors Index. They also come from different issuers: State Street and Sprott. Their fees differ too: 0.05% for SPHY and 0.50% for SGDM.
SPHY currently has the higher Sharpe Ratio (1.91 vs 1.01), 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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