SPHY vs. SPLB
SPHY (SPDR Portfolio High Yield Bond ETF) and SPLB (SPDR Portfolio Long Term Corporate Bond ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while SPLB is a Corporate Bonds fund tracking the Bloomberg Barclays Long U.S. Corporate Index. Both are passively managed. Over the past 10 years, SPHY returned 5.15%/yr vs 2.23%/yr for SPLB. At a 0.32 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.07%/yr for SPLB.
Performance
SPHY vs. SPLB - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.54% return, which is significantly higher than SPLB's 0.92% return. Over the past 10 years, SPHY has outperformed SPLB with an annualized return of 5.15%, while SPLB has yielded a comparatively lower 2.23% annualized return.
SPHY
- 1D
- -0.21%
- 1M
- 0.42%
- YTD
- 1.54%
- 6M
- 1.93%
- 1Y
- 7.16%
- 3Y*
- 8.97%
- 5Y*
- 4.39%
- 10Y*
- 5.15%
SPLB
- 1D
- -0.36%
- 1M
- 1.50%
- YTD
- 0.92%
- 6M
- -0.06%
- 1Y
- 7.56%
- 3Y*
- 4.35%
- 5Y*
- -1.84%
- 10Y*
- 2.23%
SPHY vs. SPLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.54% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 0.92% | 7.05% | -1.74% | 11.20% | -25.68% | -1.99% | 13.47% | 23.49% | -7.35% | 12.26% |
Correlation
The correlation between SPHY and SPLB is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2012 | 0.32 |
Over the past year, SPHY and SPLB have become more correlated (0.66) than their long-term average of 0.32, meaning their price movements have been converging.
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Return for Risk
SPHY vs. SPLB — Risk / Return Rank
SPHY
SPLB
SPHY vs. SPLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and SPDR Portfolio Long Term Corporate Bond ETF (SPLB). 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 | SPLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.16 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.98 | 1.40 | +1.58 |
| Martin ratioReturn relative to average drawdown | 13.52 | 3.48 | +10.04 |
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 | SPLB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | 0.94 | +1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | -0.15 | +0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.17 | +0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.45 | +0.19 |
Drawdowns
SPHY vs. SPLB - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum SPLB drawdown of -34.46%. Use the drawdown chart below to compare losses from any high point for SPHY and SPLB.
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Drawdown Indicators
| SPHY | SPLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -34.46% | +12.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -5.42% | +3.01% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -12.91% | +8.06% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -34.46% | +19.17% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -34.46% | +12.49% |
Current DrawdownCurrent decline from peak | -0.22% | -14.53% | +14.31% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -8.01% | +5.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 2.18% | -1.65% |
Volatility
SPHY vs. SPLB - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 1.14%, while SPDR Portfolio Long Term Corporate Bond ETF (SPLB) has a volatility of 2.36%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than SPLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | SPLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 2.36% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.91% | 5.81% | -2.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 8.05% | -4.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.17% | 12.71% | -5.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 12.95% | -5.06% |
SPHY vs. SPLB - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than SPLB'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. SPLB - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.27%, more than SPLB's 5.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 7.27% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 5.38% | 5.25% | 5.20% | 4.60% | 4.53% | 3.00% | 3.01% | 3.79% | 4.50% | 4.06% | 4.34% | 4.70% |
Frequently Asked Questions
SPHY and SPLB have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLB has higher volatility (2.36%) compared to SPHY (1.14%). In terms of maximum drawdown, SPHY dropped -21.97% vs SPLB's -34.46%.
On 10-year performance, SPHY leads with 5.15% vs 2.23% for SPLB. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 1.14%. 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 5.15% return vs 2.23%. 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 SPLB.
SPHY has the higher dividend yield at 7.27%, compared with 5.38% for SPLB.
SPHY is categorized as High Yield Bonds, while SPLB is Corporate Bonds. SPHY tracks ICE BofA US High Yield Index, while SPLB tracks Bloomberg Barclays Long U.S. Corporate Index. Their fees differ too: 0.05% for SPHY and 0.07% for SPLB.
SPHY currently has the higher Sharpe Ratio (1.96 vs 0.94), 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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