SPHY vs. USHY
SPHY (SPDR Portfolio High Yield Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - SPHY tracks the ICE BofA US High Yield Index while USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, SPHY returned 4.30%/yr vs 4.15%/yr for USHY. Their correlation of 0.85 suggests significant overlap in exposure. SPHY charges 0.05%/yr vs 0.15%/yr for USHY.
Performance
SPHY vs. USHY - 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 USHY's 1.70% return.
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%
USHY
- 1D
- -0.08%
- 1M
- 0.48%
- YTD
- 1.70%
- 6M
- 1.87%
- 1Y
- 6.34%
- 3Y*
- 9.18%
- 5Y*
- 4.15%
- 10Y*
- —
SPHY vs. USHY - 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% | 0.98% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.70% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between SPHY and USHY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.85 |
The correlation between SPHY and USHY shifts across timeframes, from 0.85 (all time) to 0.97 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPHY vs. USHY — Risk / Return Rank
SPHY
USHY
SPHY vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.33 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 2.62 | +0.11 |
| Martin ratioReturn relative to average drawdown | 12.33 | 11.73 | +0.61 |
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Drawdowns
SPHY vs. USHY - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, roughly equal to the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for SPHY and USHY.
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Drawdown Indicators
| SPHY | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -22.44% | +0.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -2.43% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -4.66% | -0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -15.56% | +0.27% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | — | — |
Current DrawdownCurrent decline from peak | -0.17% | -0.19% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -2.65% | +0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.54% | -0.01% |
Volatility
SPHY vs. USHY - Volatility Comparison
SPDR Portfolio High Yield Bond ETF (SPHY) and iShares Broad USD High Yield Corporate Bond ETF (USHY) have volatilities of 0.96% and 0.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.95% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.97% | 2.96% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 3.68% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 7.35% | -0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.86% | 8.23% | -0.37% |
SPHY vs. USHY - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than USHY's 0.15% 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. USHY - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.24%, more than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, SPHY and USHY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPHY has higher volatility (0.96%) compared to USHY (0.95%). In terms of maximum drawdown, SPHY dropped -21.97% vs USHY's -22.44%.
On 5-year performance, SPHY leads with 4.30% vs 4.15% for USHY. On fees, SPHY is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPHY has performed better with a 4.30% return vs 4.15%. 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 0.15% for USHY.
SPHY has the higher dividend yield at 7.24%, compared with 6.90% for USHY.
SPHY tracks ICE BofA US High Yield Index, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for SPHY and 0.15% for USHY.
SPHY currently has the higher Sharpe Ratio (1.78 vs 1.73), 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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