SPHY vs. USHY

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Portfolio High Yield Bond ETF (SPHY) and iShares Broad USD High Yield Corporate Bond ETF (USHY).

SPHY and USHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012. USHY is a passively managed fund by iShares that tracks the performance of the ICE BofA US High Yield Constrained. It was launched on Oct 25, 2017. Both SPHY and USHY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPHY vs. USHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio High Yield Bond ETF (SPHY) and iShares Broad USD High Yield Corporate Bond ETF (USHY). The values are adjusted to include any dividend payments, if applicable.

SPHY vs. USHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHY SPDR Portfolio High Yield Bond ETF	-0.07%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	1.02%
USHY iShares Broad USD High Yield Corporate Bond ETF	-0.05%	8.81%	8.45%	12.73%	-11.18%	5.02%	6.17%	14.24%	-2.41%	0.16%

Returns By Period

In the year-to-date period, SPHY achieves a -0.07% return, which is significantly lower than USHY's -0.05% return.

SPHY

• 1D: 0.25%
• 1M: -0.69%
• YTD: -0.07%
• 6M: 1.01%
• 1Y: 7.16%
• 3Y*: 8.49%
• 5Y*: 4.36%
• 10Y*: 5.32%

USHY

• 1D: 0.33%
• 1M: -0.67%
• YTD: -0.05%
• 6M: 0.98%
• 1Y: 7.26%
• 3Y*: 8.45%
• 5Y*: 4.21%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPHY vs. USHY - Expense Ratio Comparison

SPHY has a 0.10% 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%.

USHY

iShares Broad USD High Yield Corporate Bond ETF

SPHY

SPDR Portfolio High Yield Bond ETF

Return for Risk

SPHY vs. USHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPHY

SPHY Risk / Return Rank: 75
SPHY Sharpe Ratio Rank: 71
SPHY Sortino Ratio Rank: 75
SPHY Omega Ratio Rank: 79
SPHY Calmar Ratio Rank: 69
SPHY Martin Ratio Rank: 82

USHY

USHY Risk / Return Rank: 76
USHY Sharpe Ratio Rank: 72
USHY Sortino Ratio Rank: 74
USHY Omega Ratio Rank: 79
USHY Calmar Ratio Rank: 71
USHY Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	SPHY	USHY	Difference
Sharpe ratio Return per unit of total volatility	1.31	1.32	-0.01
Sortino ratio Return per unit of downside risk	1.94	1.94	-0.01
Omega ratio Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio Return relative to maximum drawdown	1.81	1.91	-0.09
Martin ratio Return relative to average drawdown	9.48	9.64	-0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHY vs. USHY - Sharpe Ratio Comparison

The current SPHY Sharpe Ratio is 1.31, which is comparable to the USHY Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of SPHY and USHY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPHY	USHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.32	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.58	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.56	+0.06

Correlation

The correlation between SPHY and USHY is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPHY vs. USHY - Dividend Comparison

SPHY's dividend yield for the trailing twelve months is around 7.37%, more than USHY's 6.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHY SPDR Portfolio High Yield Bond ETF	7.37%	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	6.95%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%	0.00%	0.00%

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.

Drawdown Indicators

	SPHY	USHY	Difference
Max Drawdown Largest peak-to-trough decline	-21.97%	-22.44%	+0.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	-3.92%	-0.15%
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 Drawdown Current decline from peak	-1.06%	-1.03%	-0.03%
Average Drawdown Average peak-to-trough decline	-2.32%	-2.71%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.77%	+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 2.23% and 2.21%, 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.

Volatility by Period

	SPHY	USHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	2.21%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	2.84%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	5.50%	5.52%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.16%	7.33%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.97%	8.32%	-0.35%