SPHY vs. VB
SPHY (SPDR Portfolio High Yield Bond ETF) and VB (Vanguard Small-Cap ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while VB is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Both are passively managed. Over the past 10 years, SPHY returned 5.21%/yr vs 11.61%/yr for VB. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.05% expense ratio.
Performance
SPHY vs. VB - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.85% return, which is significantly lower than VB's 15.33% return. Over the past 10 years, SPHY has underperformed VB with an annualized return of 5.21%, while VB has yielded a comparatively higher 11.61% annualized return.
SPHY
- 1D
- 0.04%
- 1M
- 1.11%
- YTD
- 1.85%
- 6M
- 2.41%
- 1Y
- 7.35%
- 3Y*
- 8.90%
- 5Y*
- 4.36%
- 10Y*
- 5.21%
VB
- 1D
- 0.70%
- 1M
- 5.17%
- YTD
- 15.33%
- 6M
- 13.69%
- 1Y
- 30.83%
- 3Y*
- 16.14%
- 5Y*
- 6.98%
- 10Y*
- 11.61%
SPHY vs. VB - 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% |
VB Vanguard Small-Cap ETF | 15.33% | 8.87% | 14.17% | 18.22% | -17.51% | 17.57% | 19.19% | 27.34% | -9.34% | 16.26% |
Correlation
The correlation between SPHY and VB is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.44 |
Over the past year, SPHY and VB have become more correlated (0.73) than their long-term average of 0.44, meaning their price movements have been converging.
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Return for Risk
SPHY vs. VB — Risk / Return Rank
SPHY
VB
SPHY vs. VB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Vanguard Small-Cap ETF (VB). 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 | VB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.30 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 3.21 | -0.27 |
| Martin ratioReturn relative to average drawdown | 13.29 | 11.80 | +1.49 |
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Drawdowns
SPHY vs. VB - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum VB drawdown of -59.56%. Use the drawdown chart below to compare losses from any high point for SPHY and VB.
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Drawdown Indicators
| SPHY | VB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -59.56% | +37.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -8.98% | +6.57% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -25.36% | +20.51% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -28.15% | +12.86% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -42.05% | +20.08% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -8.43% | +6.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 2.44% | -1.91% |
Volatility
SPHY vs. VB - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 1.16%, while Vanguard Small-Cap ETF (VB) has a volatility of 5.41%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than VB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | VB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 5.41% | -4.25% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 12.24% | -9.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 16.68% | -12.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 20.80% | -13.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.87% | 21.44% | -13.57% |
SPHY vs. VB - Expense Ratio Comparison
Both SPHY and VB have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPHY vs. VB - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.24%, more than VB's 1.18% 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% |
VB Vanguard Small-Cap ETF | 1.18% | 1.33% | 1.30% | 1.55% | 1.59% | 1.24% | 1.14% | 1.39% | 1.67% | 1.35% | 1.50% | 1.48% |
Frequently Asked Questions
SPHY and VB have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VB has higher volatility (5.41%) compared to SPHY (1.16%). In terms of maximum drawdown, SPHY dropped -21.97% vs VB's -59.56%.
On 10-year performance, VB leads with 11.61% vs 5.21% for SPHY. Both ETFs have the same 0.05% expense ratio. 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, VB has performed better with a 11.61% return vs 5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY and VB have the same expense ratio: 0.05% per year.
SPHY has the higher dividend yield at 7.24%, compared with 1.18% for VB.
SPHY is categorized as High Yield Bonds, while VB is Small Cap Blend Equities. SPHY tracks ICE BofA US High Yield Index, while VB tracks CRSP US Small Cap Index. They also come from different issuers: State Street and Vanguard.
SPHY currently has the higher Sharpe Ratio (1.91 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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