SPHY vs. VEA
SPHY (SPDR Portfolio High Yield Bond ETF) and VEA (Vanguard FTSE Developed Markets ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while VEA is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index. Both are passively managed. Over the past 10 years, SPHY returned 5.17%/yr vs 10.46%/yr for VEA. At a 0.45 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.03%/yr for VEA.
Performance
SPHY vs. VEA - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.98% return, which is significantly lower than VEA's 16.56% return. Over the past 10 years, SPHY has underperformed VEA with an annualized return of 5.17%, while VEA has yielded a comparatively higher 10.46% annualized return.
SPHY
- 1D
- 0.30%
- 1M
- 1.45%
- YTD
- 1.98%
- 6M
- 2.24%
- 1Y
- 7.25%
- 3Y*
- 8.90%
- 5Y*
- 4.43%
- 10Y*
- 5.17%
VEA
- 1D
- 0.96%
- 1M
- 5.36%
- YTD
- 16.56%
- 6M
- 18.46%
- 1Y
- 34.18%
- 3Y*
- 19.30%
- 5Y*
- 10.55%
- 10Y*
- 10.46%
SPHY vs. VEA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.98% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
VEA Vanguard FTSE Developed Markets ETF | 16.56% | 35.16% | 3.15% | 17.93% | -15.34% | 11.66% | 9.71% | 22.62% | -14.75% | 26.42% |
Correlation
The correlation between SPHY and VEA 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 | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.45 |
Over the past year, SPHY and VEA have become more correlated (0.73) than their long-term average of 0.45, meaning their price movements have been converging.
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Return for Risk
SPHY vs. VEA — Risk / Return Rank
SPHY
VEA
SPHY vs. VEA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Vanguard FTSE Developed Markets ETF (VEA). 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 | VEA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.38 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.95 | +0.07 |
| Martin ratioReturn relative to average drawdown | 13.62 | 11.39 | +2.23 |
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Drawdowns
SPHY vs. VEA - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum VEA drawdown of -60.68%. Use the drawdown chart below to compare losses from any high point for SPHY and VEA.
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Drawdown Indicators
| SPHY | VEA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -60.68% | +38.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -11.63% | +9.22% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -13.45% | +8.60% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -29.71% | +14.42% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | -35.73% | +13.76% |
Current DrawdownCurrent decline from peak | -0.04% | 0.00% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -13.26% | +10.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 3.01% | -2.48% |
Volatility
SPHY vs. VEA - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 1.12%, while Vanguard FTSE Developed Markets ETF (VEA) has a volatility of 6.51%. This indicates that SPHY experiences smaller price fluctuations and is considered to be less risky than VEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHY | VEA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 6.51% | -5.39% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 14.42% | -11.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 16.51% | -12.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 16.71% | -9.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.87% | 17.40% | -9.53% |
SPHY vs. VEA - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is higher than VEA's 0.03% expense ratio. However, 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. VEA - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.23%, more than VEA's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 7.23% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
VEA Vanguard FTSE Developed Markets ETF | 3.12% | 3.22% | 3.35% | 3.15% | 2.91% | 3.16% | 2.04% | 3.04% | 3.35% | 2.77% | 3.05% | 2.92% |
Frequently Asked Questions
SPHY and VEA 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.
VEA has higher volatility (6.51%) compared to SPHY (1.12%). In terms of maximum drawdown, SPHY dropped -21.97% vs VEA's -60.68%.
On 10-year performance, VEA leads with 10.46% vs 5.17% for SPHY. On fees, VEA is cheaper at 0.03% per year. On volatility, SPHY has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VEA has performed better with a 10.46% return vs 5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VEA is cheaper with a 0.03% expense ratio, compared with 0.05% for SPHY.
SPHY has the higher dividend yield at 7.23%, compared with 3.12% for VEA.
SPHY is categorized as High Yield Bonds, while VEA is Foreign Large Cap Equities. SPHY tracks ICE BofA US High Yield Index, while VEA tracks FTSE Developed All Cap ex US Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.05% for SPHY and 0.03% for VEA.
VEA currently has the higher Sharpe Ratio (2.08 vs 1.95), 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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