SPIB vs. HYGH
SPIB (SPDR Portfolio Intermediate Term Corporate Bond ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both exchange-traded funds - SPIB is a Corporate Bonds fund tracking the Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate, while HYGH is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Interest Hedged Index. Both are passively managed. Over the past 10 years, SPIB returned 2.80%/yr vs 6.48%/yr for HYGH. At a 0.03 correlation, their price movements are largely independent. SPIB charges 0.07%/yr vs 0.52%/yr for HYGH.
Performance
SPIB vs. HYGH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPIB achieves a 0.55% return, which is significantly lower than HYGH's 3.33% return. Over the past 10 years, SPIB has underperformed HYGH with an annualized return of 2.80%, while HYGH has yielded a comparatively higher 6.48% annualized return.
SPIB
- 1D
- 0.09%
- 1M
- 0.46%
- YTD
- 0.55%
- 6M
- 0.76%
- 1Y
- 4.57%
- 3Y*
- 5.86%
- 5Y*
- 1.78%
- 10Y*
- 2.80%
HYGH
- 1D
- -0.03%
- 1M
- 0.56%
- YTD
- 3.33%
- 6M
- 3.56%
- 1Y
- 7.74%
- 3Y*
- 9.87%
- 5Y*
- 6.91%
- 10Y*
- 6.48%
SPIB vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF | 0.55% | 7.91% | 4.28% | 7.27% | -9.65% | -1.24% | 7.69% | 10.23% | -0.49% | 3.76% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.33% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 0.54% | 11.09% | -0.85% | 6.38% |
Correlation
The correlation between SPIB and HYGH is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since May 29, 2014 | 0.03 |
The correlation between SPIB and HYGH shifts across timeframes, from 0.03 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPIB vs. HYGH — Risk / Return Rank
SPIB
HYGH
SPIB vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| SPIB | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.40 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 4.80 | -2.52 |
| Martin ratioReturn relative to average drawdown | 7.60 | 18.77 | -11.17 |
Loading charts...
Drawdowns
SPIB vs. HYGH - Drawdown Comparison
The maximum SPIB drawdown since its inception was -14.94%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for SPIB and HYGH.
Loading charts...
Drawdown Indicators
| SPIB | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.94% | -23.88% | +8.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -1.62% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -3.18% | -8.06% | +4.88% |
Max Drawdown (5Y)Largest decline over 5 years | -14.80% | -8.24% | -6.56% |
Max Drawdown (10Y)Largest decline over 10 years | -14.94% | -23.88% | +8.94% |
Current DrawdownCurrent decline from peak | -0.69% | -0.08% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -1.90% | -2.22% | +0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.41% | +0.19% |
Volatility
SPIB vs. HYGH - Volatility Comparison
SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) has a higher volatility of 0.91% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.63%. This indicates that SPIB's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPIB | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.63% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.19% | 2.81% | -0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.85% | 3.64% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.48% | 7.08% | -2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.60% | 8.30% | -3.70% |
SPIB vs. HYGH - Expense Ratio Comparison
SPIB has a 0.07% expense ratio, which is lower than HYGH's 0.52% expense ratio.
Dividends
SPIB vs. HYGH - Dividend Comparison
SPIB's dividend yield for the trailing twelve months is around 4.46%, less than HYGH's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF | 4.46% | 4.42% | 4.41% | 3.84% | 2.65% | 1.58% | 2.18% | 3.03% | 3.04% | 2.79% | 2.68% | 2.69% |
Frequently Asked Questions
SPIB and HYGH have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPIB has higher volatility (0.91%) compared to HYGH (0.63%). In terms of maximum drawdown, SPIB dropped -14.94% vs HYGH's -23.88%.
On 10-year performance, HYGH leads with 6.48% vs 2.80% for SPIB. On fees, SPIB is cheaper at 0.07% per year. On volatility, HYGH has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYGH has performed better with a 6.48% return vs 2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIB is cheaper with a 0.07% expense ratio, compared with 0.52% for HYGH.
HYGH has the higher dividend yield at 6.60%, compared with 4.46% for SPIB.
SPIB is categorized as Corporate Bonds, while HYGH is High Yield Bonds. SPIB tracks Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate, while HYGH tracks Markit iBoxx USD Liquid High Yield Interest Hedged Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.07% for SPIB and 0.52% for HYGH.
HYGH currently has the higher Sharpe Ratio (2.14 vs 1.61), 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.
Find the right allocation for SPIB and HYGH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer