SPIB vs. USHY
SPIB (SPDR Portfolio Intermediate Term Corporate Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - SPIB is a Corporate Bonds fund tracking the Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, SPIB returned 1.77%/yr vs 4.21%/yr for USHY. At a 0.47 correlation, their price movements are largely independent. SPIB charges 0.07%/yr vs 0.15%/yr for USHY.
Performance
SPIB vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, SPIB achieves a 0.46% return, which is significantly lower than USHY's 1.78% return.
SPIB
- 1D
- -0.12%
- 1M
- 0.37%
- YTD
- 0.46%
- 6M
- 0.64%
- 1Y
- 4.70%
- 3Y*
- 5.83%
- 5Y*
- 1.77%
- 10Y*
- 2.79%
USHY
- 1D
- -0.05%
- 1M
- 0.57%
- YTD
- 1.78%
- 6M
- 2.04%
- 1Y
- 6.67%
- 3Y*
- 9.21%
- 5Y*
- 4.21%
- 10Y*
- —
SPIB vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF | 0.46% | 7.91% | 4.28% | 7.27% | -9.65% | -1.24% | 7.69% | 10.23% | -0.49% | 0.25% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.78% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between SPIB and USHY is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.47 |
Over the past year, SPIB and USHY have become more correlated (0.72) than their long-term average of 0.47, meaning their price movements have been converging.
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Return for Risk
SPIB vs. USHY — Risk / Return Rank
SPIB
USHY
SPIB vs. USHY - 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 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.
| SPIB | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.35 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.76 | -0.42 |
| Martin ratioReturn relative to average drawdown | 7.83 | 12.34 | -4.51 |
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Drawdowns
SPIB vs. USHY - Drawdown Comparison
The maximum SPIB drawdown since its inception was -14.94%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for SPIB and USHY.
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Drawdown Indicators
| SPIB | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.94% | -22.44% | +7.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -2.43% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -3.18% | -4.66% | +1.48% |
Max Drawdown (5Y)Largest decline over 5 years | -14.80% | -15.56% | +0.76% |
Max Drawdown (10Y)Largest decline over 10 years | -14.94% | — | — |
Current DrawdownCurrent decline from peak | -0.78% | -0.11% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -1.90% | -2.65% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.54% | +0.06% |
Volatility
SPIB vs. USHY - Volatility Comparison
SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) and iShares Broad USD High Yield Corporate Bond ETF (USHY) have volatilities of 0.91% and 0.94%, 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
| SPIB | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.94% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.19% | 2.97% | -0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.86% | 3.68% | -0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.48% | 7.35% | -2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.60% | 8.23% | -3.63% |
SPIB vs. USHY - Expense Ratio Comparison
SPIB has a 0.07% 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
SPIB vs. USHY - Dividend Comparison
SPIB's dividend yield for the trailing twelve months is around 4.46%, less than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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
SPIB and USHY have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (0.94%) compared to SPIB (0.91%). In terms of maximum drawdown, SPIB dropped -14.94% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.21% vs 1.77% for SPIB. On fees, SPIB is cheaper at 0.07% 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, USHY has performed better with a 4.21% return vs 1.77%. 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 0.15% for USHY.
USHY has the higher dividend yield at 6.90%, compared with 4.46% for SPIB.
SPIB is categorized as Corporate Bonds, while USHY is High Yield Bonds. SPIB tracks Bloomberg US Aggregate Credit - Corporate - Investment Grade - Intermediate, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.07% for SPIB and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.82 vs 1.66), 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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