VLT vs. SPHY
Compare and contrast key facts about Invesco High Income Trust II (VLT) and SPDR Portfolio High Yield Bond ETF (SPHY).
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.
Performance
VLT vs. SPHY - Performance Comparison
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VLT vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VLT Invesco High Income Trust II | -6.39% | 13.22% | 17.38% | 13.12% | -20.82% | 14.53% | 4.46% | 23.60% | -7.97% | 10.68% |
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% | 7.35% |
Returns By Period
In the year-to-date period, VLT achieves a -6.39% return, which is significantly lower than SPHY's -0.07% return. Over the past 10 years, VLT has outperformed SPHY with an annualized return of 6.73%, while SPHY has yielded a comparatively lower 5.32% annualized return.
VLT
- 1D
- 0.89%
- 1M
- -5.68%
- YTD
- -6.39%
- 6M
- -5.19%
- 1Y
- 6.70%
- 3Y*
- 10.22%
- 5Y*
- 4.01%
- 10Y*
- 6.73%
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%
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Return for Risk
VLT vs. SPHY — Risk / Return Rank
VLT
SPHY
VLT vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Income Trust II (VLT) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.
| VLT | SPHY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.60 | 1.31 | -0.71 |
Sortino ratioReturn per unit of downside risk | 0.82 | 1.94 | -1.12 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.31 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | 0.65 | 1.81 | -1.17 |
Martin ratioReturn relative to average drawdown | 2.53 | 9.48 | -6.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VLT | SPHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.60 | 1.31 | -0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.61 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.67 | -0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.63 | -0.49 |
Correlation
The correlation between VLT and SPHY is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VLT vs. SPHY - Dividend Comparison
VLT's dividend yield for the trailing twelve months is around 11.16%, more than SPHY's 7.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VLT Invesco High Income Trust II | 11.16% | 10.27% | 10.55% | 11.13% | 11.27% | 8.06% | 8.51% | 8.10% | 8.44% | 7.00% | 8.06% | 9.71% |
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% |
Drawdowns
VLT vs. SPHY - Drawdown Comparison
The maximum VLT drawdown since its inception was -75.78%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for VLT and SPHY.
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Drawdown Indicators
| VLT | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.78% | -21.97% | -53.81% |
Max Drawdown (1Y)Largest decline over 1 year | -10.55% | -4.07% | -6.48% |
Max Drawdown (5Y)Largest decline over 5 years | -30.46% | -15.29% | -15.17% |
Max Drawdown (10Y)Largest decline over 10 years | -42.02% | -21.97% | -20.05% |
Current DrawdownCurrent decline from peak | -7.55% | -1.06% | -6.49% |
Average DrawdownAverage peak-to-trough decline | -17.01% | -2.32% | -14.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 0.78% | +1.90% |
Volatility
VLT vs. SPHY - Volatility Comparison
Invesco High Income Trust II (VLT) has a higher volatility of 4.53% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 2.23%. This indicates that VLT's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VLT | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 2.23% | +2.30% |
Volatility (6M)Calculated over the trailing 6-month period | 6.26% | 2.88% | +3.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.28% | 5.50% | +5.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.67% | 7.16% | +4.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.91% | 7.97% | +5.94% |