WHF vs. SPHY
WHF (WhiteHorse Finance, Inc.) is a stock, while SPHY (SPDR Portfolio High Yield Bond ETF) is High Yield Bonds fund tracking the ICE BofA US High Yield Index. Over the past 10 years, WHF returned 7.11%/yr vs 4.90%/yr for SPHY. At a 0.15 correlation, their price movements are largely independent.
Performance
WHF vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, WHF achieves a -0.74% return, which is significantly lower than SPHY's 1.88% return. Over the past 10 years, WHF has outperformed SPHY with an annualized return of 7.11%, while SPHY has yielded a comparatively lower 4.90% annualized return.
WHF
- 1D
- 0.00%
- 1M
- -3.16%
- 6M
- 0.41%
- YTD
- -0.74%
- 1Y
- -15.80%
- 3Y*
- -9.24%
- 5Y*
- -4.14%
- 10Y*
- 7.11%
SPHY
- 1D
- -0.21%
- 1M
- 0.03%
- 6M
- 1.37%
- YTD
- 1.88%
- 1Y
- 6.00%
- 3Y*
- 8.57%
- 5Y*
- 4.21%
- 10Y*
- 4.90%
WHF vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WHF WhiteHorse Finance, Inc. | -0.74% | -15.36% | -8.52% | 6.26% | -6.23% | 25.77% | 19.14% | 20.83% | 4.80% | 21.87% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.88% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between WHF and SPHY 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 | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012 | 0.15 |
The correlation between WHF and SPHY shifts across timeframes, from 0.15 (all time) to 0.25 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
WHF vs. SPHY — Risk / Return Rank
WHF
SPHY
WHF vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WhiteHorse Finance, Inc. (WHF) 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.
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.
| WHF | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.33 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.63 | 2.50 | -3.12 |
| Martin ratioReturn relative to average drawdown | -1.14 | 11.33 | -12.47 |
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Drawdowns
WHF vs. SPHY - Drawdown Comparison
The maximum WHF drawdown since its inception was -57.48%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for WHF and SPHY.
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Drawdown Indicators
| WHF | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.48% | -21.97% | -35.51% |
Max Drawdown (1Y)Largest decline over 1 year | -25.37% | -2.41% | -22.96% |
Max Drawdown (3Y)Largest decline over 3 years | -37.91% | -4.85% | -33.06% |
Max Drawdown (5Y)Largest decline over 5 years | -37.91% | -15.29% | -22.62% |
Max Drawdown (10Y)Largest decline over 10 years | -57.48% | -21.97% | -35.51% |
Current DrawdownCurrent decline from peak | -30.80% | -0.39% | -30.41% |
Average DrawdownAverage peak-to-trough decline | -9.08% | -2.27% | -6.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.88% | 0.53% | +13.35% |
Volatility
WHF vs. SPHY - Volatility Comparison
WhiteHorse Finance, Inc. (WHF) has a higher volatility of 6.64% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.82%. This indicates that WHF'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
| WHF | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.64% | 0.82% | +5.82% |
Volatility (6M)Calculated over the trailing 6-month period | 20.08% | 2.98% | +17.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.04% | 3.66% | +24.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.00% | 7.18% | +15.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.56% | 7.84% | +23.72% |
Dividends
WHF vs. SPHY - Dividend Comparison
WHF's dividend yield for the trailing twelve months is around 18.35%, more than SPHY's 7.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 7.25% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
WHF WhiteHorse Finance, Inc. | 18.35% | 20.72% | 18.44% | 12.60% | 11.26% | 10.03% | 13.96% | 11.79% | 11.16% | 10.58% | 11.67% | 12.37% |
Frequently Asked Questions
WHF and SPHY 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.
WHF has higher volatility (6.64%) compared to SPHY (0.82%). In terms of maximum drawdown, WHF dropped -57.48% vs SPHY's -21.97%.
SPHY currently has the higher Sharpe Ratio (1.65 vs -0.57), 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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