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XB vs. SPHY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XB vs. SPHY

Last updated Jun 5, 2026

XB (BondBloxx B Rated USD High Yield Corporate Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds - XB tracks the ICE BofA Single-B US Cash Pay High Yield Constrained Index while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 3 years, XB returned 8.50%/yr vs 8.98%/yr for SPHY. Their correlation of 0.88 suggests significant overlap in exposure. XB charges 0.30%/yr vs 0.05%/yr for SPHY.

Performance

XB vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx B Rated USD High Yield Corporate Bond ETF (XB) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XB achieves a 1.99% return, which is significantly higher than SPHY's 1.63% return.

XB

1D
0.17%
1M
0.64%
YTD
1.99%
6M
2.60%
1Y
7.31%
3Y*
8.50%
5Y*
—
10Y*
—

SPHY

1D
0.09%
1M
0.42%
YTD
1.63%
6M
2.02%
1Y
7.02%
3Y*
8.98%
5Y*
4.41%
10Y*
5.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XB vs. SPHY - Yearly Performance Comparison

2026 (YTD)2025202420232022
XB
BondBloxx B Rated USD High Yield Corporate Bond ETF		1.99%7.81%7.41%12.94%-4.25%
SPHY
SPDR Portfolio High Yield Bond ETF		1.63%8.59%8.54%12.81%-3.43%

Correlation

The correlation between XB and SPHY is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.85

Correlation (All Time)
Calculated using the full available price history since May 27, 2022

0.88

The correlation between XB and SPHY has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

XB vs. SPHY - Sectors Allocation Comparison

Sectors
XB
SPHY

Industrials

9.9%

-

Consumer Cyclical

9.3%

-

Energy

5.2%
0.1%

Communication Services

5.2%

-

Technology

5.0%

-

Healthcare

4.3%

-

Basic Materials

4.1%

-

Real Estate

3.1%

-

Consumer Defensive

3.0%

-

Financial Services

2.3%
99.9%

Utilities

1.1%

-

Industrials

XB
9.9%
SPHY

-

Consumer Cyclical

XB
9.3%
SPHY

-

Energy

XB
5.2%
SPHY
0.1%

Communication Services

XB
5.2%
SPHY

-

Technology

XB
5.0%
SPHY

-

Healthcare

XB
4.3%
SPHY

-

Basic Materials

XB
4.1%
SPHY

-

Real Estate

XB
3.1%
SPHY

-

Consumer Defensive

XB
3.0%
SPHY

-

Financial Services

XB
2.3%
SPHY
99.9%

Utilities

XB
1.1%
SPHY

-

Compare stocks, funds, or ETFs

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BondBloxx B Rated USD High Yield Corporate Bond ETF

SPDR Portfolio High Yield Bond ETF

Often compared with XB:
XB vs. XCCCXB vs. BOXXXB vs. SCYBXB vs. CLOZXB vs. BBHYXB vs. HYBLXB vs. HYGH
Often compared with SPHY:
SPHY vs. SCYBSPHY vs. HYGSPHY vs. USHYSPHY vs. SCHDSPHY vs. JNKSPHY vs. SHYGSPHY vs. VWEAX

Return for Risk

XB vs. SPHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XB
XB Risk / Return Rank: 6868
Overall Rank
XB Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
XB Sortino Ratio Rank: 6767
Sortino Ratio Rank
XB Omega Ratio Rank: 6666
Omega Ratio Rank
XB Calmar Ratio Rank: 6969
Calmar Ratio Rank
XB Martin Ratio Rank: 7979
Martin Ratio Rank
SPHY
SPHY Risk / Return Rank: 6464
Overall Rank
SPHY Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
SPHY Sortino Ratio Rank: 6464
Sortino Ratio Rank
SPHY Omega Ratio Rank: 6464
Omega Ratio Rank
SPHY Calmar Ratio Rank: 6060
Calmar Ratio Rank
SPHY Martin Ratio Rank: 7272
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XB vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx B Rated USD High Yield Corporate Bond ETF (XB) 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.

XBSPHYDifference
Sharpe ratioReturn per unit of total volatility
1.97
1.92

+0.04

Sortino ratioReturn per unit of downside risk
3.03
2.92

+0.11

Omega ratioGain probability vs. loss probability

1.39

1.38

+0.01

Calmar ratioReturn relative to maximum drawdown

3.40

2.92

+0.48

Martin ratioReturn relative to average drawdown

14.93

13.27

+1.66

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XB vs. SPHY - Sharpe Ratio Comparison

The current XB Sharpe Ratio is 1.97, which is comparable to the SPHY Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of XB and SPHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

XBSPHYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.97

1.92

+0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.62

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.65

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.85

0.64

+0.21

Drawdowns

XB vs. SPHY - Drawdown Comparison

The maximum XB drawdown since its inception was -9.25%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for XB and SPHY.

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Drawdown Indicators

XBSPHYDifference

Max Drawdown

Largest peak-to-trough decline

-9.25%

-21.97%

+12.72%

Max Drawdown (1Y)

Largest decline over 1 year

-2.16%

-2.41%

+0.25%

Max Drawdown (3Y)

Largest decline over 3 years

-5.36%

-4.85%

-0.51%

Max Drawdown (5Y)

Largest decline over 5 years

—

-15.29%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-21.97%

—

Current Drawdown

Current decline from peak

-0.29%

-0.14%

-0.15%

Average Drawdown

Average peak-to-trough decline

-1.32%

-2.29%

+0.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.49%

0.53%

-0.04%

Volatility

XB vs. SPHY - Volatility Comparison

BondBloxx B Rated USD High Yield Corporate Bond ETF (XB) has a higher volatility of 1.37% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.14%. This indicates that XB'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

XBSPHYDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.37%

1.14%

+0.23%

Volatility (6M)

Calculated over the trailing 6-month period

2.97%

2.91%

+0.06%

Volatility (1Y)

Calculated over the trailing 1-year period

3.74%

3.68%

+0.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.44%

7.17%

+0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.44%

7.89%

-0.45%

XB vs. SPHY - Expense Ratio Comparison

XB has a 0.30% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

XB vs. SPHY - Dividend Comparison

XB's dividend yield for the trailing twelve months is around 7.07%, less than SPHY's 7.26% yield.

PositionTTM20252024202320222021202020192018201720162015
SPHY
SPDR Portfolio High Yield Bond ETF		7.26%7.38%7.80%7.30%6.47%5.13%5.63%5.73%4.09%4.41%4.27%4.29%
XB
BondBloxx B Rated USD High Yield Corporate Bond ETF		7.07%6.96%7.74%7.87%5.01%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XB and SPHY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XB has higher volatility (1.37%) compared to SPHY (1.14%). In terms of maximum drawdown, XB dropped -9.25% vs SPHY's -21.97%.

On 3-year performance, SPHY leads with 8.98% vs 8.50% for XB. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, SPHY has performed better with a 8.98% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPHY is cheaper with a 0.05% expense ratio, compared with 0.30% for XB.

SPHY has the higher dividend yield at 7.26%, compared with 7.07% for XB.

XB tracks ICE BofA Single-B US Cash Pay High Yield Constrained Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: BondBloxx and State Street. Their fees differ too: 0.30% for XB and 0.05% for SPHY.

XB currently has the higher Sharpe Ratio (1.97 vs 1.92), 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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