SPHY — State Street SPDR Portfolio High Yield Bond ETF

SPHY Price Performance — Growth of $10,000

Value of a $10,000 investment in SPHY over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

SPHY Drawdown

The "underwater" chart: SPHY's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The State Street SPDR Portfolio High Yield Bond ETF (SPHY) operates within the US Bonds - Corporate category, which currently contains 17 ETFs tracked by ETFValuer. Issued by State Street Investment Management, this fund has accumulated assets under management of $11.3 billion while trading at a price of $23.19. It holds an overall rank of #228 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 61.1 out of 100. The fund offers a low expense ratio of 0.05% alongside a substantial dividend yield of 7.24%. The combination of a high yield and significant asset size suggests strong investor adoption relative to the cost structure. This positioning places the fund in the middle tier of the broader ETF universe while maintaining a competitive cost profile for its category.

Short-term performance shows negative returns across the one-day, one-week, and one-month periods, registering declines of -0.22%, -0.43%, and -0.52% respectively. The trend shifted to positive territory over the three-month horizon with a gain of +0.14%, followed by further acceleration to +0.73% over six months. Year-to-date returns have reached +1.41%, indicating a continued recovery from the earlier short-term losses. The one-year return stands at +4.97%, which is slightly higher than the one-year return of peer USHY at +4.91%. Long-term data shows significant growth with a three-year return of +27.94%, demonstrating a divergence between recent short-term volatility and sustained long-term gains.

The fund is classified with a Very Low volatility label and carries a beta of 0.64, suggesting it moves less than the broader market. Despite the low volatility classification, the Sharpe ratio is recorded at -0.01, indicating that risk-adjusted returns have been negligible over the measured period. The maximum drawdown of -4.85% reflects the largest peak-to-trough decline experienced by the fund. This combination of low beta and very low volatility implies the fund generally experiences smaller price swings than the market, yet the negative Sharpe ratio suggests these movements have not consistently generated excess returns relative to the risk taken. The modest drawdown figure aligns with the low volatility profile, showing limited downside severity during market stress.

AI-generated summary based on the data on this page.

SPHY Top Holdings

Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 8.1% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how SPHY's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With SPHY

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with SPHY's top 10 — JNK overlaps most, holding 7 of the same companies as SPHY's top 10 (8.1% of SPHY's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.61% (as of 2026-07-28) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.21 (as of 2026-07-28) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

High-Yield Credit Spread: 2.84% (as of 2026-07-28) — The extra yield investors demand to hold high-yield corporate bonds over Treasuries — a real-time gauge of credit risk appetite relevant to this fund’s holdings.

SPHY Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.00% and average daily volume is 4.7M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $11.3B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: SPHY is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

SPHY Performance History

How SPHY Compares to Other US Bonds - Corporate ETFs