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) is a corporate bond fund issued by State Street Investment Management with $11.7 billion in assets. It holds a C grade and ranks 3 of 17 within the US Bonds - Corporate category, placing it in the top tier of its peers. The fund’s 0.05% expense ratio sits slightly below the category median of 0.06%, while its 7.42% dividend yield significantly exceeds the median of 5.87%. Concentration is low, with the top 10 holdings representing only 6.6% of assets and the largest position being State Street Global Advisors at 3.7%.

Over the past year, SPHY returned 1.64%, outperforming the category median of 1.29%, though recent short-term trends show declines of 0.75% over one month and 1.34% over three months. The fund’s price of $22.49 sits near the bottom of its 52-week range, at just 10.4% above the low. Despite these recent dips, the three-year return stands at 28.15%, indicating stronger long-term momentum compared to the immediate past. The ETFValuer grade has remained unchanged at C across the last 35 tracked days, reflecting a stable assessment of its performance history.

With a beta of 0.68, the fund has exhibited lower sensitivity to market movements than the broader market. Annualized volatility is labeled Very Low at 3.69%, and the maximum drawdown has been limited to -4.85%. However, the Sharpe ratio of -0.91 suggests that risk-adjusted returns have been negative over the measured period. Liquidity is robust, with an average daily volume of 6,196,918 shares supporting easy trading. The fund has a price history of 3.0 years, providing a moderate track record for risk analysis.

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

SPHY Top Holdings

Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 6.6% 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 8 of the same companies as SPHY's top 10 (6.4% 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: 4.96% (as of 2026-10-22) — 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): 19.03 (as of 2026-10-22) — 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: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

High-Yield Credit Spread: 3.40% (as of 2026-10-22) — 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: Average daily volume is 6.2M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $11.7B 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