BKHY vs SPY
BNY Mellon High Yield ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. BKHY offers more diversification with 1,670 holdings.
Side-by-Side Comparison
| Metric | BKHY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.22% | 0.09% | |
| AUM | $168M | $821.1B | |
| Dividend Yield | 7.55% | 1.01% | |
| Holdings | 1,670 | 505 | |
| YTD Return | +2.59% | +12.68% | |
| 1Y Return | +5.88% | +21.82% | |
| 3Y Return (annualized) | +8.63% | +21.98% | |
| 5Y Return (annualized) | +3.96% | +12.89% | |
| Volatility (annualized) | 7.1% | 15.3% | |
| Max Drawdown | -15.9% | -56.5% | |
| Fund Family | BNY Mellon Investment Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Apr 22, 2020 | Jan 22, 1993 |
BKHY vs SPY Performance
BNY Mellon High Yield ETF (BKHY) is a ETF from BNY Mellon Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BKHY returned +5.88% while SPY returned +21.82%. Year to date, BKHY is up 2.59% versus a gain of 12.68% for SPY.
Over three years, BKHY compounded at +8.63% per year against +21.98% for SPY; over five years the annualized figures are +3.96% and +12.89% respectively. Across the full 6-year window we track, SPY has the edge at +8.81% annualized vs +5.54%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.1% for BKHY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -15.9% for BKHY and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BKHY charges 0.22% per year while SPY charges 0.09%. On a $10,000 position that is $22 vs $9 annually, a gap of $13 per year that compounds over a long holding period. On income, BKHY currently yields 7.55% against 1.01% for SPY.
Holdings Overlap
BKHY and SPY share 0 holdings out of 1563 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BKHY or SPY?
BKHY has an expense ratio of 0.22% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $13 per year of difference.
Which performed better, BKHY or SPY?
Over the past year BKHY returned +5.88% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), BKHY annualized +5.54% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, BKHY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 7.1% for BKHY. Worst drawdown: BKHY -15.9% vs SPY -56.5%.
Should I hold both BKHY and SPY?
BKHY and SPY have a monthly-return correlation of 0.82, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BKHY and SPY?
BKHY and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1563 unique securities.
Which pays a higher dividend, BKHY or SPY?
BKHY yields 7.55% while SPY yields 1.01%, so BKHY currently pays the higher dividend yield.
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