DHF vs SPY
BNY Mellon High Yield Strategies Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DHF or SPY?
High Yield Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DHF is less concentrated, with 13.4% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DHF | SPY |
|---|---|---|
| Expense Ratio | 1.71% | 0.09%Best |
| AUM | $195M | $814.4B |
| Dividend Yield | 7.87% | 1.01% |
| Holdings | 318 | 505 |
| YTD Return | -0.29% | +13.34%Best |
| 1Y Return | -1.56% | +19.97%Best |
| 3Y Return (annualized) | +11.33% | +21.20%Best |
| 5Y Return (annualized) | +1.62% | +12.81%Best |
| Volatility (annualized) | 20.1% | 15.3%Best |
| Max Drawdown | -89.1% | -56.5%Best |
| $10,000 over 5 years | $10,837 | $18,270Best |
| Top 10 Weight | 13.4%Best | 38.0% |
| Fund Family | BNY Mellon Investment Management | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | High Yield Bond | Large Cap Blend |
| Inception | Apr 29, 1998 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 24, 1998 to Sep 4, 2026 (28.4 years).
DHF vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
DHF vs SPY Performance
BNY Mellon High Yield Strategies Fund (DHF) is an ETF from BNY Mellon Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DHF returned -1.56% while SPY returned +19.97%. Year to date, DHF is down 0.29% versus a gain of 13.34% for SPY.
Over three years, DHF compounded at +11.33% per year against +21.20% for SPY; over five years the annualized figures are +1.62% and +12.81% respectively. Across the full 28-year window we track, SPY has the edge at +7.36% annualized vs -4.78%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DHF has been the more volatile fund, with annualized monthly volatility of 20.1% compared with 15.3% for SPY. 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 -89.1% for DHF and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.54. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DHF charges 1.71% per year while SPY charges 0.09%. On a $10,000 position that is $171 vs $9 annually, a gap of $162 per year that compounds over a long holding period. On income, DHF currently yields 7.87% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 217 holdings in DHF and 504 in SPY, totalling 99.3% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 126 days apart, DHF as of Mar 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 217 positions we hold weights for in DHF and 504 in SPY, against full books of 318 and 505.
What only one of them owns
Our book lists 496 positions for SPY that do not appear in our book for DHF (99.5% of the fund), and 216 for DHF that do not appear in SPY (99.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of DHF and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DHF or SPY?
DHF has an expense ratio of 1.71% while SPY charges 0.09%. SPY is the cheaper option, by $162 a year on a $10,000 investment.
Which performed better, DHF or SPY?
Over the past year DHF returned -1.56% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (28 years), DHF annualized -4.78% vs +7.36% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DHF or SPY?
DHF has been the more volatile fund at 20.1% annualized versus 15.3% for SPY. Worst drawdown: DHF -89.1% vs SPY -56.5%.
Should I hold both DHF and SPY?
DHF and SPY have a monthly-return correlation of 0.54, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DHF or SPY?
DHF yields 7.87% while SPY yields 1.01%, so DHF currently pays the higher dividend yield.
Is SPY better than DHF?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DHF is less concentrated, with 13.4% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.