HIX vs SPY
Western Asset High Income Fund II Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, HIX or SPY?
Long Term High Quality against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | HIX | SPY |
|---|---|---|
| Expense Ratio | 3.82% | 0.09%Best |
| AUM | $363M | $814.4B |
| Dividend Yield | 14.59% | 1.01% |
| Holdings | 431 | 505 |
| YTD Return | +2.30% | +13.34%Best |
| 1Y Return | +3.70% | +19.97%Best |
| 3Y Return (annualized) | +6.05% | +21.20%Best |
| 5Y Return (annualized) | -0.07% | +12.81%Best |
| Volatility (annualized) | 18.7% | 15.3%Best |
| Max Drawdown | -75.2% | -56.5%Best |
| $10,000 over 5 years | $9,965 | $18,270Best |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Long Term High Quality | Large Cap Blend |
| Inception | May 22, 1998 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 22, 1998 to Sep 4, 2026 (28.3 years).
HIX 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.
HIX vs SPY Performance
Western Asset High Income Fund II Inc. (HIX) is an ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HIX returned +3.70% while SPY returned +19.97%. Year to date, HIX is up 2.30% versus a gain of 13.34% for SPY.
Over three years, HIX compounded at +6.05% per year against +21.20% for SPY; over five years the annualized figures are -0.07% and +12.81% respectively. Across the full 28-year window we track, SPY has the edge at +7.36% annualized vs -2.37%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HIX has been the more volatile fund, with annualized monthly volatility of 18.7% 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 -75.2% for HIX 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 0.61. They move together some of the time, and apart the rest.
Fees and Cost Over Time
HIX charges 3.82% per year while SPY charges 0.09%. On a $10,000 position that is $382 vs $9 annually, a gap of $373 per year that compounds over a long holding period. On income, HIX currently yields 14.59% against 1.01% for SPY.
Holdings Overlap
At least 0.3% of SPY's money is in holdings HIX also owns.
Stated as a floor: for HIX, our book for it covers 79.3% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 277 days apart, HIX as of Oct 31, 2025 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.
1 positions in common, counted across the 288 positions we hold weights for in HIX and 504 in SPY, against full books of 431 and 505.
Top Shared Holdings
| Stock | Weight in HIX | Weight in SPY | Difference |
|---|---|---|---|
| CCitigroup Inc 6.875 11/73 6.88 2173-11-15 | 0.10% | 0.35% | 0.25% |
You are not choosing between two funds in isolation.
Whichever of HIX 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, HIX or SPY?
HIX has an expense ratio of 3.82% while SPY charges 0.09%. SPY is the cheaper option, by $373 a year on a $10,000 investment.
Which performed better, HIX or SPY?
Over the past year HIX returned +3.70% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (28 years), HIX annualized -2.37% vs +7.36% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HIX or SPY?
HIX has been the more volatile fund at 18.7% annualized versus 15.3% for SPY. Worst drawdown: HIX -75.2% vs SPY -56.5%.
Should I hold both HIX and SPY?
HIX and SPY have a monthly-return correlation of 0.61, 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, HIX or SPY?
HIX yields 14.59% while SPY yields 1.01%, so HIX currently pays the higher dividend yield.
Is SPY better than HIX?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.