HYBX vs SPY
TCW High Yield Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | HYBX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | - | $821.1B | |
| Dividend Yield | 7.83% | 1.01% | |
| Holdings | 307 | 505 | |
| YTD Return | +2.71% | +12.22% | |
| 1Y Return | +4.95% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 2.7% | 15.3% | |
| Max Drawdown | -3.9% | -56.5% | |
| Fund Family | TCW ETFs | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Feb 1, 1989 | Jan 22, 1993 |
HYBX vs SPY Performance
TCW High Yield Bond ETF (HYBX) is a ETF from TCW ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HYBX returned +4.95% while SPY returned +20.83%. Year to date, HYBX is up 2.71% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.7% for HYBX. 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 -3.9% for HYBX 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 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HYBX charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, HYBX currently yields 7.83% against 1.01% for SPY.
Holdings Overlap
HYBX and SPY share 1 holdings out of 722 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in HYBX | Weight in SPY | Difference |
|---|---|---|---|
| CNP | 0.76% | 0.04% | 0.72% |
Frequently Asked Questions
Which is cheaper, HYBX or SPY?
HYBX has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, HYBX or SPY?
Over the past year HYBX returned +4.95% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), HYBX annualized +5.49% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, HYBX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 2.7% for HYBX. Worst drawdown: HYBX -3.9% vs SPY -56.5%.
Should I hold both HYBX and SPY?
HYBX and SPY have a monthly-return correlation of 0.73, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HYBX and SPY?
HYBX and SPY share 1 common holdings with a 0.0% weight overlap. Combined, they hold 722 unique securities.
Which pays a higher dividend, HYBX or SPY?
HYBX yields 7.83% while SPY yields 1.01%, so HYBX currently pays the higher dividend yield.
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