HYFI vs SPY
AB 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. HYFI offers more diversification with 666 holdings.
Side-by-Side Comparison
| Metric | HYFI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.09% | |
| AUM | $333M | $821.1B | |
| Dividend Yield | 6.67% | 1.01% | |
| Holdings | 666 | 505 | |
| YTD Return | +2.31% | +12.68% | |
| 1Y Return | +5.92% | +21.82% | |
| 3Y Return (annualized) | +9.04% | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 4.5% | 15.3% | |
| Max Drawdown | -6.3% | -56.5% | |
| Fund Family | AllianceBernstein L.P. | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | May 15, 2023 | Jan 22, 1993 |
HYFI vs SPY Performance
AB High Yield ETF (HYFI) is a ETF from AllianceBernstein L.P. and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HYFI returned +5.92% while SPY returned +21.82%. Year to date, HYFI is up 2.31% versus a gain of 12.68% for SPY.
Over three years, HYFI compounded at +9.04% per year against +21.98% for SPY. Across the full 3-year window we track, SPY has the edge at +8.81% annualized vs +8.64%. 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 4.5% for HYFI. 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 -6.3% for HYFI 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 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HYFI charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, HYFI currently yields 6.67% against 1.01% for SPY.
Holdings Overlap
HYFI and SPY share 1 holdings out of 952 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 HYFI | Weight in SPY | Difference |
|---|---|---|---|
| C | 0.01% | 0.35% | 0.34% |
Frequently Asked Questions
Which is cheaper, HYFI or SPY?
HYFI has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $31 per year of difference.
Which performed better, HYFI or SPY?
Over the past year HYFI returned +5.92% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), HYFI annualized +8.64% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, HYFI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.5% for HYFI. Worst drawdown: HYFI -6.3% vs SPY -56.5%.
Should I hold both HYFI and SPY?
HYFI and SPY have a monthly-return correlation of 0.79, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HYFI and SPY?
HYFI and SPY share 1 common holdings with a 0.0% weight overlap. Combined, they hold 952 unique securities.
Which pays a higher dividend, HYFI or SPY?
HYFI yields 6.67% while SPY yields 1.01%, so HYFI currently pays the higher dividend yield.
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