HYGI vs SPY
iShares Inflation Hedged High Yield Bond ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HYGI or SPY?
Inflation Protection against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y 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 | HYGI | SPY |
|---|---|---|
| Expense Ratio | 0.52% | 0.09%Best |
| AUM | $5M | $804.7B |
| Dividend Yield | 4.89% | 0.98% |
| Holdings | 51 | 505 |
| Volatility (annualized) | 7.6%Best | 15.4% |
| Max Drawdown | -9.7%Best | -18.8% |
| $10,000 over 3.2 years | $12,960 | $17,350Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Inflation Protection | Large Cap Blend |
| Inception | Jun 22, 2022 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 393 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. HYGI has data through Aug 18, 2025 and SPY through Sep 15, 2026.
Volatility and max drawdown, and the $10,000 over 3.2 years row, are measured over the window both funds cover: Jun 24, 2022 to Aug 18, 2025 (3.2 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 7.6% for HYGI. 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 -9.7% for HYGI and -18.8% 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HYGI charges 0.52% per year while SPY charges 0.09%. On a $10,000 position that is $52 vs $9 annually, a gap of $43 per year that compounds over a long holding period. On income, HYGI currently yields 4.89% against 0.98% for SPY.
You are not choosing between two funds in isolation.
Whichever of HYGI 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, HYGI or SPY?
HYGI has an expense ratio of 0.52% while SPY charges 0.09%. SPY is the cheaper option, by $43 a year on a $10,000 investment.
Which is riskier, HYGI or SPY?
SPY has been the more volatile fund at 15.4% annualized versus 7.6% for HYGI. Worst drawdown: HYGI -9.7% vs SPY -18.8%.
Should I hold both HYGI and SPY?
HYGI and SPY have a monthly-return correlation of 0.86, 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, HYGI or SPY?
HYGI yields 4.89% while SPY yields 0.98%, so HYGI currently pays the higher dividend yield.
Is SPY better than HYGI?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.