HYS vs SPY
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, HYS 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.
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 | HYS | SPY |
|---|---|---|
| Expense Ratio | 0.56% | 0.09%Best |
| AUM | $1.8B | $804.7B |
| Dividend Yield | 7.44% | 0.98% |
| Holdings | 90 | 505 |
| YTD Return | +0.79% | +11.97%Best |
| 1Y Return | +2.48% | +16.40%Best |
| 3Y Return (annualized) | +7.63% | +21.10%Best |
| 5Y Return (annualized) | +4.76% | +12.88%Best |
| Volatility (annualized) | 6.1%Best | 14.3% |
| Max Drawdown | -26.6%Best | -34.1% |
| $10,000 over 5 years | $12,618 | $18,327Best |
| Fund Family | PIMCO (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | High Yield Bond | Large Cap Blend |
| Inception | Jun 16, 2011 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 17, 2011 to Sep 14, 2026 (15.2 years).
HYS 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.
HYS vs SPY Performance
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (HYS) is an ETF from PIMCO (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HYS returned +2.48% while SPY returned +16.40%. Year to date, HYS is up 0.79% versus a gain of 11.97% for SPY.
Over three years, HYS compounded at +7.63% per year against +21.10% for SPY; over five years the annualized figures are +4.76% and +12.88% respectively. Across the full 15-year window we track, SPY has the edge at +13.01% annualized vs +1.65%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.3% compared with 6.1% for HYS. 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 -26.6% for HYS and -34.1% 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 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HYS charges 0.56% per year while SPY charges 0.09%. On a $10,000 position that is $56 vs $9 annually, a gap of $47 per year that compounds over a long holding period. On income, HYS currently yields 7.44% against 0.98% for SPY.
You are not choosing between two funds in isolation.
Whichever of HYS 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, HYS or SPY?
HYS has an expense ratio of 0.56% while SPY charges 0.09%. SPY is the cheaper option, by $47 a year on a $10,000 investment.
Which performed better, HYS or SPY?
Over the past year HYS returned +2.48% vs +16.40% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), HYS annualized +1.65% vs +13.01% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HYS or SPY?
SPY has been the more volatile fund at 14.3% annualized versus 6.1% for HYS. Worst drawdown: HYS -26.6% vs SPY -34.1%.
Should I hold both HYS and SPY?
HYS and SPY have a monthly-return correlation of 0.79, 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, HYS or SPY?
HYS yields 7.44% while SPY yields 0.98%, so HYS currently pays the higher dividend yield.
Is SPY better than HYS?
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.