PHB vs SPY
Invesco Fundamental High Yield Corporate Bond ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PHB or SPY?
High Yield Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. PHB is less concentrated, with 10.1% of the fund in its ten largest positions against 37.8%.
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 | PHB | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $387M | $804.7B |
| Dividend Yield | 5.06% | 0.98% |
| Holdings | 268 | 505 |
| Volatility (annualized) | 16.1% | 15.6%Best |
| Max Drawdown | -71.2% | -55.2%Best |
| $10,000 over 18.3 years | $7,403 | $50,904Best |
| Top 10 Weight | 10.1%Best | 37.8% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | High Yield Bond | Large Cap Blend |
| Inception | Nov 15, 2007 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 210 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. PHB has data through Feb 20, 2026 and SPY through Sep 18, 2026.
Volatility and max drawdown, and the $10,000 over 18.3 years row, are measured over the window both funds cover: Nov 15, 2007 to Feb 20, 2026 (18.3 years).
Risk: Volatility and Drawdowns
PHB has been the more volatile fund, with annualized monthly volatility of 16.1% compared with 15.6% 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 -71.2% for PHB and -55.2% 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 0.38. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PHB 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, PHB currently yields 5.06% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 260 holdings in PHB and 504 in SPY, totalling 98.1% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 336 days apart, PHB as of Sep 30, 2025 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 260 positions we hold weights for in PHB and 504 in SPY, against full books of 268 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for PHB (99.3% of the fund), and 260 for PHB that do not appear in SPY (98.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of PHB 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, PHB or SPY?
PHB has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which is riskier, PHB or SPY?
PHB has been the more volatile fund at 16.1% annualized versus 15.6% for SPY. Worst drawdown: PHB -71.2% vs SPY -55.2%.
Should I hold both PHB and SPY?
PHB and SPY have a monthly-return correlation of 0.38, 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, PHB or SPY?
PHB yields 5.06% while SPY yields 0.98%, so PHB currently pays the higher dividend yield.
Is SPY better than PHB?
SPY has a lower expense ratio. SPY led over 1Y and the full window. PHB is less concentrated, with 10.1% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.