SDHY vs SPY
PGIM Short Duration High Yield Opportunities Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, SDHY or SPY?
Short Term High Quality 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 | SDHY | SPY |
|---|---|---|
| Expense Ratio | 1.90% | 0.09%Best |
| AUM | $441M | $804.7B |
| Dividend Yield | 7.54% | 0.98% |
| Holdings | 572 | 505 |
| YTD Return | -0.49% | +12.47%Best |
| 1Y Return | -1.28% | +17.51%Best |
| 3Y Return (annualized) | +9.74% | +21.18%Best |
| 5Y Return (annualized) | +4.36% | +12.88%Best |
| Volatility (annualized) | 10.1%Best | 15.0% |
| Max Drawdown | -23.1%Best | -24.5% |
| $10,000 over 5 years | $12,379 | $18,327Best |
| Fund Family | PGIM Investments | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Short Term High Quality | Large Cap Blend |
| Inception | Nov 25, 2020 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 25, 2020 to Sep 11, 2026 (5.8 years).
SDHY 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 covers the 5.8 years both funds cover.
SDHY vs SPY Performance
PGIM Short Duration High Yield Opportunities Fund (SDHY) is an ETF from PGIM Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SDHY returned -1.28% while SPY returned +17.51%. Year to date, SDHY is down 0.49% versus a gain of 12.47% for SPY.
Over three years, SDHY compounded at +9.74% per year against +21.18% for SPY; over five years the annualized figures are +4.36% and +12.88% respectively. Across the full 6-year window we track, SPY has the edge at +15.20% annualized vs +3.54%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.0% compared with 10.1% for SDHY. 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 -23.1% for SDHY and -24.5% 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 0.66. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SDHY charges 1.90% per year while SPY charges 0.09%. On a $10,000 position that is $190 vs $9 annually, a gap of $181 per year that compounds over a long holding period. On income, SDHY currently yields 7.54% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 456 holdings in SDHY and 504 in SPY, totalling 83.4% and 100.0% 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 186 days apart, SDHY as of Jan 30, 2026 and SPY as of Aug 4, 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 456 positions we hold weights for in SDHY and 504 in SPY, against full books of 572 and 505.
You are not choosing between two funds in isolation.
Whichever of SDHY 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, SDHY or SPY?
SDHY has an expense ratio of 1.90% while SPY charges 0.09%. SPY is the cheaper option, by $181 a year on a $10,000 investment.
Which performed better, SDHY or SPY?
Over the past year SDHY returned -1.28% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), SDHY annualized +3.54% vs +15.20% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SDHY or SPY?
SPY has been the more volatile fund at 15.0% annualized versus 10.1% for SDHY. Worst drawdown: SDHY -23.1% vs SPY -24.5%.
Should I hold both SDHY and SPY?
SDHY and SPY have a monthly-return correlation of 0.66, 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, SDHY or SPY?
SDHY yields 7.54% while SPY yields 0.98%, so SDHY currently pays the higher dividend yield.
Is SPY better than SDHY?
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.