HYS vs SPY
HYS vs SPY
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. HYS offers more diversification with 657 holdings.
Side-by-Side Comparison
| Metric | HYS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.56% | 0.09% | |
| AUM | $1.7B | $789.1B | |
| Dividend Yield | 7.31% | 1.01% | |
| Holdings | 826 | 505 | |
| YTD Return | +1.31% | +9.93% | |
| 1Y Return | +5.18% | +19.50% | |
| 3Y Return (annualized) | +8.13% | +19.33% | |
| 5Y Return (annualized) | +5.06% | +12.82% | |
| Volatility (annualized) | 6.1% | 15.3% | |
| Max Drawdown | -26.6% | -56.5% | |
| Fund Family | PIMCO (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jun 16, 2011 | Jan 22, 1993 |
HYS vs SPY Performance
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (HYS) is a ETF from PIMCO (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HYS returned +5.18% while SPY returned +19.50%. Year to date, HYS is up 1.31% versus a gain of 9.93% for SPY.
Over three years, HYS compounded at +8.13% per year against +19.33% for SPY; over five years the annualized figures are +5.06% and +12.82% respectively. Across the full 15-year window we track, SPY has the edge at +8.74% annualized vs +1.70%. 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 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 -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
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 7.31% against 1.01% for SPY.
Holdings Overlap
HYS and SPY share 0 holdings out of 1160 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $47 per year of difference.
Which performed better, HYS or SPY?
Over the past year HYS returned +5.18% vs +19.50% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), HYS annualized +1.70% vs +8.74% for SPY. Past performance does not guarantee future results.
Which is riskier, HYS or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 6.1% for HYS. Worst drawdown: HYS -26.6% vs SPY -56.5%.
Should I hold both HYS and SPY?
HYS 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 HYS and SPY?
HYS and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1160 unique securities.
Which pays a higher dividend, HYS or SPY?
HYS yields 7.31% while SPY yields 1.01%, so HYS currently pays the higher dividend yield.
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