BRHY vs. PHYD
BRHY (iShares High Yield Active ETF) and PHYD (Putnam ESG High Yield ETF -) are both High Yield Bonds funds. Both are actively managed. Over the past year, BRHY returned 7.21% vs 7.27% for PHYD. A 0.76 correlation means they provide meaningful diversification when combined. BRHY charges 0.45%/yr vs 0.55%/yr for PHYD.
Performance
BRHY vs. PHYD - Performance Comparison
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Returns By Period
In the year-to-date period, BRHY achieves a 1.74% return, which is significantly lower than PHYD's 2.32% return.
BRHY
- 1D
- -0.05%
- 1M
- 0.40%
- YTD
- 1.74%
- 6M
- 1.92%
- 1Y
- 7.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PHYD
- 1D
- 0.17%
- 1M
- -0.19%
- YTD
- 2.32%
- 6M
- 2.57%
- 1Y
- 7.27%
- 3Y*
- 8.72%
- 5Y*
- —
- 10Y*
- —
BRHY vs. PHYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BRHY iShares High Yield Active ETF | 1.74% | 9.74% | 5.16% |
PHYD Putnam ESG High Yield ETF - | 2.32% | 8.84% | 5.03% |
Correlation
The correlation between BRHY and PHYD is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2024 | 0.76 |
The correlation between BRHY and PHYD has been stable across timeframes, ranging from 0.76 to 0.76 - a consistent structural relationship.
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Return for Risk
BRHY vs. PHYD — Risk / Return Rank
BRHY
PHYD
BRHY vs. PHYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Active ETF (BRHY) and Putnam ESG High Yield ETF - (PHYD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BRHY | PHYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.46 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 3.66 | -1.04 |
| Martin ratioReturn relative to average drawdown | 12.01 | 14.79 | -2.77 |
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Drawdowns
BRHY vs. PHYD - Drawdown Comparison
The maximum BRHY drawdown since its inception was -4.42%, roughly equal to the maximum PHYD drawdown of -4.33%. Use the drawdown chart below to compare losses from any high point for BRHY and PHYD.
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Drawdown Indicators
| BRHY | PHYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.42% | -4.33% | -0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.10% | -0.66% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.14% | — |
Current DrawdownCurrent decline from peak | -0.35% | -0.79% | +0.44% |
Average DrawdownAverage peak-to-trough decline | -0.39% | -0.62% | +0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.52% | +0.08% |
Volatility
BRHY vs. PHYD - Volatility Comparison
iShares High Yield Active ETF (BRHY) and Putnam ESG High Yield ETF - (PHYD) have volatilities of 1.09% and 1.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BRHY | PHYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.07% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 2.57% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.24% | 3.36% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.01% | 4.58% | -0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.01% | 4.58% | -0.57% |
BRHY vs. PHYD - Expense Ratio Comparison
BRHY has a 0.45% expense ratio, which is lower than PHYD's 0.55% expense ratio.
Dividends
BRHY vs. PHYD - Dividend Comparison
BRHY's dividend yield for the trailing twelve months is around 7.84%, less than PHYD's 8.52% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BRHY iShares High Yield Active ETF | 7.84% | 7.97% | 4.27% | 0.00% |
PHYD Putnam ESG High Yield ETF - | 8.52% | 6.63% | 6.80% | 6.15% |
Frequently Asked Questions
BRHY and PHYD have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRHY has higher volatility (1.09%) compared to PHYD (1.07%). In terms of maximum drawdown, BRHY dropped -4.42% vs PHYD's -4.33%.
On 1-year performance, PHYD leads with 7.27% vs 7.21% for BRHY. On fees, BRHY is cheaper at 0.45% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PHYD has performed better with a 7.27% return vs 7.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BRHY is cheaper with a 0.45% expense ratio, compared with 0.55% for PHYD.
PHYD has the higher dividend yield at 8.52%, compared with 7.84% for BRHY.
They also come from different issuers: iShares and Putnam. Their fees differ too: 0.45% for BRHY and 0.55% for PHYD.
PHYD currently has the higher Sharpe Ratio (2.28 vs 2.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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