EUHY vs. PHYD
EUHY (iShares Euro High Yield Corporate Bond USD Hedged ETF) and PHYD (Putnam ESG High Yield ETF -) are both High Yield Bonds funds. EUHY is passively managed, while PHYD is actively managed. Over the past 3 years, EUHY returned 9.92%/yr vs 8.82%/yr for PHYD. A 0.51 correlation means they provide meaningful diversification when combined. EUHY charges 0.35%/yr vs 0.55%/yr for PHYD.
Performance
EUHY vs. PHYD - Performance Comparison
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Returns By Period
In the year-to-date period, EUHY achieves a 2.05% return, which is significantly lower than PHYD's 2.49% return.
EUHY
- 1D
- 0.12%
- 1M
- 0.98%
- YTD
- 2.05%
- 6M
- 2.59%
- 1Y
- 5.75%
- 3Y*
- 9.92%
- 5Y*
- 1.97%
- 10Y*
- 3.67%
PHYD
- 1D
- 0.32%
- 1M
- -0.14%
- YTD
- 2.49%
- 6M
- 3.00%
- 1Y
- 7.97%
- 3Y*
- 8.82%
- 5Y*
- —
- 10Y*
- —
EUHY vs. PHYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 2.05% | 17.41% | -0.55% | 10.99% |
PHYD Putnam ESG High Yield ETF - | 2.49% | 8.84% | 7.35% | 8.07% |
Correlation
The correlation between EUHY and PHYD is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.51 |
The correlation between EUHY and PHYD has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.
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Return for Risk
EUHY vs. PHYD — Risk / Return Rank
EUHY
PHYD
EUHY vs. PHYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) 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.
| EUHY | PHYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -2.28 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.49 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 3.82 | -2.17 |
| Martin ratioReturn relative to average drawdown | 3.95 | 15.70 | -11.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EUHY | PHYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 2.39 | -1.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 1.74 | -1.40 |
Drawdowns
EUHY vs. PHYD - Drawdown Comparison
The maximum EUHY drawdown since its inception was -32.45%, which is greater than PHYD's maximum drawdown of -4.33%. Use the drawdown chart below to compare losses from any high point for EUHY and PHYD.
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Drawdown Indicators
| EUHY | PHYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.45% | -4.33% | -28.12% |
Max Drawdown (1Y)Largest decline over 1 year | -3.50% | -2.10% | -1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -8.23% | -4.14% | -4.09% |
Max Drawdown (5Y)Largest decline over 5 years | -32.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.45% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -0.62% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -0.62% | -7.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 0.51% | +0.95% |
Volatility
EUHY vs. PHYD - Volatility Comparison
iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) and Putnam ESG High Yield ETF - (PHYD) have volatilities of 1.07% 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
| EUHY | PHYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 1.07% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 2.56% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.51% | 3.35% | +2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.00% | 4.59% | +5.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.43% | 4.59% | +5.84% |
EUHY vs. PHYD - Expense Ratio Comparison
EUHY has a 0.35% expense ratio, which is lower than PHYD's 0.55% expense ratio.
Dividends
EUHY vs. PHYD - Dividend Comparison
EUHY's dividend yield for the trailing twelve months is around 5.33%, less than PHYD's 9.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 5.33% | 3.56% | 5.11% | 3.38% | 0.61% | 3.07% | 1.45% | 1.19% | 4.01% | 0.69% | 1.70% | 3.24% |
PHYD Putnam ESG High Yield ETF - | 9.02% | 6.63% | 6.80% | 6.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EUHY and PHYD have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHYD has higher volatility (1.07%) compared to EUHY (1.07%). In terms of maximum drawdown, EUHY dropped -32.45% vs PHYD's -4.33%.
On 3-year performance, EUHY leads with 9.92% vs 8.82% for PHYD. On fees, EUHY is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EUHY has performed better with a 9.92% return vs 8.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUHY is cheaper with a 0.35% expense ratio, compared with 0.55% for PHYD.
PHYD has the higher dividend yield at 9.02%, compared with 5.33% for EUHY.
They also come from different issuers: iShares and Putnam. Their fees differ too: 0.35% for EUHY and 0.55% for PHYD.
PHYD currently has the higher Sharpe Ratio (2.39 vs 1.05), 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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