EVHY vs. PHYL

Last updated Jun 4, 2026

EVHY (Eaton Vance High Yield ETF) and PHYL (PGIM Active High Yield Bond ETF) are both High Yield Bonds funds. Both are actively managed. Over the past year, EVHY returned 6.59% vs 7.43% for PHYL. Their correlation of 0.91 suggests significant overlap in exposure. EVHY charges 0.48%/yr vs 0.53%/yr for PHYL.

Performance

EVHY vs. PHYL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Yield ETF (EVHY) and PGIM Active High Yield Bond ETF (PHYL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVHY achieves a 1.09% return, which is significantly lower than PHYL's 1.36% return.

EVHY

• 1D: -0.24%
• 1M: 0.53%
• YTD: 1.09%
• 6M: 1.52%
• 1Y: 6.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHYL

• 1D: -0.26%
• 1M: 0.25%
• YTD: 1.36%
• 6M: 1.93%
• 1Y: 7.43%
• 3Y*: 9.08%
• 5Y*: 4.01%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EVHY vs. PHYL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EVHY Eaton Vance High Yield ETF	1.09%	9.14%	6.39%	8.90%
PHYL PGIM Active High Yield Bond ETF	1.36%	9.65%	8.45%	9.18%

Correlation

The correlation between EVHY and PHYL is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	0.91

The correlation between EVHY and PHYL has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

EVHY vs. PHYL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EVHY

EVHY Risk / Return Rank: 62
EVHY Sharpe Ratio Rank: 58
EVHY Sortino Ratio Rank: 64
EVHY Omega Ratio Rank: 64
EVHY Calmar Ratio Rank: 53
EVHY Martin Ratio Rank: 69

PHYL

PHYL Risk / Return Rank: 69
PHYL Sharpe Ratio Rank: 69
PHYL Sortino Ratio Rank: 75
PHYL Omega Ratio Rank: 78
PHYL Calmar Ratio Rank: 56
PHYL Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EVHY vs. PHYL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield ETF (EVHY) and PGIM Active High Yield Bond ETF (PHYL). 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.

	EVHY	PHYL	Difference
Sharpe ratio Return per unit of total volatility	1.96	2.30	-0.33
Sortino ratio Return per unit of downside risk	2.98	3.40	-0.42
Omega ratio Gain probability vs. loss probability	1.39	1.47	-0.08
Calmar ratio Return relative to maximum drawdown	2.64	2.79	-0.15
Martin ratio Return relative to average drawdown	12.77	12.75	+0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVHY vs. PHYL - Sharpe Ratio Comparison

The current EVHY Sharpe Ratio is 1.96, which is comparable to the PHYL Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of EVHY and PHYL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EVHY	PHYL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.30	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.19	0.71	+1.47

Drawdowns

EVHY vs. PHYL - Drawdown Comparison

The maximum EVHY drawdown since its inception was -3.71%, smaller than the maximum PHYL drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for EVHY and PHYL.

Drawdown Indicators

	EVHY	PHYL	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	-22.07%	+18.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-2.68%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.11%	—
Current Drawdown Current decline from peak	-0.24%	-0.30%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.37%	-3.07%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.58%	-0.06%

Volatility

EVHY vs. PHYL - Volatility Comparison

The current volatility for Eaton Vance High Yield ETF (EVHY) is 1.02%, while PGIM Active High Yield Bond ETF (PHYL) has a volatility of 1.08%. This indicates that EVHY experiences smaller price fluctuations and is considered to be less risky than PHYL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVHY	PHYL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	1.08%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	2.59%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	3.37%	3.26%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.52%	5.68%	-1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.52%	7.66%	-3.14%

EVHY vs. PHYL - Expense Ratio Comparison

EVHY has a 0.48% expense ratio, which is lower than PHYL's 0.53% expense ratio.

Dividends

EVHY vs. PHYL - Dividend Comparison

EVHY's dividend yield for the trailing twelve months is around 7.21%, more than PHYL's 7.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EVHY Eaton Vance High Yield ETF	7.21%	7.39%	7.66%	1.44%	0.00%	0.00%	0.00%	0.00%	0.00%
PHYL PGIM Active High Yield Bond ETF	7.01%	7.05%	8.28%	7.62%	6.55%	6.13%	7.51%	7.31%	1.79%

Frequently Asked Questions

Can I hold both EVHY and PHYL in my portfolio?

EVHY and PHYL have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVHY or PHYL?

PHYL has higher volatility (1.08%) compared to EVHY (1.02%). In terms of maximum drawdown, EVHY dropped -3.71% vs PHYL's -22.07%.

Which ETF is better, EVHY or PHYL?

On 1-year performance, PHYL leads with 7.43% vs 6.59% for EVHY. On fees, EVHY is cheaper at 0.48% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVHY or PHYL?

Over the 1-year period, PHYL has performed better with a 7.43% return vs 6.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVHY or PHYL?

EVHY is cheaper with a 0.48% expense ratio, compared with 0.53% for PHYL.

Which ETF pays a higher dividend yield, EVHY or PHYL?

EVHY has the higher dividend yield at 7.21%, compared with 7.01% for PHYL.

What is the main difference between EVHY and PHYL?

They also come from different issuers: Eaton Vance and Prudential. Their fees differ too: 0.48% for EVHY and 0.53% for PHYL.

Which has better risk-adjusted returns?

PHYL currently has the higher Sharpe Ratio (2.30 vs 1.96), 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.