FLXN vs. PHYD

Last updated Jul 29, 2026

FLXN (Horizon Flexible Income ETF) and PHYD (Putnam ESG High Yield ETF -) are both High Yield Bonds funds. Both are actively managed. Their 0.78 correlation means they have sometimes moved together and sometimes differently. FLXN charges 0.82%/yr vs 0.55%/yr for PHYD.

Performance

FLXN vs. PHYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Flexible Income ETF (FLXN) and Putnam ESG High Yield ETF - (PHYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FLXN

• 1D: 0.18%
• 1M: 0.08%
• 6M: 1.62%
• YTD: 2.74%
• 1Y: 7.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.08%

PHYD

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLXN Horizon Flexible Income ETF	$153.76K	$129.72K	$280.31K

FLXN vs. PHYD - Yearly Performance Comparison

	2026 (YTD)	2025
FLXN Horizon Flexible Income ETF	2.74%	4.71%
PHYD Putnam ESG High Yield ETF -	2.32%	3.95%

Correlation

The correlation between FLXN and PHYD is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (All Time) Calculated using the full available price history since Jul 3, 2025	0.78

The correlation between FLXN and PHYD has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.

Return for Risk

FLXN vs. PHYD — Risk / Return Rank

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

FLXN

FLXN Risk / Return Rank: 68
FLXN Sharpe Ratio Rank: 63
FLXN Sortino Ratio Rank: 68
FLXN Omega Ratio Rank: 70
FLXN Calmar Ratio Rank: 62
FLXN Martin Ratio Rank: 80

PHYD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FLXN vs. PHYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Flexible Income ETF (FLXN) 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.

	FLXN	PHYD	Difference
Sharpe ratio: Return per unit of total volatility	1.46	—	—
Sortino ratio: Return per unit of downside risk	2.21	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.16	—	—
Martin ratio: Return relative to average drawdown	10.45	—	—

Drawdowns

Drawdown Indicators

	FLXN	PHYD	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	—	—
Current Drawdown Current decline from peak	-0.68%	—	—
Average Drawdown Average peak-to-trough decline	-0.37%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	—	—

Volatility

Volatility by Period

	FLXN	PHYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.00%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.91%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.91%	—	—

FLXN vs. PHYD - Expense Ratio Comparison

FLXN has a 0.82% expense ratio, which is higher than PHYD's 0.55% expense ratio.

Dividends

FLXN vs. PHYD - Dividend Comparison

FLXN's dividend yield for the trailing twelve months is around 9.32%, while PHYD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FLXN Horizon Flexible Income ETF	9.32%	3.49%	0.00%	0.00%
PHYD Putnam ESG High Yield ETF -	8.00%	6.63%	6.80%	6.15%

Frequently Asked Questions

Can I hold both FLXN and PHYD in my portfolio?

FLXN and PHYD have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLXN or PHYD?

On fees, PHYD is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FLXN or PHYD?

PHYD is cheaper with a 0.55% expense ratio, compared with 0.82% for FLXN.

Which ETF pays a higher dividend yield, FLXN or PHYD?

FLXN has the higher dividend yield at 9.32%, compared with 8.00% for PHYD.

What is the main difference between FLXN and PHYD?

They also come from different issuers: Horizon and Putnam. Their fees differ too: 0.82% for FLXN and 0.55% for PHYD.