FLXN vs. PHYD
FLXN (Horizon Flexible Income ETF) and PHYD (Putnam ESG High Yield ETF -) are both High Yield Bonds funds. Both are actively managed. Their correlation of 0.85 suggests significant overlap in exposure. FLXN charges 0.82%/yr vs 0.55%/yr for PHYD.
Performance
FLXN vs. PHYD - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FLXN having a 2.50% return and PHYD slightly lower at 2.49%.
FLXN
- 1D
- 0.20%
- 1M
- 0.60%
- YTD
- 2.50%
- 6M
- 2.95%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PHYD
- 1D
- 0.32%
- 1M
- -0.14%
- YTD
- 2.49%
- 6M
- 3.00%
- 1Y
- 7.97%
- 3Y*
- 8.82%
- 5Y*
- —
- 10Y*
- —
FLXN vs. PHYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FLXN Horizon Flexible Income ETF | 2.50% | 4.71% |
PHYD Putnam ESG High Yield ETF - | 2.49% | 3.92% |
Correlation
The correlation between FLXN and PHYD is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 7, 2025 | 0.85 |
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Return for Risk
FLXN vs. PHYD — Risk / Return Rank
FLXN
PHYD
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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| FLXN | PHYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.60 | 1.74 | -0.15 |
Drawdowns
FLXN vs. PHYD - Drawdown Comparison
The maximum FLXN drawdown since its inception was -3.39%, smaller than the maximum PHYD drawdown of -4.33%. Use the drawdown chart below to compare losses from any high point for FLXN and PHYD.
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Drawdown Indicators
| FLXN | PHYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.39% | -4.33% | +0.94% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.14% | — |
Current DrawdownCurrent decline from peak | -0.14% | -0.62% | +0.48% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -0.62% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.51% | — |
Volatility
FLXN vs. PHYD - Volatility Comparison
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Volatility by Period
| FLXN | PHYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.07% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.56% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.04% | 3.35% | +1.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.04% | 4.59% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.04% | 4.59% | +0.45% |
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 7.49%, less than PHYD's 9.02% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FLXN Horizon Flexible Income ETF | 7.49% | 3.49% | 0.00% | 0.00% |
PHYD Putnam ESG High Yield ETF - | 9.02% | 6.63% | 6.80% | 6.15% |
Frequently Asked Questions
FLXN and PHYD have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
PHYD is cheaper with a 0.55% expense ratio, compared with 0.82% for FLXN.
PHYD has the higher dividend yield at 9.02%, compared with 7.49% for FLXN.
They also come from different issuers: Horizon and Putnam. Their fees differ too: 0.82% for FLXN and 0.55% for PHYD.
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