GTOH vs. PHYD

Last updated Jul 14, 2026

GTOH (Invesco Short Duration High Yield ETF) and PHYD (Putnam ESG High Yield ETF -) are both High Yield Bonds funds. Both are actively managed. Their correlation of 0.83 suggests significant overlap in exposure. GTOH charges 0.48%/yr vs 0.55%/yr for PHYD.

Performance

GTOH vs. PHYD - Performance Comparison

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

Returns By Period

GTOH

• 1D: -0.22%
• 1M: 0.05%
• 6M: 1.34%
• YTD: 1.91%
• 1Y: 5.97%
• 3Y*: 7.33%
• 5Y*: —
• 10Y*: —

PHYD

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

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

GTOH vs. PHYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GTOH Invesco Short Duration High Yield ETF	1.91%	7.91%	6.57%	7.25%
PHYD Putnam ESG High Yield ETF -	2.32%	8.84%	7.35%	8.30%

Correlation

The correlation between GTOH and PHYD is 0.74, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.83

The correlation between GTOH and PHYD has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

Return for Risk

GTOH vs. PHYD — Risk / Return Rank

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

GTOH

GTOH Risk / Return Rank: 79
GTOH Sharpe Ratio Rank: 79
GTOH Sortino Ratio Rank: 86
GTOH Omega Ratio Rank: 81
GTOH Calmar Ratio Rank: 67
GTOH Martin Ratio Rank: 83

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.

GTOH vs. PHYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Duration High Yield ETF (GTOH) 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.

	GTOH	PHYD	Difference
Sharpe ratio: Return per unit of total volatility	2.00	—	—
Sortino ratio: Return per unit of downside risk	3.07	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	2.62	—	—
Martin ratio: Return relative to average drawdown	12.86	—	—

Drawdowns

Drawdown Indicators

	GTOH	PHYD	Difference
Max Drawdown Largest peak-to-trough decline	-4.77%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.13%	—	—
Current Drawdown Current decline from peak	-0.37%	—	—
Average Drawdown Average peak-to-trough decline	-0.66%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	—	—

Volatility

Volatility by Period

	GTOH	PHYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.00%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.42%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	—	—

GTOH vs. PHYD - Expense Ratio Comparison

GTOH has a 0.48% expense ratio, which is lower than PHYD's 0.55% expense ratio.

Dividends

GTOH vs. PHYD - Dividend Comparison

GTOH's dividend yield for the trailing twelve months is around 6.19%, while PHYD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GTOH Invesco Short Duration High Yield ETF	6.19%	6.57%	6.81%	6.81%
PHYD Putnam ESG High Yield ETF -	8.52%	6.63%	6.80%	6.15%

Frequently Asked Questions

Can I hold both GTOH and PHYD in my portfolio?

GTOH and PHYD have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GTOH or PHYD?

On fees, GTOH is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GTOH or PHYD?

GTOH is cheaper with a 0.48% expense ratio, compared with 0.55% for PHYD.

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

PHYD has the higher dividend yield at 8.52%, compared with 6.19% for GTOH.

What is the main difference between GTOH and PHYD?

They also come from different issuers: Invesco and Putnam. Their fees differ too: 0.48% for GTOH and 0.55% for PHYD.