HYZD vs. PHYD

Last updated Jun 24, 2026

HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) and PHYD (Putnam ESG High Yield ETF -) are both High Yield Bonds funds. HYZD is passively managed, while PHYD is actively managed. Over the past 3 years, HYZD returned 9.45%/yr vs 8.72%/yr for PHYD. At a 0.48 correlation, their price movements are largely independent. HYZD charges 0.43%/yr vs 0.55%/yr for PHYD.

Performance

HYZD vs. PHYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) and Putnam ESG High Yield ETF - (PHYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYZD achieves a 2.95% return, which is significantly higher than PHYD's 2.32% return.

HYZD

• 1D: -0.18%
• 1M: 0.40%
• YTD: 2.95%
• 6M: 3.10%
• 1Y: 7.29%
• 3Y*: 9.45%
• 5Y*: 6.14%
• 10Y*: 5.67%

PHYD

• 1D: 0.17%
• 1M: -0.19%
• YTD: 2.32%
• 6M: 2.57%
• 1Y: 7.27%
• 3Y*: 8.72%
• 5Y*: —
• 10Y*: —

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

HYZD vs. PHYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund	2.95%	7.67%	9.39%	9.63%
PHYD Putnam ESG High Yield ETF -	2.32%	8.84%	7.35%	8.30%

Correlation

The correlation between HYZD and PHYD is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.48

The correlation between HYZD and PHYD shifts across timeframes, from 0.35 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HYZD vs. PHYD — Risk / Return Rank

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

HYZD

HYZD Risk / Return Rank: 84
HYZD Sharpe Ratio Rank: 81
HYZD Sortino Ratio Rank: 89
HYZD Omega Ratio Rank: 86
HYZD Calmar Ratio Rank: 78
HYZD Martin Ratio Rank: 85

PHYD

PHYD Risk / Return Rank: 81
PHYD Sharpe Ratio Rank: 77
PHYD Sortino Ratio Rank: 87
PHYD Omega Ratio Rank: 83
PHYD Calmar Ratio Rank: 76
PHYD Martin Ratio Rank: 80

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.

HYZD vs. PHYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) 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.

	HYZD	PHYD	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.28	+0.13
Sortino ratio: Return per unit of downside risk	3.89	3.62	+0.27
Omega ratio: Gain probability vs. loss probability	1.49	1.46	+0.03
Calmar ratio: Return relative to maximum drawdown	3.83	3.66	+0.18
Martin ratio: Return relative to average drawdown	16.42	14.79	+1.64

HYZD vs. PHYD - Sharpe Ratio Comparison

The current HYZD Sharpe Ratio is 2.41, which is comparable to the PHYD Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of HYZD and PHYD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HYZD vs. PHYD - Drawdown Comparison

The maximum HYZD drawdown since its inception was -25.66%, which is greater than PHYD's maximum drawdown of -4.33%. Use the drawdown chart below to compare losses from any high point for HYZD and PHYD.

Drawdown Indicators

	HYZD	PHYD	Difference
Max Drawdown Largest peak-to-trough decline	-25.66%	-4.33%	-21.33%
Max Drawdown (1Y) Largest decline over 1 year	-1.91%	-2.10%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-5.85%	-4.14%	-1.71%
Max Drawdown (5Y) Largest decline over 5 years	-8.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.66%	—	—
Current Drawdown Current decline from peak	-0.18%	-0.79%	+0.61%
Average Drawdown Average peak-to-trough decline	-2.19%	-0.62%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.52%	-0.08%

Volatility

HYZD vs. PHYD - Volatility Comparison

WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) and Putnam ESG High Yield ETF - (PHYD) have volatilities of 1.10% 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.

Volatility by Period

	HYZD	PHYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	1.07%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.44%	2.57%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.05%	3.36%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.71%	4.58%	+2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.55%	4.58%	+3.97%

HYZD vs. PHYD - Expense Ratio Comparison

HYZD has a 0.43% expense ratio, which is lower than PHYD's 0.55% expense ratio.

Dividends

HYZD vs. PHYD - Dividend Comparison

HYZD's dividend yield for the trailing twelve months is around 5.86%, less than PHYD's 8.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund	5.86%	6.05%	6.08%	5.94%	5.14%	4.02%	5.13%	5.50%	5.58%	4.94%	5.07%	4.38%
PHYD Putnam ESG High Yield ETF -	8.52%	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

Can I hold both HYZD and PHYD in my portfolio?

HYZD and PHYD have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYZD or PHYD?

HYZD has higher volatility (1.10%) compared to PHYD (1.07%). In terms of maximum drawdown, HYZD dropped -25.66% vs PHYD's -4.33%.

Which ETF is better, HYZD or PHYD?

On 3-year performance, HYZD leads with 9.45% vs 8.72% for PHYD. On fees, HYZD is cheaper at 0.43% 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, HYZD or PHYD?

Over the 3-year period, HYZD has performed better with a 9.45% return vs 8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYZD or PHYD?

HYZD is cheaper with a 0.43% expense ratio, compared with 0.55% for PHYD.

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

PHYD has the higher dividend yield at 8.52%, compared with 5.86% for HYZD.

What is the main difference between HYZD and PHYD?

They also come from different issuers: WisdomTree and Putnam. Their fees differ too: 0.43% for HYZD and 0.55% for PHYD.

Which has better risk-adjusted returns?

HYZD currently has the higher Sharpe Ratio (2.41 vs 2.28), 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.