IBHJ vs. PHYD

Last updated Jul 14, 2026

IBHJ (iShares iBonds 2030 Term High Yield and Income ETF) and PHYD (Putnam ESG High Yield ETF -) are both High Yield Bonds funds. IBHJ is passively managed, while PHYD is actively managed. A 0.78 correlation means they provide meaningful diversification when combined. IBHJ charges 0.35%/yr vs 0.55%/yr for PHYD.

Performance

IBHJ vs. PHYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds 2030 Term High Yield and Income ETF (IBHJ) and Putnam ESG High Yield ETF - (PHYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBHJ

• 1D: -0.02%
• 1M: 0.23%
• 6M: 1.82%
• YTD: 2.12%
• 1Y: 6.49%
• 3Y*: 8.43%
• 5Y*: —
• 10Y*: —

PHYD

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

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

IBHJ vs. PHYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBHJ iShares iBonds 2030 Term High Yield and Income ETF	2.12%	9.28%	7.32%	8.37%
PHYD Putnam ESG High Yield ETF -	2.32%	8.84%	7.35%	8.02%

Correlation

The correlation between IBHJ and PHYD is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.78

The correlation between IBHJ and PHYD has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.

Return for Risk

IBHJ vs. PHYD — Risk / Return Rank

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

IBHJ

IBHJ Risk / Return Rank: 66
IBHJ Sharpe Ratio Rank: 59
IBHJ Sortino Ratio Rank: 62
IBHJ Omega Ratio Rank: 62
IBHJ Calmar Ratio Rank: 67
IBHJ Martin Ratio Rank: 79

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.

IBHJ vs. PHYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2030 Term High Yield and Income ETF (IBHJ) 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.

	IBHJ	PHYD	Difference
Sharpe ratio: Return per unit of total volatility	1.58	—	—
Sortino ratio: Return per unit of downside risk	2.31	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.65	—	—
Martin ratio: Return relative to average drawdown	11.90	—	—

Drawdowns

Drawdown Indicators

	IBHJ	PHYD	Difference
Max Drawdown Largest peak-to-trough decline	-4.93%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.93%	—	—
Current Drawdown Current decline from peak	-0.62%	—	—
Average Drawdown Average peak-to-trough decline	-0.61%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	—	—

Volatility

Volatility by Period

	IBHJ	PHYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.32%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.88%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.88%	—	—

IBHJ vs. PHYD - Expense Ratio Comparison

IBHJ has a 0.35% expense ratio, which is lower than PHYD's 0.55% expense ratio.

Dividends

IBHJ vs. PHYD - Dividend Comparison

IBHJ's dividend yield for the trailing twelve months is around 6.67%, while PHYD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
IBHJ iShares iBonds 2030 Term High Yield and Income ETF	6.67%	6.64%	6.87%	3.66%
PHYD Putnam ESG High Yield ETF -	8.52%	6.63%	6.80%	6.15%

Frequently Asked Questions

Can I hold both IBHJ and PHYD in my portfolio?

IBHJ and PHYD have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBHJ or PHYD?

On fees, IBHJ is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBHJ or PHYD?

IBHJ is cheaper with a 0.35% expense ratio, compared with 0.55% for PHYD.

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

PHYD has the higher dividend yield at 8.52%, compared with 6.67% for IBHJ.

What is the main difference between IBHJ and PHYD?

They also come from different issuers: iShares and Putnam. Their fees differ too: 0.35% for IBHJ and 0.55% for PHYD.