IBHM vs. PHYD

Last updated Jul 11, 2026

IBHM (iShares iBonds 2033 Term High Yield and Income ETF) and PHYD (Putnam ESG High Yield ETF -) are both High Yield Bonds funds. IBHM is passively managed, while PHYD is actively managed. A 0.73 correlation means they provide meaningful diversification when combined. IBHM charges 0.35%/yr vs 0.55%/yr for PHYD.

Performance

IBHM vs. PHYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds 2033 Term High Yield and Income ETF (IBHM) and Putnam ESG High Yield ETF - (PHYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBHM

• 1D: -0.14%
• 1M: 0.35%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHYD

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

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

IBHM vs. PHYD - Yearly Performance Comparison

	2026 (YTD)
IBHM iShares iBonds 2033 Term High Yield and Income ETF	2.84%
PHYD Putnam ESG High Yield ETF -	2.76%

Correlation

The correlation between IBHM and PHYD is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 26, 2026	0.73

Return for Risk

IBHM vs. PHYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2033 Term High Yield and Income ETF (IBHM) 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.

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

Drawdowns

Drawdown Indicators

	IBHM	PHYD	Difference
Max Drawdown Largest peak-to-trough decline	-1.67%	—	—
Current Drawdown Current decline from peak	-0.22%	—	—
Average Drawdown Average peak-to-trough decline	-0.38%	—	—

Volatility

Volatility by Period

	IBHM	PHYD	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.92%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.92%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.92%	—	—

IBHM vs. PHYD - Expense Ratio Comparison

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

Dividends

IBHM vs. PHYD - Dividend Comparison

IBHM's dividend yield for the trailing twelve months is around 1.57%, while PHYD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
IBHM iShares iBonds 2033 Term High Yield and Income ETF	1.57%	0.00%	0.00%	0.00%
PHYD Putnam ESG High Yield ETF -	8.52%	6.63%	6.80%	6.15%

Frequently Asked Questions

Can I hold both IBHM and PHYD in my portfolio?

IBHM and PHYD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBHM or PHYD?

On fees, IBHM 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, IBHM or PHYD?

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

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

PHYD has the higher dividend yield at 8.52%, compared with 1.57% for IBHM.

What is the main difference between IBHM and PHYD?

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