MRCP vs. PHYL

Last updated Aug 4, 2026

MRCP (PGIM US Large-Cap Buffer 12 ETF - March) and PHYL (PGIM Active High Yield Bond ETF) are both exchange-traded funds - MRCP is a Options Trading fund actively managed by PGIM, while PHYL is a High Yield Bonds fund actively managed by PGIM. Both are actively managed. Over the past year, MRCP returned 15.92% vs 5.27% for PHYL. Their 0.65 correlation means they have sometimes moved together and sometimes differently. MRCP charges 0.50%/yr vs 0.53%/yr for PHYL.

Performance

MRCP vs. PHYL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - March (MRCP) and PGIM Active High Yield Bond ETF (PHYL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRCP achieves a 8.52% return, which is significantly higher than PHYL's 1.74% return.

MRCP

• 1D: 0.33%
• 1M: 1.16%
• 6M: 7.32%
• YTD: 8.52%
• 1Y: 15.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.42%

PHYL

• 1D: 0.30%
• 1M: -0.29%
• 6M: 1.13%
• YTD: 1.74%
• 1Y: 5.27%
• 3Y*: 8.58%
• 5Y*: 3.94%
• 10Y*: —
• ALL TIME*: 5.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MRCP PGIM US Large-Cap Buffer 12 ETF - March	$102.07K	$129.29K	$125.02K
PHYL PGIM Active High Yield Bond ETF	$11.80M	$8.40M	$6.03M

MRCP vs. PHYL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MRCP PGIM US Large-Cap Buffer 12 ETF - March	8.52%	14.13%	11.90%
PHYL PGIM Active High Yield Bond ETF	1.74%	9.65%	7.78%

Correlation

The correlation between MRCP and PHYL is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.65

The correlation between MRCP and PHYL has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

Return for Risk

MRCP vs. PHYL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MRCP

MRCP Risk / Return Rank: 88
MRCP Sharpe Ratio Rank: 86
MRCP Sortino Ratio Rank: 88
MRCP Omega Ratio Rank: 92
MRCP Calmar Ratio Rank: 83
MRCP Martin Ratio Rank: 93

PHYL

PHYL Risk / Return Rank: 65
PHYL Sharpe Ratio Rank: 65
PHYL Sortino Ratio Rank: 68
PHYL Omega Ratio Rank: 68
PHYL Calmar Ratio Rank: 53
PHYL Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MRCP vs. PHYL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - March (MRCP) and PGIM Active High Yield Bond ETF (PHYL). 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.

	MRCP	PHYL	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.56	+0.61
Sortino ratio: Return per unit of downside risk	3.19	2.31	+0.88
Omega ratio: Gain probability vs. loss probability	1.47	1.30	+0.18
Calmar ratio: Return relative to maximum drawdown	3.32	1.98	+1.34
Martin ratio: Return relative to average drawdown	17.92	8.70	+9.22

MRCP vs. PHYL - Sharpe Ratio Comparison

The current MRCP Sharpe Ratio is 2.17, which is higher than the PHYL Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of MRCP and PHYL, 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

MRCP vs. PHYL - Drawdown Comparison

The maximum MRCP drawdown since its inception was -10.73%, smaller than the maximum PHYL drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for MRCP and PHYL.

Drawdown Indicators

	MRCP	PHYL	Difference
Max Drawdown Largest peak-to-trough decline	-10.73%	-22.07%	+11.34%
Max Drawdown (1Y) Largest decline over 1 year	-4.81%	-2.68%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.11%	—
Current Drawdown Current decline from peak	0.00%	-0.43%	+0.43%
Average Drawdown Average peak-to-trough decline	-0.76%	-3.01%	+2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.61%	+0.28%

Volatility

MRCP vs. PHYL - Volatility Comparison

PGIM US Large-Cap Buffer 12 ETF - March (MRCP) has a higher volatility of 1.77% compared to PGIM Active High Yield Bond ETF (PHYL) at 0.92%. This indicates that MRCP's price experiences larger fluctuations and is considered to be riskier than PHYL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRCP	PHYL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	0.92%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	6.54%	2.84%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	7.38%	3.40%	+3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.41%	5.70%	+3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.41%	7.59%	+1.82%

MRCP vs. PHYL - Expense Ratio Comparison

MRCP has a 0.50% expense ratio, which is lower than PHYL's 0.53% expense ratio.

Dividends

MRCP vs. PHYL - Dividend Comparison

MRCP has not paid dividends to shareholders, while PHYL's dividend yield for the trailing twelve months is around 6.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MRCP PGIM US Large-Cap Buffer 12 ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PHYL PGIM Active High Yield Bond ETF	6.98%	7.05%	8.28%	7.62%	6.55%	6.13%	7.51%	7.31%	1.79%

Frequently Asked Questions

Can I hold both MRCP and PHYL in my portfolio?

MRCP and PHYL have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRCP or PHYL?

MRCP has higher volatility (1.77%) compared to PHYL (0.92%). In terms of maximum drawdown, MRCP dropped -10.73% vs PHYL's -22.07%.

Which ETF is better, MRCP or PHYL?

On 1-year performance, MRCP leads with 15.92% vs 5.27% for PHYL. On fees, MRCP is cheaper at 0.50% per year. On volatility, PHYL has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRCP or PHYL?

Over the 1-year period, MRCP has performed better with a 15.92% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRCP or PHYL?

MRCP is cheaper with a 0.50% expense ratio, compared with 0.53% for PHYL.

Which ETF pays a higher dividend yield, MRCP or PHYL?

PHYL has the higher dividend yield at 6.98%, compared with 0.00% for MRCP.

What is the main difference between MRCP and PHYL?

MRCP is categorized as Options Trading, while PHYL is High Yield Bonds. Their fees differ too: 0.50% for MRCP and 0.53% for PHYL.

Which has better risk-adjusted returns?

MRCP currently has the higher Sharpe Ratio (2.17 vs 1.56), 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.