PGRO vs. PHYD

Last updated Aug 2, 2026

PGRO (Putnam Focused Large Cap Growth ETF) and PHYD (Putnam ESG High Yield ETF -) are both exchange-traded funds - PGRO is a Large Cap Growth Equities fund actively managed by Putnam, while PHYD is a High Yield Bonds fund actively managed by Putnam. Both are actively managed. Their 0.49 correlation means their historical movements had little consistent relationship. Both charge a 0.55% expense ratio.

Performance

PGRO vs. PHYD - Performance Comparison

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

Returns By Period

PGRO

• 1D: 0.76%
• 1M: -2.55%
• 6M: 2.79%
• YTD: 1.37%
• 1Y: 9.32%
• 3Y*: 19.26%
• 5Y*: 10.40%
• 10Y*: —
• ALL TIME*: 12.18%

PHYD

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

*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)
PGRO Putnam Focused Large Cap Growth ETF	$9.82M	$4.94M	$2.18M

PGRO vs. PHYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PGRO Putnam Focused Large Cap Growth ETF	1.37%	15.13%	34.01%	42.10%
PHYD Putnam ESG High Yield ETF -	2.32%	8.84%	7.35%	8.30%

Correlation

The correlation between PGRO and PHYD is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.49

Return for Risk

PGRO vs. PHYD — Risk / Return Rank

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

PGRO

PGRO Risk / Return Rank: 20
PGRO Sharpe Ratio Rank: 20
PGRO Sortino Ratio Rank: 20
PGRO Omega Ratio Rank: 19
PGRO Calmar Ratio Rank: 19
PGRO Martin Ratio Rank: 20

PHYD

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

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.

PGRO vs. PHYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Focused Large Cap Growth ETF (PGRO) 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.

	PGRO	PHYD	Difference
Sharpe ratio: Return per unit of total volatility	0.41	—	—
Sortino ratio: Return per unit of downside risk	0.69	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.45	—	—
Martin ratio: Return relative to average drawdown	1.32	—	—

Drawdowns

Drawdown Indicators

	PGRO	PHYD	Difference
Max Drawdown Largest peak-to-trough decline	-34.73%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-16.34%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.73%	—	—
Current Drawdown Current decline from peak	-8.08%	—	—
Average Drawdown Average peak-to-trough decline	-10.13%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	5.52%	—	—

Volatility

Volatility by Period

	PGRO	PHYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.18%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.90%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.07%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	—	—

PGRO vs. PHYD - Expense Ratio Comparison

Both PGRO and PHYD have an expense ratio of 0.55%.

Dividends

PGRO vs. PHYD - Dividend Comparison

PGRO's dividend yield for the trailing twelve months is around 0.02%, while PHYD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
PGRO Putnam Focused Large Cap Growth ETF	0.02%	0.02%	0.08%	0.19%	0.12%
PHYD Putnam ESG High Yield ETF -	8.00%	6.63%	6.80%	6.15%	0.00%

Frequently Asked Questions

Can I hold both PGRO and PHYD in my portfolio?

PGRO and PHYD have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PGRO or PHYD?

Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PGRO or PHYD?

PGRO and PHYD have the same expense ratio: 0.55% per year.

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

PHYD has the higher dividend yield at 8.00%, compared with 0.02% for PGRO.

What is the main difference between PGRO and PHYD?

PGRO is categorized as Large Cap Growth Equities, while PHYD is High Yield Bonds.