PHYD vs. CERY

Last updated Jun 23, 2026

PHYD (Putnam ESG High Yield ETF -) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - PHYD is a High Yield Bonds fund actively managed by Putnam, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. PHYD is actively managed, while CERY is passively managed. Over the past year, PHYD returned 7.44% vs 26.17% for CERY. At a correlation of -0.01, they often move in opposite directions. PHYD charges 0.55%/yr vs 0.28%/yr for CERY.

Performance

PHYD vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam ESG High Yield ETF - (PHYD) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHYD achieves a 2.32% return, which is significantly lower than CERY's 19.54% return.

PHYD

• 1D: 0.17%
• 1M: -0.19%
• YTD: 2.32%
• 6M: 2.60%
• 1Y: 7.44%
• 3Y*: 8.72%
• 5Y*: —
• 10Y*: —

CERY

• 1D: -0.67%
• 1M: -8.39%
• YTD: 19.54%
• 6M: 18.91%
• 1Y: 26.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PHYD vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PHYD Putnam ESG High Yield ETF -	2.32%	8.84%	1.55%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	19.54%	15.68%	3.80%

Correlation

The correlation between PHYD and CERY is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	-0.01

Return for Risk

PHYD vs. CERY — Risk / Return Rank

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

PHYD

PHYD Risk / Return Rank: 78
PHYD Sharpe Ratio Rank: 74
PHYD Sortino Ratio Rank: 85
PHYD Omega Ratio Rank: 81
PHYD Calmar Ratio Rank: 74
PHYD Martin Ratio Rank: 78

CERY

CERY Risk / Return Rank: 50
CERY Sharpe Ratio Rank: 50
CERY Sortino Ratio Rank: 47
CERY Omega Ratio Rank: 47
CERY Calmar Ratio Rank: 48
CERY Martin Ratio Rank: 58

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.

PHYD vs. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG High Yield ETF - (PHYD) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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.

	PHYD	CERY	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.68	+0.60
Sortino ratio: Return per unit of downside risk	3.62	2.26	+1.35
Omega ratio: Gain probability vs. loss probability	1.46	1.29	+0.17
Calmar ratio: Return relative to maximum drawdown	3.66	2.31	+1.35
Martin ratio: Return relative to average drawdown	14.79	9.93	+4.86

PHYD vs. CERY - Sharpe Ratio Comparison

The current PHYD Sharpe Ratio is 2.28, which is higher than the CERY Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of PHYD and CERY, 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

PHYD vs. CERY - Drawdown Comparison

The maximum PHYD drawdown since its inception was -4.33%, smaller than the maximum CERY drawdown of -11.37%. Use the drawdown chart below to compare losses from any high point for PHYD and CERY.

Drawdown Indicators

	PHYD	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-4.33%	-11.37%	+7.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-11.37%	+9.27%
Max Drawdown (3Y) Largest decline over 3 years	-4.14%	—	—
Current Drawdown Current decline from peak	-0.79%	-11.37%	+10.58%
Average Drawdown Average peak-to-trough decline	-0.62%	-2.27%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	2.83%	-2.31%

Volatility

PHYD vs. CERY - Volatility Comparison

The current volatility for Putnam ESG High Yield ETF - (PHYD) is 1.07%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 3.57%. This indicates that PHYD experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYD	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	3.57%	-2.50%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	13.57%	-11.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	15.63%	-12.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.58%	14.73%	-10.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.58%	14.73%	-10.15%

PHYD vs. CERY - Expense Ratio Comparison

PHYD has a 0.55% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

PHYD vs. CERY - Dividend Comparison

PHYD's dividend yield for the trailing twelve months is around 9.04%, more than CERY's 4.18% yield.

Position	TTM	2025	2024	2023
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.18%	4.99%	0.52%	0.00%
PHYD Putnam ESG High Yield ETF -	9.04%	6.63%	6.80%	6.15%

Frequently Asked Questions

Can I hold both PHYD and CERY in my portfolio?

PHYD and CERY have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHYD or CERY?

CERY has higher volatility (3.57%) compared to PHYD (1.07%). In terms of maximum drawdown, PHYD dropped -4.33% vs CERY's -11.37%.

Which ETF is better, PHYD or CERY?

On 1-year performance, CERY leads with 26.17% vs 7.44% for PHYD. On fees, CERY is cheaper at 0.28% per year. On volatility, PHYD has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHYD or CERY?

Over the 1-year period, CERY has performed better with a 26.17% return vs 7.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHYD or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.55% for PHYD.

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

PHYD has the higher dividend yield at 9.04%, compared with 4.18% for CERY.

What is the main difference between PHYD and CERY?

PHYD is categorized as High Yield Bonds, while CERY is Commodities. They also come from different issuers: Putnam and State Street. Their fees differ too: 0.55% for PHYD and 0.28% for CERY.

Which has better risk-adjusted returns?

PHYD currently has the higher Sharpe Ratio (2.28 vs 1.68), 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.