PHYD vs. DBO

Last updated Jun 5, 2026

PHYD (Putnam ESG High Yield ETF -) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - PHYD is a High Yield Bonds fund actively managed by Putnam, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. PHYD is actively managed, while DBO is passively managed. Over the past 3 years, PHYD returned 8.82%/yr vs 20.83%/yr for DBO. At a correlation of -0.01, they often move in opposite directions. PHYD charges 0.55%/yr vs 0.78%/yr for DBO.

Performance

PHYD vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam ESG High Yield ETF - (PHYD) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHYD achieves a 2.49% return, which is significantly lower than DBO's 79.84% return.

PHYD

• 1D: 0.32%
• 1M: -0.14%
• YTD: 2.49%
• 6M: 3.00%
• 1Y: 7.97%
• 3Y*: 8.82%
• 5Y*: —
• 10Y*: —

DBO

• 1D: -2.66%
• 1M: -3.39%
• YTD: 79.84%
• 6M: 74.51%
• 1Y: 77.38%
• 3Y*: 20.83%
• 5Y*: 15.36%
• 10Y*: 10.89%

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

PHYD vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PHYD Putnam ESG High Yield ETF -	2.49%	8.84%	7.35%	8.07%
DBO Invesco DB Oil Fund	79.84%	-11.71%	7.85%	-6.53%

Correlation

The correlation between PHYD and DBO is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	-0.01

Over the past year, the inverse relationship between PHYD and DBO has strengthened: their correlation has moved from -0.01 to -0.32, meaning they now move in opposite directions more often than their long-term average.

PHYD vs. DBO - Sectors Allocation Comparison

Sectors	PHYD	DBO
Technology	0.8%	-
Healthcare	0.7%	-
Utilities	0.7%	-
Industrials	0.7%	-
Consumer Defensive	0.5%	-
Energy	0.3%	-
Consumer Cyclical	0.2%	-
Real Estate	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Financial Services	-	116.0%

Return for Risk

PHYD vs. DBO — Risk / Return Rank

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

PHYD

PHYD Risk / Return Rank: 80
PHYD Sharpe Ratio Rank: 75
PHYD Sortino Ratio Rank: 85
PHYD Omega Ratio Rank: 82
PHYD Calmar Ratio Rank: 77
PHYD Martin Ratio Rank: 81

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 61
DBO Calmar Ratio Rank: 82
DBO Martin Ratio Rank: 52

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. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG High Yield ETF - (PHYD) and Invesco DB Oil Fund (DBO). 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.

	PHYD	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.25	+0.14
Sortino ratio: Return per unit of downside risk	3.80	2.85	+0.95
Omega ratio: Gain probability vs. loss probability	1.49	1.36	+0.12
Calmar ratio: Return relative to maximum drawdown	3.82	4.28	-0.46
Martin ratio: Return relative to average drawdown	15.70	8.69	+7.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHYD vs. DBO - Sharpe Ratio Comparison

The current PHYD Sharpe Ratio is 2.39, which is comparable to the DBO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of PHYD and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PHYD	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.25	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	0.02	+1.73

Drawdowns

PHYD vs. DBO - Drawdown Comparison

The maximum PHYD drawdown since its inception was -4.33%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for PHYD and DBO.

Drawdown Indicators

	PHYD	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-4.33%	-90.18%	+85.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-18.19%	+16.09%
Max Drawdown (3Y) Largest decline over 3 years	-4.14%	-28.20%	+24.06%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.62%	-52.68%	+52.06%
Average Drawdown Average peak-to-trough decline	-0.62%	-62.25%	+61.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	8.94%	-8.43%

Volatility

PHYD vs. DBO - Volatility Comparison

The current volatility for Putnam ESG High Yield ETF - (PHYD) is 1.07%, while Invesco DB Oil Fund (DBO) has a volatility of 12.79%. This indicates that PHYD experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYD	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	12.79%	-11.72%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	28.32%	-25.76%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	34.58%	-31.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.59%	32.31%	-27.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.59%	31.79%	-27.20%

PHYD vs. DBO - Expense Ratio Comparison

PHYD has a 0.55% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

PHYD vs. DBO - Dividend Comparison

PHYD's dividend yield for the trailing twelve months is around 9.02%, more than DBO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.95%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
PHYD Putnam ESG High Yield ETF -	9.02%	6.63%	6.80%	6.15%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PHYD and DBO in my portfolio?

PHYD and DBO have a correlation of -0.32, 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 DBO?

DBO has higher volatility (12.79%) compared to PHYD (1.07%). In terms of maximum drawdown, PHYD dropped -4.33% vs DBO's -90.18%.

Which ETF is better, PHYD or DBO?

On 3-year performance, DBO leads with 20.83% vs 8.82% for PHYD. On fees, PHYD is cheaper at 0.55% 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 DBO?

Over the 3-year period, DBO has performed better with a 20.83% return vs 8.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHYD or DBO?

PHYD is cheaper with a 0.55% expense ratio, compared with 0.78% for DBO.

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

PHYD has the higher dividend yield at 9.02%, compared with 1.95% for DBO.

What is the main difference between PHYD and DBO?

PHYD is categorized as High Yield Bonds, while DBO is Oil & Gas. They also come from different issuers: Putnam and Invesco. Their fees differ too: 0.55% for PHYD and 0.78% for DBO.

Which has better risk-adjusted returns?

PHYD currently has the higher Sharpe Ratio (2.39 vs 2.25), 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.