PHYD vs. HYBL

Last updated Jul 14, 2026

PHYD (Putnam ESG High Yield ETF -) and HYBL (SPDR Blackstone High Income ETF) are both High Yield Bonds funds. Both are actively managed. A 0.72 correlation means they provide meaningful diversification when combined. PHYD charges 0.55%/yr vs 0.70%/yr for HYBL.

Performance

PHYD vs. HYBL - Performance Comparison

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

Returns By Period

PHYD

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

HYBL

• 1D: -0.04%
• 1M: 0.29%
• 6M: 1.13%
• YTD: 1.42%
• 1Y: 5.05%
• 3Y*: 8.11%
• 5Y*: —
• 10Y*: —

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

PHYD vs. HYBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PHYD Putnam ESG High Yield ETF -	2.32%	8.84%	7.35%	8.30%
HYBL SPDR Blackstone High Income ETF	1.42%	7.78%	9.12%	8.83%

Correlation

The correlation between PHYD and HYBL is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.72

The correlation between PHYD and HYBL has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

Return for Risk

PHYD vs. HYBL — Risk / Return Rank

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

PHYD

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

HYBL

HYBL Risk / Return Rank: 70
HYBL Sharpe Ratio Rank: 77
HYBL Sortino Ratio Rank: 83
HYBL Omega Ratio Rank: 82
HYBL Calmar Ratio Rank: 53
HYBL Martin Ratio Rank: 56

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. HYBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG High Yield ETF - (PHYD) and SPDR Blackstone High Income ETF (HYBL). 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	HYBL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.94	—
Sortino ratio: Return per unit of downside risk	—	2.93	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	2.10	—
Martin ratio: Return relative to average drawdown	—	7.70	—

Drawdowns

Drawdown Indicators

	PHYD	HYBL	Difference
Max Drawdown Largest peak-to-trough decline	—	-8.46%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.41%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.32%	—
Current Drawdown Current decline from peak	—	-0.05%	—
Average Drawdown Average peak-to-trough decline	—	-1.32%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.66%	—

Volatility

Volatility by Period

	PHYD	HYBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.62%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.53%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	4.53%	—

PHYD vs. HYBL - Expense Ratio Comparison

PHYD has a 0.55% expense ratio, which is lower than HYBL's 0.70% expense ratio.

Dividends

PHYD vs. HYBL - Dividend Comparison

PHYD has not paid dividends to shareholders, while HYBL's dividend yield for the trailing twelve months is around 7.08%.

Position	TTM	2025	2024	2023	2022
HYBL SPDR Blackstone High Income ETF	7.08%	7.22%	7.88%	7.93%	5.10%
PHYD Putnam ESG High Yield ETF -	8.52%	6.63%	6.80%	6.15%	0.00%

Frequently Asked Questions

Can I hold both PHYD and HYBL in my portfolio?

PHYD and HYBL have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PHYD or HYBL?

On fees, PHYD is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PHYD or HYBL?

PHYD is cheaper with a 0.55% expense ratio, compared with 0.70% for HYBL.

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

PHYD has the higher dividend yield at 8.52%, compared with 7.08% for HYBL.

What is the main difference between PHYD and HYBL?

They also come from different issuers: Putnam and State Street. Their fees differ too: 0.55% for PHYD and 0.70% for HYBL.