PHYD vs. HYGH
PHYD (Putnam ESG High Yield ETF -) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both High Yield Bonds funds. PHYD is actively managed, while HYGH is passively managed. A 0.59 correlation means they provide meaningful diversification when combined. PHYD charges 0.55%/yr vs 0.52%/yr for HYGH.
Performance
PHYD vs. HYGH - Performance Comparison
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Returns By Period
PHYD
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYGH
- 1D
- -0.16%
- 1M
- 0.38%
- 6M
- 2.71%
- YTD
- 3.52%
- 1Y
- 7.03%
- 3Y*
- 9.10%
- 5Y*
- 7.01%
- 10Y*
- 6.17%
PHYD vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PHYD Putnam ESG High Yield ETF - | 2.32% | 8.84% | 7.35% | 8.30% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.52% | 6.94% | 11.22% | 10.63% |
Correlation
The correlation between PHYD and HYGH is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023 | 0.59 |
The correlation between PHYD and HYGH has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.
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Return for Risk
PHYD vs. HYGH — Risk / Return Rank
PHYD
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYGH
PHYD vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam ESG High Yield ETF - (PHYD) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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 | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.37 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.36 | — |
| Martin ratioReturn relative to average drawdown | — | 17.06 | — |
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Drawdowns
PHYD vs. HYGH - Drawdown Comparison
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Drawdown Indicators
| PHYD | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -23.88% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.62% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.88% | — |
Current DrawdownCurrent decline from peak | — | -0.16% | — |
Average DrawdownAverage peak-to-trough decline | — | -2.21% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.41% | — |
Volatility
PHYD vs. HYGH - Volatility Comparison
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Volatility by Period
| PHYD | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.56% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.75% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 3.63% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 7.07% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 8.21% | — |
PHYD vs. HYGH - Expense Ratio Comparison
PHYD has a 0.55% expense ratio, which is higher than HYGH's 0.52% expense ratio.
Dividends
PHYD vs. HYGH - Dividend Comparison
PHYD has not paid dividends to shareholders, while HYGH's dividend yield for the trailing twelve months is around 6.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.57% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
PHYD Putnam ESG High Yield ETF - | 8.52% | 6.63% | 6.80% | 6.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PHYD and HYGH have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HYGH is cheaper at 0.52% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYGH is cheaper with a 0.52% expense ratio, compared with 0.55% for PHYD.
PHYD has the higher dividend yield at 8.52%, compared with 6.57% for HYGH.
They also come from different issuers: Putnam and iShares. Their fees differ too: 0.55% for PHYD and 0.52% for HYGH.
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