PHYD vs. HYZD
PHYD (Putnam ESG High Yield ETF -) and HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) are both High Yield Bonds funds. PHYD is actively managed, while HYZD is passively managed. At a 0.47 correlation, their price movements are largely independent. PHYD charges 0.55%/yr vs 0.43%/yr for HYZD.
Performance
PHYD vs. HYZD - Performance Comparison
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Returns By Period
PHYD
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYZD
- 1D
- 0.05%
- 1M
- 0.45%
- 6M
- 2.66%
- YTD
- 3.34%
- 1Y
- 7.17%
- 3Y*
- 8.67%
- 5Y*
- 6.26%
- 10Y*
- 5.44%
PHYD vs. HYZD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PHYD Putnam ESG High Yield ETF - | 2.32% | 8.84% | 7.35% | 8.30% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 3.34% | 7.67% | 9.39% | 9.63% |
Correlation
The correlation between PHYD and HYZD is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023 | 0.47 |
The correlation between PHYD and HYZD shifts across timeframes, from 0.36 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHYD vs. HYZD — Risk / Return Rank
PHYD
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYZD
PHYD vs. HYZD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam ESG High Yield ETF - (PHYD) and WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD). 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 | HYZD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.50 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.77 | — |
| Martin ratioReturn relative to average drawdown | — | 16.25 | — |
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Drawdowns
PHYD vs. HYZD - Drawdown Comparison
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Drawdown Indicators
| PHYD | HYZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -25.66% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.91% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.85% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.66% | — |
Current DrawdownCurrent decline from peak | — | 0.00% | — |
Average DrawdownAverage peak-to-trough decline | — | -2.18% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.44% | — |
Volatility
PHYD vs. HYZD - Volatility Comparison
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Volatility by Period
| PHYD | HYZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.58% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.43% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 3.00% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 6.70% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 8.52% | — |
PHYD vs. HYZD - Expense Ratio Comparison
PHYD has a 0.55% expense ratio, which is higher than HYZD's 0.43% expense ratio.
Dividends
PHYD vs. HYZD - Dividend Comparison
PHYD has not paid dividends to shareholders, while HYZD's dividend yield for the trailing twelve months is around 5.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 5.87% | 6.05% | 6.08% | 5.94% | 5.14% | 4.02% | 5.13% | 5.50% | 5.58% | 4.94% | 5.07% | 4.38% |
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 HYZD have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HYZD is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYZD is cheaper with a 0.43% expense ratio, compared with 0.55% for PHYD.
PHYD has the higher dividend yield at 8.52%, compared with 5.87% for HYZD.
They also come from different issuers: Putnam and WisdomTree. Their fees differ too: 0.55% for PHYD and 0.43% for HYZD.
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