PHYD vs. IBHE
PHYD (Putnam ESG High Yield ETF -) and IBHE (iShares iBonds 2025 Term High Yield & Income ETF) are both High Yield Bonds funds. PHYD is actively managed, while IBHE is passively managed. At a 0.42 correlation, their price movements are largely independent. PHYD charges 0.55%/yr vs 0.35%/yr for IBHE.
Performance
PHYD vs. IBHE - Performance Comparison
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Returns By Period
PHYD
- 1D
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- 1M
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- 6M
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- YTD
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- 1Y
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- 3Y*
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- 5Y*
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- 10Y*
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IBHE
- 1D
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- 1M
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- 6M
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- YTD
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- 1Y
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- 3Y*
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- 5Y*
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- 10Y*
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PHYD vs. IBHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PHYD Putnam ESG High Yield ETF - | 2.32% | 8.84% | 7.35% | 8.30% |
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 0.00% | 4.45% | 7.62% | 8.59% |
Correlation
The correlation between PHYD and IBHE is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023 | 0.42 |
Over the past year, the correlation between PHYD and IBHE has dropped to 0.04 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.
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Return for Risk
PHYD vs. IBHE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam ESG High Yield ETF - (PHYD) and iShares iBonds 2025 Term High Yield & Income ETF (IBHE). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Drawdowns
PHYD vs. IBHE - Drawdown Comparison
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Volatility
PHYD vs. IBHE - Volatility Comparison
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PHYD vs. IBHE - Expense Ratio Comparison
PHYD has a 0.55% expense ratio, which is higher than IBHE's 0.35% expense ratio.
Dividends
PHYD vs. IBHE - Dividend Comparison
Neither PHYD nor IBHE has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBHE iShares iBonds 2025 Term High Yield & Income ETF | 1.87% | 4.53% | 6.92% | 7.17% | 5.77% | 4.84% | 5.74% | 3.73% |
PHYD Putnam ESG High Yield ETF - | 8.52% | 6.63% | 6.80% | 6.15% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PHYD and IBHE have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBHE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBHE is cheaper with a 0.35% expense ratio, compared with 0.55% for PHYD.
PHYD has the higher dividend yield at 8.52%, compared with 1.87% for IBHE.
They also come from different issuers: Putnam and iShares. Their fees differ too: 0.55% for PHYD and 0.35% for IBHE.
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