PHYD vs. IBHJ

Last updated Jun 26, 2026

PHYD (Putnam ESG High Yield ETF -) and IBHJ (iShares iBonds 2030 Term High Yield and Income ETF) are both High Yield Bonds funds. PHYD is actively managed, while IBHJ is passively managed. Over the past 3 years, PHYD returned 8.72%/yr vs 9.08%/yr for IBHJ. A 0.78 correlation means they provide meaningful diversification when combined. PHYD charges 0.55%/yr vs 0.35%/yr for IBHJ.

Performance

PHYD vs. IBHJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam ESG High Yield ETF - (PHYD) and iShares iBonds 2030 Term High Yield and Income ETF (IBHJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHYD achieves a 2.32% return, which is significantly higher than IBHJ's 2.07% return.

PHYD

• 1D: 0.17%
• 1M: -0.52%
• YTD: 2.32%
• 6M: 2.40%
• 1Y: 6.95%
• 3Y*: 8.72%
• 5Y*: —
• 10Y*: —

IBHJ

• 1D: -0.03%
• 1M: 0.54%
• YTD: 2.07%
• 6M: 2.02%
• 1Y: 6.50%
• 3Y*: 9.08%
• 5Y*: —
• 10Y*: —

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

PHYD vs. IBHJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PHYD Putnam ESG High Yield ETF -	2.32%	8.84%	7.35%	8.02%
IBHJ iShares iBonds 2030 Term High Yield and Income ETF	2.07%	9.28%	7.32%	8.37%

Correlation

The correlation between PHYD and IBHJ is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.78

The correlation between PHYD and IBHJ has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.

Return for Risk

PHYD vs. IBHJ — Risk / Return Rank

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

PHYD

PHYD Risk / Return Rank: 84
PHYD Sharpe Ratio Rank: 82
PHYD Sortino Ratio Rank: 90
PHYD Omega Ratio Rank: 87
PHYD Calmar Ratio Rank: 80
PHYD Martin Ratio Rank: 83

IBHJ

IBHJ Risk / Return Rank: 58
IBHJ Sharpe Ratio Rank: 51
IBHJ Sortino Ratio Rank: 53
IBHJ Omega Ratio Rank: 53
IBHJ Calmar Ratio Rank: 61
IBHJ Martin Ratio Rank: 73

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. IBHJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG High Yield ETF - (PHYD) and iShares iBonds 2030 Term High Yield and Income ETF (IBHJ). 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	IBHJ	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.57	+0.71
Sortino ratio: Return per unit of downside risk	3.62	2.30	+1.31
Omega ratio: Gain probability vs. loss probability	1.46	1.30	+0.16
Calmar ratio: Return relative to maximum drawdown	3.66	2.66	+1.00
Martin ratio: Return relative to average drawdown	14.79	11.83	+2.95

PHYD vs. IBHJ - Sharpe Ratio Comparison

The current PHYD Sharpe Ratio is 2.28, which is higher than the IBHJ Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of PHYD and IBHJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PHYD vs. IBHJ - Drawdown Comparison

The maximum PHYD drawdown since its inception was -4.33%, smaller than the maximum IBHJ drawdown of -4.93%. Use the drawdown chart below to compare losses from any high point for PHYD and IBHJ.

Drawdown Indicators

	PHYD	IBHJ	Difference
Max Drawdown Largest peak-to-trough decline	-4.33%	-4.93%	+0.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-2.46%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-4.14%	-4.93%	+0.79%
Current Drawdown Current decline from peak	-0.79%	-0.13%	-0.66%
Average Drawdown Average peak-to-trough decline	-0.62%	-0.62%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.55%	-0.03%

Volatility

PHYD vs. IBHJ - Volatility Comparison

The current volatility for Putnam ESG High Yield ETF - (PHYD) is 1.07%, while iShares iBonds 2030 Term High Yield and Income ETF (IBHJ) has a volatility of 1.17%. This indicates that PHYD experiences smaller price fluctuations and is considered to be less risky than IBHJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYD	IBHJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.17%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	3.29%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	4.16%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.58%	5.91%	-1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.58%	5.91%	-1.33%

PHYD vs. IBHJ - Expense Ratio Comparison

PHYD has a 0.55% expense ratio, which is higher than IBHJ's 0.35% expense ratio.

Dividends

PHYD vs. IBHJ - Dividend Comparison

PHYD's dividend yield for the trailing twelve months is around 8.52%, more than IBHJ's 6.64% yield.

Position	TTM	2025	2024	2023
IBHJ iShares iBonds 2030 Term High Yield and Income ETF	6.64%	6.64%	6.87%	3.66%
PHYD Putnam ESG High Yield ETF -	8.52%	6.63%	6.80%	6.15%

Frequently Asked Questions

Can I hold both PHYD and IBHJ in my portfolio?

PHYD and IBHJ have a correlation of 0.78, 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 IBHJ?

IBHJ has higher volatility (1.17%) compared to PHYD (1.07%). In terms of maximum drawdown, PHYD dropped -4.33% vs IBHJ's -4.93%.

Which ETF is better, PHYD or IBHJ?

On 3-year performance, IBHJ leads with 9.08% vs 8.72% for PHYD. On fees, IBHJ is cheaper at 0.35% 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 IBHJ?

Over the 3-year period, IBHJ has performed better with a 9.08% return vs 8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHYD or IBHJ?

IBHJ is cheaper with a 0.35% expense ratio, compared with 0.55% for PHYD.

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

PHYD has the higher dividend yield at 8.52%, compared with 6.64% for IBHJ.

What is the main difference between PHYD and IBHJ?

They also come from different issuers: Putnam and iShares. Their fees differ too: 0.55% for PHYD and 0.35% for IBHJ.

Which has better risk-adjusted returns?

PHYD currently has the higher Sharpe Ratio (2.28 vs 1.57), 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.