PHYD vs. IBHJ

Last updated Jul 17, 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. 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

PHYD

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

IBHJ

• 1D: 0.01%
• 1M: 0.20%
• 6M: 2.02%
• YTD: 2.41%
• 1Y: 6.68%
• 3Y*: 8.45%
• 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	2.41%	9.28%	7.32%	8.37%

Correlation

The correlation between PHYD and IBHJ is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.77
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 0.75 to 0.78 - 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

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

IBHJ

IBHJ Risk / Return Rank: 68
IBHJ Sharpe Ratio Rank: 61
IBHJ Sortino Ratio Rank: 64
IBHJ Omega Ratio Rank: 65
IBHJ Calmar Ratio Rank: 69
IBHJ Martin Ratio Rank: 80

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	—	1.63	—
Sortino ratio: Return per unit of downside risk	—	2.39	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	2.73	—
Martin ratio: Return relative to average drawdown	—	12.22	—

Drawdowns

Drawdown Indicators

	PHYD	IBHJ	Difference
Max Drawdown Largest peak-to-trough decline	—	-4.93%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.46%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.93%	—
Current Drawdown Current decline from peak	—	-0.35%	—
Average Drawdown Average peak-to-trough decline	—	-0.61%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.55%	—

Volatility

Volatility by Period

	PHYD	IBHJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	4.13%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	5.87%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	5.87%	—

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 has not paid dividends to shareholders, while IBHJ's dividend yield for the trailing twelve months is around 6.65%.

Position	TTM	2025	2024	2023
IBHJ iShares iBonds 2030 Term High Yield and Income ETF	6.65%	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 0.75, 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 IBHJ?

On fees, IBHJ is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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 6.65% 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.