PHYD vs. SPHY

Last updated Jun 5, 2026

PHYD (Putnam ESG High Yield ETF -) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds. PHYD is actively managed, while SPHY is passively managed. Over the past 3 years, PHYD returned 8.82%/yr vs 8.98%/yr for SPHY. Their correlation of 0.83 suggests significant overlap in exposure. PHYD charges 0.55%/yr vs 0.05%/yr for SPHY.

Performance

PHYD vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam ESG High Yield ETF - (PHYD) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHYD achieves a 2.49% return, which is significantly higher than SPHY's 1.63% return.

PHYD

• 1D: 0.32%
• 1M: -0.14%
• YTD: 2.49%
• 6M: 3.00%
• 1Y: 7.97%
• 3Y*: 8.82%
• 5Y*: —
• 10Y*: —

SPHY

• 1D: 0.09%
• 1M: 0.42%
• YTD: 1.63%
• 6M: 2.02%
• 1Y: 7.02%
• 3Y*: 8.98%
• 5Y*: 4.41%
• 10Y*: 5.14%

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

PHYD vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PHYD Putnam ESG High Yield ETF -	2.49%	8.84%	7.35%	8.07%
SPHY SPDR Portfolio High Yield Bond ETF	1.63%	8.59%	8.54%	8.96%

Correlation

The correlation between PHYD and SPHY is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.83

The correlation between PHYD and SPHY has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

PHYD vs. SPHY - Sectors Allocation Comparison

Sectors	PHYD	SPHY
Technology	0.8%	-
Healthcare	0.7%	-
Utilities	0.7%	-
Industrials	0.7%	-
Consumer Defensive	0.5%	-
Energy	0.3%	0.1%
Consumer Cyclical	0.2%	-
Real Estate	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Financial Services	-	99.9%

Return for Risk

PHYD vs. SPHY — Risk / Return Rank

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

PHYD

PHYD Risk / Return Rank: 80
PHYD Sharpe Ratio Rank: 75
PHYD Sortino Ratio Rank: 85
PHYD Omega Ratio Rank: 82
PHYD Calmar Ratio Rank: 77
PHYD Martin Ratio Rank: 81

SPHY

SPHY Risk / Return Rank: 64
SPHY Sharpe Ratio Rank: 58
SPHY Sortino Ratio Rank: 64
SPHY Omega Ratio Rank: 64
SPHY Calmar Ratio Rank: 60
SPHY Martin Ratio Rank: 72

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. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG High Yield ETF - (PHYD) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.

	PHYD	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	2.39	1.92	+0.47
Sortino ratio: Return per unit of downside risk	3.80	2.92	+0.87
Omega ratio: Gain probability vs. loss probability	1.49	1.38	+0.11
Calmar ratio: Return relative to maximum drawdown	3.82	2.92	+0.89
Martin ratio: Return relative to average drawdown	15.70	13.27	+2.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHYD vs. SPHY - Sharpe Ratio Comparison

The current PHYD Sharpe Ratio is 2.39, which is comparable to the SPHY Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PHYD and SPHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PHYD	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	1.92	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.62	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	0.64	+1.11

Drawdowns

PHYD vs. SPHY - Drawdown Comparison

The maximum PHYD drawdown since its inception was -4.33%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for PHYD and SPHY.

Drawdown Indicators

	PHYD	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-4.33%	-21.97%	+17.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-2.41%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-4.14%	-4.85%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.29%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.97%	—
Current Drawdown Current decline from peak	-0.62%	-0.14%	-0.48%
Average Drawdown Average peak-to-trough decline	-0.62%	-2.29%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.53%	-0.02%

Volatility

PHYD vs. SPHY - Volatility Comparison

The current volatility for Putnam ESG High Yield ETF - (PHYD) is 1.07%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 1.14%. This indicates that PHYD experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYD	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.14%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	2.91%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	3.68%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.59%	7.17%	-2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.59%	7.89%	-3.30%

PHYD vs. SPHY - Expense Ratio Comparison

PHYD has a 0.55% expense ratio, which is higher than SPHY's 0.05% expense ratio.

Dividends

PHYD vs. SPHY - Dividend Comparison

PHYD's dividend yield for the trailing twelve months is around 9.02%, more than SPHY's 7.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHYD Putnam ESG High Yield ETF -	9.02%	6.63%	6.80%	6.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHY SPDR Portfolio High Yield Bond ETF	7.26%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%

Frequently Asked Questions

Can I hold both PHYD and SPHY in my portfolio?

PHYD and SPHY have a correlation of 0.85, 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 SPHY?

SPHY has higher volatility (1.14%) compared to PHYD (1.07%). In terms of maximum drawdown, PHYD dropped -4.33% vs SPHY's -21.97%.

Which ETF is better, PHYD or SPHY?

On 3-year performance, SPHY leads with 8.98% vs 8.82% for PHYD. On fees, SPHY is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHYD or SPHY?

Over the 3-year period, SPHY has performed better with a 8.98% return vs 8.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHYD or SPHY?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.55% for PHYD.

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

PHYD has the higher dividend yield at 9.02%, compared with 7.26% for SPHY.

What is the main difference between PHYD and SPHY?

They also come from different issuers: Putnam and State Street. Their fees differ too: 0.55% for PHYD and 0.05% for SPHY.

Which has better risk-adjusted returns?

PHYD currently has the higher Sharpe Ratio (2.39 vs 1.92), 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.