PHYL vs. FNGD
PHYL (PGIM Active High Yield Bond ETF) and FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) are both exchange-traded funds - PHYL is a High Yield Bonds fund actively managed by PGIM, while FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (Gross Total Return, -300% Daily). PHYL is actively managed, while FNGD is passively managed. Over the past 5 years, PHYL returned 3.85%/yr vs -63.24%/yr for FNGD. Their -0.52 correlation means they have often moved in opposite directions in the past. PHYL charges 0.53%/yr vs 0.95%/yr for FNGD.
Performance
PHYL vs. FNGD - Performance Comparison
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Returns By Period
In the year-to-date period, PHYL achieves a 1.43% return, which is significantly higher than FNGD's -34.80% return.
PHYL
- 1D
- -0.06%
- 1M
- -0.59%
- 6M
- 0.81%
- YTD
- 1.43%
- 1Y
- 4.95%
- 3Y*
- 8.48%
- 5Y*
- 3.85%
- 10Y*
- —
- ALL TIME*
- 5.34%
FNGD
- 1D
- -5.03%
- 1M
- -4.69%
- 6M
- -39.93%
- YTD
- -34.80%
- 1Y
- -48.33%
- 3Y*
- -64.85%
- 5Y*
- -63.24%
- 10Y*
- —
- ALL TIME*
- -69.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.50M | $14.88M | $20.27M | |
| $11.83M | $9.14M | $6.26M |
PHYL vs. FNGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PHYL PGIM Active High Yield Bond ETF | 1.43% | 9.65% | 8.45% | 11.91% | -11.80% | 6.20% | 6.31% | 16.77% | -4.17% |
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -34.80% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | 55.02% |
Correlation
The correlation between PHYL and FNGD is -0.53, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.53 |
Correlation (3Y) Balances recent behavior with more history. | -0.48 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.51 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | -0.52 |
The correlation between PHYL and FNGD has been stable across timeframes, ranging from -0.53 to -0.48 - a consistent structural relationship.
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Return for Risk
PHYL vs. FNGD — Risk / Return Rank
PHYL
FNGD
PHYL vs. FNGD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Active High Yield Bond ETF (PHYL) and MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD). 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.
| PHYL | FNGD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.14 | ||
| Sortino ratioReturn per unit of downside risk | +2.95 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.91 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | -0.68 | +2.54 |
| Martin ratioReturn relative to average drawdown | 8.21 | -1.26 | +9.47 |
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Drawdowns
PHYL vs. FNGD - Drawdown Comparison
The maximum PHYL drawdown since its inception was -22.07%, smaller than the maximum FNGD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for PHYL and FNGD.
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Drawdown Indicators
| PHYL | FNGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.07% | -100.00% | +77.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -65.92% | +63.24% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -97.35% | +92.82% |
Max Drawdown (5Y)Largest decline over 5 years | -16.11% | -99.67% | +83.56% |
Current DrawdownCurrent decline from peak | -0.74% | -100.00% | +99.26% |
Average DrawdownAverage peak-to-trough decline | -3.01% | -87.46% | +84.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 35.26% | -34.65% |
Volatility
PHYL vs. FNGD - Volatility Comparison
The current volatility for PGIM Active High Yield Bond ETF (PHYL) is 0.87%, while MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a volatility of 18.15%. This indicates that PHYL experiences smaller price fluctuations and is considered to be less risky than FNGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHYL | FNGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 18.15% | -17.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 54.65% | -51.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 66.81% | -63.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.70% | 89.78% | -84.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.59% | 90.95% | -83.36% |
PHYL vs. FNGD - Expense Ratio Comparison
PHYL has a 0.53% expense ratio, which is lower than FNGD's 0.95% expense ratio.
Dividends
PHYL vs. FNGD - Dividend Comparison
PHYL's dividend yield for the trailing twelve months is around 7.63%, while FNGD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PHYL PGIM Active High Yield Bond ETF | 7.01% | 7.05% | 8.28% | 7.62% | 6.55% | 6.13% | 7.51% | 7.31% | 1.79% |
Frequently Asked Questions
PHYL and FNGD have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNGD has higher volatility (18.15%) compared to PHYL (0.87%). In terms of maximum drawdown, PHYL dropped -22.07% vs FNGD's -100.00%.
On 5-year performance, PHYL leads with 3.85% vs -63.24% for FNGD. On fees, PHYL is cheaper at 0.53% per year. On volatility, PHYL has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PHYL has performed better with a 3.85% return vs -63.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHYL is cheaper with a 0.53% expense ratio, compared with 0.95% for FNGD.
PHYL has the higher dividend yield at 7.01%, compared with 0.00% for FNGD.
PHYL is categorized as High Yield Bonds, while FNGD is Leveraged Equities. They also come from different issuers: PGIM and BMO. Their fees differ too: 0.53% for PHYL and 0.95% for FNGD.
PHYL currently has the higher Sharpe Ratio (1.48 vs -0.67), 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.
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