PHYL vs. HYG
PHYL (PGIM Active High Yield Bond ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both High Yield Bonds funds. PHYL is actively managed, while HYG is passively managed. Over the past 5 years, PHYL returned 4.05%/yr vs 3.74%/yr for HYG. Their correlation of 0.82 suggests significant overlap in exposure. PHYL charges 0.53%/yr vs 0.49%/yr for HYG.
Performance
PHYL vs. HYG - Performance Comparison
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Returns By Period
In the year-to-date period, PHYL achieves a 2.08% return, which is significantly higher than HYG's 1.96% return.
PHYL
- 1D
- 0.26%
- 1M
- 0.23%
- 6M
- 1.45%
- YTD
- 2.08%
- 1Y
- 6.60%
- 3Y*
- 8.75%
- 5Y*
- 4.05%
- 10Y*
- —
HYG
- 1D
- 0.16%
- 1M
- 0.17%
- 6M
- 1.44%
- YTD
- 1.96%
- 1Y
- 5.98%
- 3Y*
- 8.26%
- 5Y*
- 3.74%
- 10Y*
- 4.69%
PHYL vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PHYL PGIM Active High Yield Bond ETF | 2.08% | 9.65% | 8.45% | 11.91% | -11.80% | 6.20% | 6.31% | 16.77% | -4.17% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.96% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -4.16% |
Correlation
The correlation between PHYL and HYG is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.82 |
The correlation between PHYL and HYG shifts across timeframes, from 0.82 (all time) to 0.93 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PHYL vs. HYG — Risk / Return Rank
PHYL
HYG
PHYL vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Active High Yield Bond ETF (PHYL) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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 | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.30 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.57 | -0.09 |
| Martin ratioReturn relative to average drawdown | 11.26 | 11.33 | -0.07 |
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Drawdowns
PHYL vs. HYG - Drawdown Comparison
The maximum PHYL drawdown since its inception was -22.07%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for PHYL and HYG.
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Drawdown Indicators
| PHYL | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.07% | -34.25% | +12.18% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -2.34% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -4.56% | +0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -16.11% | -15.79% | -0.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -0.10% | -0.08% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -3.22% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.53% | +0.06% |
Volatility
PHYL vs. HYG - Volatility Comparison
PGIM Active High Yield Bond ETF (PHYL) has a higher volatility of 0.89% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 0.79%. This indicates that PHYL's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHYL | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 0.79% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 3.13% | -0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.35% | 3.84% | -0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.70% | 7.54% | -1.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 8.22% | -0.61% |
PHYL vs. HYG - Expense Ratio Comparison
PHYL has a 0.53% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
PHYL vs. HYG - Dividend Comparison
PHYL's dividend yield for the trailing twelve months is around 6.95%, more than HYG's 5.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.90% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
PHYL PGIM Active High Yield Bond ETF | 6.95% | 7.05% | 8.28% | 7.62% | 6.55% | 6.13% | 7.51% | 7.31% | 1.79% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, PHYL and HYG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PHYL has higher volatility (0.89%) compared to HYG (0.79%). In terms of maximum drawdown, PHYL dropped -22.07% vs HYG's -34.25%.
On 5-year performance, PHYL leads with 4.05% vs 3.74% for HYG. On fees, HYG is cheaper at 0.49% per year. Their volatility is very similar. 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 4.05% return vs 3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYG is cheaper with a 0.49% expense ratio, compared with 0.53% for PHYL.
PHYL has the higher dividend yield at 6.95%, compared with 5.90% for HYG.
They also come from different issuers: Prudential and iShares. Their fees differ too: 0.53% for PHYL and 0.49% for HYG.
PHYL currently has the higher Sharpe Ratio (1.98 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.
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