PHYL vs. JPIE

Last updated Jun 5, 2026

PHYL (PGIM Active High Yield Bond ETF) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - PHYL is a High Yield Bonds fund actively managed by Prudential, while JPIE is a Multisector Bonds fund actively managed by JPMorgan. Both are actively managed. Over the past 3 years, PHYL returned 9.20%/yr vs 6.55%/yr for JPIE. A 0.73 correlation means they provide meaningful diversification when combined. PHYL charges 0.53%/yr vs 0.40%/yr for JPIE.

Performance

PHYL vs. JPIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Active High Yield Bond ETF (PHYL) and JPMorgan Income ETF (JPIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PHYL having a 1.53% return and JPIE slightly lower at 1.51%.

PHYL

• 1D: 0.17%
• 1M: 0.33%
• YTD: 1.53%
• 6M: 2.10%
• 1Y: 7.43%
• 3Y*: 9.20%
• 5Y*: 4.04%
• 10Y*: —

JPIE

• 1D: 0.09%
• 1M: 0.39%
• YTD: 1.51%
• 6M: 1.98%
• 1Y: 5.83%
• 3Y*: 6.55%
• 5Y*: —
• 10Y*: —

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

PHYL vs. JPIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PHYL PGIM Active High Yield Bond ETF	1.53%	9.65%	8.45%	11.91%	-11.80%	1.04%
JPIE JPMorgan Income ETF	1.51%	7.39%	6.32%	7.07%	-6.13%	0.30%

Correlation

The correlation between PHYL and JPIE is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021	0.73

The correlation between PHYL and JPIE has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

Return for Risk

PHYL vs. JPIE — Risk / Return Rank

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

PHYL

PHYL Risk / Return Rank: 71
PHYL Sharpe Ratio Rank: 72
PHYL Sortino Ratio Rank: 77
PHYL Omega Ratio Rank: 79
PHYL Calmar Ratio Rank: 57
PHYL Martin Ratio Rank: 69

JPIE

JPIE Risk / Return Rank: 94
JPIE Sharpe Ratio Rank: 94
JPIE Sortino Ratio Rank: 96
JPIE Omega Ratio Rank: 96
JPIE Calmar Ratio Rank: 88
JPIE Martin Ratio Rank: 93

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.

PHYL vs. JPIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Active High Yield Bond ETF (PHYL) and JPMorgan Income ETF (JPIE). 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.

	PHYL	JPIE	Difference
Sharpe ratio: Return per unit of total volatility	2.30	3.69	-1.39
Sortino ratio: Return per unit of downside risk	3.40	5.80	-2.40
Omega ratio: Gain probability vs. loss probability	1.47	1.83	-0.36
Calmar ratio: Return relative to maximum drawdown	2.79	5.10	-2.31
Martin ratio: Return relative to average drawdown	12.75	25.31	-12.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHYL vs. JPIE - Sharpe Ratio Comparison

The current PHYL Sharpe Ratio is 2.30, which is lower than the JPIE Sharpe Ratio of 3.69. The chart below compares the historical Sharpe Ratios of PHYL and JPIE, 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

	PHYL	JPIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	3.69	-1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.99	-0.27

Drawdowns

PHYL vs. JPIE - Drawdown Comparison

The maximum PHYL drawdown since its inception was -22.07%, which is greater than JPIE's maximum drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for PHYL and JPIE.

Drawdown Indicators

	PHYL	JPIE	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-9.96%	-12.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-1.15%	-1.53%
Max Drawdown (3Y) Largest decline over 3 years	-4.53%	-2.40%	-2.13%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.04%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.06%	-2.09%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.23%	+0.35%

Volatility

PHYL vs. JPIE - Volatility Comparison

PGIM Active High Yield Bond ETF (PHYL) has a higher volatility of 1.09% compared to JPMorgan Income ETF (JPIE) at 0.61%. This indicates that PHYL's price experiences larger fluctuations and is considered to be riskier than JPIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYL	JPIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.61%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	1.28%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	1.59%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	3.52%	+2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	3.52%	+4.14%

PHYL vs. JPIE - Expense Ratio Comparison

PHYL has a 0.53% expense ratio, which is higher than JPIE's 0.40% expense ratio.

Dividends

PHYL vs. JPIE - Dividend Comparison

PHYL's dividend yield for the trailing twelve months is around 6.99%, more than JPIE's 5.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JPIE JPMorgan Income ETF	5.62%	5.65%	6.11%	5.70%	4.49%	0.63%	0.00%	0.00%	0.00%
PHYL PGIM Active High Yield Bond ETF	6.99%	7.05%	8.28%	7.62%	6.55%	6.13%	7.51%	7.31%	1.79%

Frequently Asked Questions

Can I hold both PHYL and JPIE in my portfolio?

PHYL and JPIE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHYL or JPIE?

PHYL has higher volatility (1.09%) compared to JPIE (0.61%). In terms of maximum drawdown, PHYL dropped -22.07% vs JPIE's -9.96%.

Which ETF is better, PHYL or JPIE?

On 3-year performance, PHYL leads with 9.20% vs 6.55% for JPIE. On fees, JPIE is cheaper at 0.40% per year. On volatility, JPIE has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHYL or JPIE?

Over the 3-year period, PHYL has performed better with a 9.20% return vs 6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHYL or JPIE?

JPIE is cheaper with a 0.40% expense ratio, compared with 0.53% for PHYL.

Which ETF pays a higher dividend yield, PHYL or JPIE?

PHYL has the higher dividend yield at 6.99%, compared with 5.62% for JPIE.

What is the main difference between PHYL and JPIE?

PHYL is categorized as High Yield Bonds, while JPIE is Multisector Bonds. They also come from different issuers: Prudential and JPMorgan. Their fees differ too: 0.53% for PHYL and 0.40% for JPIE.

Which has better risk-adjusted returns?

JPIE currently has the higher Sharpe Ratio (3.69 vs 2.30), 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.