PHYL vs. PCMM

Last updated Jun 5, 2026

PHYL (PGIM Active High Yield Bond ETF) and PCMM (BondBloxx Private Credit CLO ETF) are both exchange-traded funds - PHYL is a High Yield Bonds fund actively managed by Prudential, while PCMM is a CLO fund actively managed by BondBloxx. Both are actively managed. Over the past year, PHYL returned 7.43% vs 4.09% for PCMM. At a 0.16 correlation, their price movements are largely independent. PHYL charges 0.53%/yr vs 0.68%/yr for PCMM.

Performance

PHYL vs. PCMM - Performance Comparison

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

Returns By Period

In the year-to-date period, PHYL achieves a 1.53% return, which is significantly higher than PCMM's 1.05% return.

PHYL

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

PCMM

• 1D: -0.10%
• 1M: -0.09%
• YTD: 1.05%
• 6M: 1.73%
• 1Y: 4.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PHYL vs. PCMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PHYL PGIM Active High Yield Bond ETF	1.53%	9.65%	-0.68%
PCMM BondBloxx Private Credit CLO ETF	1.05%	6.30%	0.50%

Correlation

The correlation between PHYL and PCMM is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.16

Return for Risk

PHYL vs. PCMM — 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

PCMM

PCMM Risk / Return Rank: 34
PCMM Sharpe Ratio Rank: 30
PCMM Sortino Ratio Rank: 29
PCMM Omega Ratio Rank: 30
PCMM Calmar Ratio Rank: 39
PCMM Martin Ratio Rank: 42

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. PCMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Active High Yield Bond ETF (PHYL) and BondBloxx Private Credit CLO ETF (PCMM). 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	PCMM	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.07	+1.23
Sortino ratio: Return per unit of downside risk	3.40	1.53	+1.88
Omega ratio: Gain probability vs. loss probability	1.47	1.20	+0.27
Calmar ratio: Return relative to maximum drawdown	2.79	1.91	+0.88
Martin ratio: Return relative to average drawdown	12.75	6.62	+6.13
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. PCMM - Sharpe Ratio Comparison

The current PHYL Sharpe Ratio is 2.30, which is higher than the PCMM Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of PHYL and PCMM, 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	PCMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.07	+1.23
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	1.06	-0.35

Drawdowns

PHYL vs. PCMM - Drawdown Comparison

The maximum PHYL drawdown since its inception was -22.07%, which is greater than PCMM's maximum drawdown of -4.32%. Use the drawdown chart below to compare losses from any high point for PHYL and PCMM.

Drawdown Indicators

	PHYL	PCMM	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-4.32%	-17.75%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-2.16%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-4.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.51%	+0.38%
Average Drawdown Average peak-to-trough decline	-3.06%	-0.43%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.62%	-0.04%

Volatility

PHYL vs. PCMM - Volatility Comparison

PGIM Active High Yield Bond ETF (PHYL) and BondBloxx Private Credit CLO ETF (PCMM) have volatilities of 1.09% and 1.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYL	PCMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.12%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	2.64%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	3.86%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	4.97%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	4.97%	+2.69%

PHYL vs. PCMM - Expense Ratio Comparison

PHYL has a 0.53% expense ratio, which is lower than PCMM's 0.68% expense ratio.

Dividends

PHYL vs. PCMM - Dividend Comparison

PHYL's dividend yield for the trailing twelve months is around 6.99%, more than PCMM's 6.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PCMM BondBloxx Private Credit CLO ETF	6.63%	7.02%	0.00%	0.00%	0.00%	0.00%	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 PCMM in my portfolio?

PHYL and PCMM have a correlation of 0.17, 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 PCMM?

PCMM has higher volatility (1.12%) compared to PHYL (1.09%). In terms of maximum drawdown, PHYL dropped -22.07% vs PCMM's -4.32%.

Which ETF is better, PHYL or PCMM?

On 1-year performance, PHYL leads with 7.43% vs 4.09% for PCMM. On fees, PHYL is cheaper at 0.53% 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, PHYL or PCMM?

Over the 1-year period, PHYL has performed better with a 7.43% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHYL or PCMM?

PHYL is cheaper with a 0.53% expense ratio, compared with 0.68% for PCMM.

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

PHYL has the higher dividend yield at 6.99%, compared with 6.63% for PCMM.

What is the main difference between PHYL and PCMM?

PHYL is categorized as High Yield Bonds, while PCMM is CLO. They also come from different issuers: Prudential and BondBloxx. Their fees differ too: 0.53% for PHYL and 0.68% for PCMM.

Which has better risk-adjusted returns?

PHYL currently has the higher Sharpe Ratio (2.30 vs 1.07), 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.