PHYL vs. PTRB

Last updated Aug 2, 2026

PHYL (PGIM Active High Yield Bond ETF) and PTRB (PGIM Total Return Bond ETF) are both exchange-traded funds - PHYL is a High Yield Bonds fund actively managed by PGIM, while PTRB is a Intermediate Core-Plus Bond fund actively managed by PGIM. Both are actively managed. Over the past 3 years, PHYL returned 8.48%/yr vs 4.80%/yr for PTRB. Their 0.62 correlation means they have sometimes moved together and sometimes differently. PHYL charges 0.53%/yr vs 0.49%/yr for PTRB.

Performance

PHYL vs. PTRB - Performance Comparison

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

Returns By Period

In the year-to-date period, PHYL achieves a 1.43% return, which is significantly higher than PTRB's -0.52% 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%

PTRB

• 1D: -0.23%
• 1M: -1.39%
• 6M: -0.75%
• YTD: -0.52%
• 1Y: 2.24%
• 3Y*: 4.80%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PHYL PGIM Active High Yield Bond ETF	$11.83M	$9.14M	$6.26M
PTRB PGIM Total Return Bond ETF	$8.31M	$6.59M	$6.62M

PHYL vs. PTRB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PHYL PGIM Active High Yield Bond ETF	1.43%	9.65%	8.45%	11.91%	-11.80%	0.77%
PTRB PGIM Total Return Bond ETF	-0.52%	7.63%	2.67%	7.71%	-14.82%	-0.20%

Correlation

The correlation between PHYL and PTRB is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (All Time) Calculated using the full available price history since Dec 8, 2021	0.62

The correlation between PHYL and PTRB has been stable across timeframes, ranging from 0.62 to 0.66 - a consistent structural relationship.

Return for Risk

PHYL vs. PTRB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PHYL

PHYL Risk / Return Rank: 64
PHYL Sharpe Ratio Rank: 64
PHYL Sortino Ratio Rank: 67
PHYL Omega Ratio Rank: 67
PHYL Calmar Ratio Rank: 52
PHYL Martin Ratio Rank: 68

PTRB

PTRB Risk / Return Rank: 30
PTRB Sharpe Ratio Rank: 32
PTRB Sortino Ratio Rank: 30
PTRB Omega Ratio Rank: 28
PTRB Calmar Ratio Rank: 31
PTRB Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PHYL vs. PTRB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Active High Yield Bond ETF (PHYL) and PGIM Total Return Bond ETF (PTRB). 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	PTRB	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.79	+0.69
Sortino ratio: Return per unit of downside risk	2.18	1.14	+1.04
Omega ratio: Gain probability vs. loss probability	1.28	1.14	+0.15
Calmar ratio: Return relative to maximum drawdown	1.86	1.07	+0.79
Martin ratio: Return relative to average drawdown	8.21	2.69	+5.52

PHYL vs. PTRB - Sharpe Ratio Comparison

The current PHYL Sharpe Ratio is 1.48, which is higher than the PTRB Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of PHYL and PTRB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PHYL vs. PTRB - Drawdown Comparison

The maximum PHYL drawdown since its inception was -22.07%, which is greater than PTRB's maximum drawdown of -19.17%. Use the drawdown chart below to compare losses from any high point for PHYL and PTRB.

Drawdown Indicators

	PHYL	PTRB	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-19.17%	-2.90%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-2.90%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-4.53%	-4.91%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	—	—
Current Drawdown Current decline from peak	-0.74%	-2.44%	+1.70%
Average Drawdown Average peak-to-trough decline	-3.01%	-7.43%	+4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	1.16%	-0.55%

Volatility

PHYL vs. PTRB - Volatility Comparison

The current volatility for PGIM Active High Yield Bond ETF (PHYL) is 0.87%, while PGIM Total Return Bond ETF (PTRB) has a volatility of 1.04%. This indicates that PHYL experiences smaller price fluctuations and is considered to be less risky than PTRB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYL	PTRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	1.04%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	2.82%	3.18%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	3.94%	-0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.70%	6.19%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.59%	6.19%	+1.40%

PHYL vs. PTRB - Expense Ratio Comparison

PHYL has a 0.53% expense ratio, which is higher than PTRB's 0.49% expense ratio.

Dividends

PHYL vs. PTRB - Dividend Comparison

PHYL's dividend yield for the trailing twelve months is around 7.63%, more than PTRB's 5.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
PTRB PGIM Total Return Bond ETF	4.77%	4.73%	5.10%	4.62%	4.07%	0.12%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PHYL and PTRB in my portfolio?

PHYL and PTRB have a correlation of 0.66, 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 PTRB?

PTRB has higher volatility (1.04%) compared to PHYL (0.87%). In terms of maximum drawdown, PHYL dropped -22.07% vs PTRB's -19.17%.

Which ETF is better, PHYL or PTRB?

On 3-year performance, PHYL leads with 8.48% vs 4.80% for PTRB. On fees, PTRB is cheaper at 0.49% 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.

Which ETF has performed better, PHYL or PTRB?

Over the 3-year period, PHYL has performed better with a 8.48% return vs 4.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHYL or PTRB?

PTRB is cheaper with a 0.49% expense ratio, compared with 0.53% for PHYL.

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

PHYL has the higher dividend yield at 7.01%, compared with 4.77% for PTRB.

What is the main difference between PHYL and PTRB?

PHYL is categorized as High Yield Bonds, while PTRB is Intermediate Core-Plus Bond. Their fees differ too: 0.53% for PHYL and 0.49% for PTRB.

Which has better risk-adjusted returns?

PHYL currently has the higher Sharpe Ratio (1.48 vs 0.79), 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.