PHYL vs. SIO

Last updated Jun 5, 2026

PHYL (PGIM Active High Yield Bond ETF) and SIO (Touchstone Strategic Income Opportunities ETF) are both exchange-traded funds - PHYL is a High Yield Bonds fund actively managed by Prudential, while SIO is a Multisector Bonds fund actively managed by Touchstone. Both are actively managed. Over the past 3 years, PHYL returned 9.20%/yr vs 7.40%/yr for SIO. A 0.70 correlation means they provide meaningful diversification when combined. PHYL charges 0.53%/yr vs 0.65%/yr for SIO.

Performance

PHYL vs. SIO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Active High Yield Bond ETF (PHYL) and Touchstone Strategic Income Opportunities ETF (SIO). 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 SIO'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*: —

SIO

• 1D: 0.25%
• 1M: 0.58%
• YTD: 1.05%
• 6M: 1.45%
• 1Y: 6.49%
• 3Y*: 7.40%
• 5Y*: —
• 10Y*: —

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

PHYL vs. SIO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PHYL PGIM Active High Yield Bond ETF	1.53%	9.65%	8.45%	11.91%	-1.53%
SIO Touchstone Strategic Income Opportunities ETF	1.05%	9.29%	6.15%	8.48%	0.72%

Correlation

The correlation between PHYL and SIO is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jul 26, 2022	0.70

The correlation between PHYL and SIO shifts across timeframes, from 0.58 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

PHYL vs. SIO - Sectors Allocation Comparison

Sectors	PHYL	SIO
Energy	59.0%	3.9%
Communication Services	41.1%	24.7%
Basic Materials	-	3.2%
Consumer Cyclical	-	5.8%
Consumer Defensive	-	1.1%
Financial Services	-	12.4%
Healthcare	-	1.4%
Industrials	-	5.2%
Real Estate	-	3.6%
Technology	-	2.7%
Utilities	-	2.6%

Return for Risk

PHYL vs. SIO — 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

SIO

SIO Risk / Return Rank: 46
SIO Sharpe Ratio Rank: 43
SIO Sortino Ratio Rank: 45
SIO Omega Ratio Rank: 44
SIO Calmar Ratio Rank: 51
SIO Martin Ratio Rank: 46

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. SIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Active High Yield Bond ETF (PHYL) and Touchstone Strategic Income Opportunities ETF (SIO). 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	SIO	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.49	+0.80
Sortino ratio: Return per unit of downside risk	3.40	2.21	+1.20
Omega ratio: Gain probability vs. loss probability	1.47	1.28	+0.19
Calmar ratio: Return relative to maximum drawdown	2.79	2.48	+0.31
Martin ratio: Return relative to average drawdown	12.75	7.59	+5.16
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. SIO - Sharpe Ratio Comparison

The current PHYL Sharpe Ratio is 2.30, which is higher than the SIO Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of PHYL and SIO, 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	SIO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.49	+0.80
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	1.33	-0.61

Drawdowns

PHYL vs. SIO - Drawdown Comparison

The maximum PHYL drawdown since its inception was -22.07%, which is greater than SIO's maximum drawdown of -6.94%. Use the drawdown chart below to compare losses from any high point for PHYL and SIO.

Drawdown Indicators

	PHYL	SIO	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-6.94%	-15.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-2.62%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-4.53%	-4.34%	-0.19%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.88%	+0.75%
Average Drawdown Average peak-to-trough decline	-3.06%	-1.25%	-1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.86%	-0.28%

Volatility

PHYL vs. SIO - Volatility Comparison

The current volatility for PGIM Active High Yield Bond ETF (PHYL) is 1.09%, while Touchstone Strategic Income Opportunities ETF (SIO) has a volatility of 1.17%. This indicates that PHYL experiences smaller price fluctuations and is considered to be less risky than SIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYL	SIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.17%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	2.98%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	4.38%	-1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	5.00%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	5.00%	+2.66%

PHYL vs. SIO - Expense Ratio Comparison

PHYL has a 0.53% expense ratio, which is lower than SIO's 0.65% expense ratio.

Dividends

PHYL vs. SIO - Dividend Comparison

PHYL's dividend yield for the trailing twelve months is around 6.99%, more than SIO's 6.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
SIO Touchstone Strategic Income Opportunities ETF	6.92%	6.80%	5.30%	5.37%	3.12%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PHYL and SIO in my portfolio?

PHYL and SIO have a correlation of 0.58, 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 SIO?

SIO has higher volatility (1.17%) compared to PHYL (1.09%). In terms of maximum drawdown, PHYL dropped -22.07% vs SIO's -6.94%.

Which ETF is better, PHYL or SIO?

On 3-year performance, PHYL leads with 9.20% vs 7.40% for SIO. 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 SIO?

Over the 3-year period, PHYL has performed better with a 9.20% return vs 7.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHYL or SIO?

PHYL is cheaper with a 0.53% expense ratio, compared with 0.65% for SIO.

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

PHYL has the higher dividend yield at 6.99%, compared with 6.92% for SIO.

What is the main difference between PHYL and SIO?

PHYL is categorized as High Yield Bonds, while SIO is Multisector Bonds. They also come from different issuers: Prudential and Touchstone. Their fees differ too: 0.53% for PHYL and 0.65% for SIO.

Which has better risk-adjusted returns?

PHYL currently has the higher Sharpe Ratio (2.30 vs 1.49), 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.