PHYL vs. USHY
PHYL (PGIM Active High Yield Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds. PHYL is actively managed, while USHY is passively managed. Over the past 5 years, PHYL returned 4.04%/yr vs 4.29%/yr for USHY. Their correlation of 0.81 suggests significant overlap in exposure. PHYL charges 0.53%/yr vs 0.15%/yr for USHY.
Performance
PHYL vs. USHY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PHYL achieves a 1.53% return, which is significantly lower than USHY's 1.64% return.
PHYL
- 1D
- 0.17%
- 1M
- 0.33%
- YTD
- 1.53%
- 6M
- 2.10%
- 1Y
- 7.43%
- 3Y*
- 9.20%
- 5Y*
- 4.04%
- 10Y*
- —
USHY
- 1D
- 0.22%
- 1M
- 0.46%
- YTD
- 1.64%
- 6M
- 1.98%
- 1Y
- 6.99%
- 3Y*
- 9.01%
- 5Y*
- 4.29%
- 10Y*
- —
PHYL vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PHYL PGIM Active High Yield Bond ETF | 1.53% | 9.65% | 8.45% | 11.91% | -11.80% | 6.20% | 6.31% | 16.77% | -4.15% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.64% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -4.21% |
Correlation
The correlation between PHYL and USHY is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018 | 0.81 |
The correlation between PHYL and USHY shifts across timeframes, from 0.81 (all time) to 0.92 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PHYL vs. USHY — Risk / Return Rank
PHYL
USHY
PHYL vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Active High Yield Bond ETF (PHYL) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.37 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 2.89 | -0.10 |
| Martin ratioReturn relative to average drawdown | 12.75 | 12.99 | -0.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PHYL | USHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.30 | 1.93 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.59 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.58 | +0.14 |
Drawdowns
PHYL vs. USHY - Drawdown Comparison
The maximum PHYL drawdown since its inception was -22.07%, roughly equal to the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for PHYL and USHY.
Loading charts...
Drawdown Indicators
| PHYL | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.07% | -22.44% | +0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -2.43% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -4.66% | +0.13% |
Max Drawdown (5Y)Largest decline over 5 years | -16.11% | -15.56% | -0.55% |
Current DrawdownCurrent decline from peak | -0.13% | -0.06% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -2.66% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 0.54% | +0.04% |
Volatility
PHYL vs. USHY - Volatility Comparison
PGIM Active High Yield Bond ETF (PHYL) and iShares Broad USD High Yield Corporate Bond ETF (USHY) have volatilities of 1.09% and 1.14%, 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.
Loading charts...
Volatility by Period
| PHYL | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.14% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 2.92% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 3.65% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.68% | 7.34% | -1.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.66% | 8.25% | -0.59% |
PHYL vs. USHY - Expense Ratio Comparison
PHYL has a 0.53% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
PHYL vs. USHY - Dividend Comparison
PHYL's dividend yield for the trailing twelve months is around 6.99%, more than USHY's 6.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.91% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
With a correlation of 0.90, PHYL and USHY 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.
USHY has higher volatility (1.14%) compared to PHYL (1.09%). In terms of maximum drawdown, PHYL dropped -22.07% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.29% vs 4.04% for PHYL. On fees, USHY is cheaper at 0.15% 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, USHY has performed better with a 4.29% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.53% for PHYL.
PHYL has the higher dividend yield at 6.99%, compared with 6.91% for USHY.
They also come from different issuers: Prudential and iShares. Their fees differ too: 0.53% for PHYL and 0.15% for USHY.
PHYL currently has the higher Sharpe Ratio (2.30 vs 1.93), 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.
Find the right allocation for PHYL and USHY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer