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 4.02%/yr vs 4.21%/yr for USHY. Their correlation of 0.81 means they have usually moved in the same direction. PHYL charges 0.53%/yr vs 0.15%/yr for USHY.
Performance
PHYL vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, PHYL achieves a 2.08% return, which is significantly lower than USHY's 2.39% return.
PHYL
- 1D
- 0.00%
- 1M
- -0.10%
- 6M
- 1.55%
- YTD
- 2.08%
- 1Y
- 5.30%
- 3Y*
- 8.70%
- 5Y*
- 4.02%
- 10Y*
- —
- ALL TIME*
- 5.42%
USHY
- 1D
- -0.03%
- 1M
- 0.12%
- 6M
- 1.84%
- YTD
- 2.39%
- 1Y
- 5.62%
- 3Y*
- 8.74%
- 5Y*
- 4.21%
- 10Y*
- —
- ALL TIME*
- 4.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.95M | $8.34M | $5.99M | |
| $597.75M | $446.40M | $411.69M |
PHYL vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PHYL PGIM Active High Yield Bond ETF | 2.08% | 9.65% | 8.45% | 11.91% | -11.80% | 6.20% | 6.31% | 16.77% | -4.17% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 2.39% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -4.18% |
Correlation
The correlation between PHYL and USHY is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 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.
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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.
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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 2.32 | -0.33 |
| Martin ratioReturn relative to average drawdown | 8.75 | 10.21 | -1.45 |
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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.
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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 | -0.10% | -0.03% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -3.00% | -2.62% | -0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.55% | +0.06% |
Volatility
PHYL vs. USHY - Volatility Comparison
PGIM Active High Yield Bond ETF (PHYL) has a higher volatility of 0.96% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 0.86%. This indicates that PHYL's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHYL | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.86% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.86% | 3.04% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.39% | 3.68% | -0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.70% | 7.35% | -1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.59% | 8.18% | -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 6.96%, which matches USHY's 6.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PHYL PGIM Active High Yield Bond ETF | 6.96% | 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 | 6.93% | 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.
PHYL has higher volatility (0.96%) compared to USHY (0.86%). In terms of maximum drawdown, PHYL dropped -22.07% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.21% vs 4.02% 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 4.21% return vs 4.02%. 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 6.96%, compared with 6.93% for USHY.
They also come from different issuers: PGIM and iShares. Their fees differ too: 0.53% for PHYL and 0.15% for USHY.
PHYL currently has the higher Sharpe Ratio (1.57 vs 1.53), 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.
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