PMIO vs. PHYL

Last updated Aug 2, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and PHYL (PGIM Active High Yield Bond ETF) are both exchange-traded funds - PMIO is a Municipal Bonds fund actively managed by PGIM, while PHYL is a High Yield Bonds fund actively managed by PGIM. Both are actively managed. Over the past year, PMIO returned 4.62% vs 4.95% for PHYL. Their 0.42 correlation means their historical movements had little consistent relationship. PMIO charges 0.25%/yr vs 0.53%/yr for PHYL.

Performance

PMIO vs. PHYL - Performance Comparison

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

Returns By Period

In the year-to-date period, PMIO achieves a 0.66% return, which is significantly lower than PHYL's 1.43% return.

PMIO

• 1D: -0.09%
• 1M: -1.50%
• 6M: -0.12%
• YTD: 0.66%
• 1Y: 4.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.01%

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%

*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
PMIO PGIM Municipal Income Opportunities ETF	$97.75K	$113.78K	$210.24K

PMIO vs. PHYL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PMIO PGIM Municipal Income Opportunities ETF	0.66%	5.30%	2.41%
PHYL PGIM Active High Yield Bond ETF	1.43%	9.65%	5.42%

Correlation

The correlation between PMIO and PHYL is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (All Time) Calculated using the full available price history since Jun 28, 2024	0.42

Return for Risk

PMIO vs. PHYL — Risk / Return Rank

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

PMIO

PMIO Risk / Return Rank: 81
PMIO Sharpe Ratio Rank: 91
PMIO Sortino Ratio Rank: 92
PMIO Omega Ratio Rank: 94
PMIO Calmar Ratio Rank: 66
PMIO Martin Ratio Rank: 60

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

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.

PMIO vs. PHYL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) and PGIM Active High Yield Bond ETF (PHYL). 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.

	PMIO	PHYL	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.48	+0.88
Sortino ratio: Return per unit of downside risk	3.41	2.18	+1.23
Omega ratio: Gain probability vs. loss probability	1.51	1.28	+0.23
Calmar ratio: Return relative to maximum drawdown	2.33	1.86	+0.46
Martin ratio: Return relative to average drawdown	7.32	8.21	-0.89

PMIO vs. PHYL - Sharpe Ratio Comparison

The current PMIO Sharpe Ratio is 2.36, which is higher than the PHYL Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of PMIO and PHYL, 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

PMIO vs. PHYL - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, smaller than the maximum PHYL drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for PMIO and PHYL.

Drawdown Indicators

	PMIO	PHYL	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-22.07%	+18.68%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-2.68%	+0.44%
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	-1.60%	-0.74%	-0.86%
Average Drawdown Average peak-to-trough decline	-0.65%	-3.01%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.61%	+0.10%

Volatility

PMIO vs. PHYL - Volatility Comparison

The current volatility for PGIM Municipal Income Opportunities ETF (PMIO) is 0.65%, while PGIM Active High Yield Bond ETF (PHYL) has a volatility of 0.87%. This indicates that PMIO experiences smaller price fluctuations and is considered to be less risky than PHYL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMIO	PHYL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.87%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	2.82%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	2.22%	3.38%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.02%	5.70%	-2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.02%	7.59%	-4.57%

PMIO vs. PHYL - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is lower than PHYL's 0.53% expense ratio.

Dividends

PMIO vs. PHYL - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 4.29%, less than PHYL's 7.63% 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%
PMIO PGIM Municipal Income Opportunities ETF	3.94%	4.00%	2.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMIO and PHYL in my portfolio?

PMIO and PHYL have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMIO or PHYL?

PHYL has higher volatility (0.87%) compared to PMIO (0.65%). In terms of maximum drawdown, PMIO dropped -3.39% vs PHYL's -22.07%.

Which ETF is better, PMIO or PHYL?

On 1-year performance, PHYL leads with 4.95% vs 4.62% for PMIO. On fees, PMIO is cheaper at 0.25% per year. On volatility, PMIO has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMIO or PHYL?

Over the 1-year period, PHYL has performed better with a 4.95% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMIO or PHYL?

PMIO is cheaper with a 0.25% expense ratio, compared with 0.53% for PHYL.

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

PHYL has the higher dividend yield at 7.01%, compared with 3.94% for PMIO.

What is the main difference between PMIO and PHYL?

PMIO is categorized as Municipal Bonds, while PHYL is High Yield Bonds. Their fees differ too: 0.25% for PMIO and 0.53% for PHYL.

Which has better risk-adjusted returns?

PMIO currently has the higher Sharpe Ratio (2.36 vs 1.48), 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.