PSH vs. SPHY
Compare and contrast key facts about PGIM Short Duration High Yield ETF (PSH) and SPDR Portfolio High Yield Bond ETF (SPHY).
PSH and SPHY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PSH is an actively managed fund by PGIM. It was launched on Dec 14, 2023. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012.
Performance
PSH vs. SPHY - Performance Comparison
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PSH vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PSH PGIM Short Duration High Yield ETF | 0.41% | 7.34% | 7.96% | 0.38% |
SPHY SPDR Portfolio High Yield Bond ETF | -0.32% | 8.59% | 8.54% | 0.26% |
Returns By Period
In the year-to-date period, PSH achieves a 0.41% return, which is significantly higher than SPHY's -0.32% return.
PSH
- 1D
- 1.05%
- 1M
- 0.01%
- YTD
- 0.41%
- 6M
- 1.51%
- 1Y
- 6.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPHY
- 1D
- 1.00%
- 1M
- -1.02%
- YTD
- -0.32%
- 6M
- 0.94%
- 1Y
- 7.11%
- 3Y*
- 8.40%
- 5Y*
- 4.31%
- 10Y*
- 5.29%
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PSH vs. SPHY - Expense Ratio Comparison
PSH has a 0.45% expense ratio, which is higher than SPHY's 0.10% expense ratio.
Return for Risk
PSH vs. SPHY — Risk / Return Rank
PSH
SPHY
PSH vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Short Duration High Yield ETF (PSH) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.
| PSH | SPHY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.61 | 1.30 | +0.31 |
Sortino ratioReturn per unit of downside risk | 2.42 | 1.92 | +0.50 |
Omega ratioGain probability vs. loss probability | 1.38 | 1.31 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 2.26 | 1.76 | +0.50 |
Martin ratioReturn relative to average drawdown | 10.56 | 9.23 | +1.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PSH | SPHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.61 | 1.30 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.61 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.16 | 0.62 | +1.53 |
Correlation
The correlation between PSH and SPHY is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PSH vs. SPHY - Dividend Comparison
PSH's dividend yield for the trailing twelve months is around 7.61%, more than SPHY's 7.39% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSH PGIM Short Duration High Yield ETF | 7.61% | 6.62% | 8.35% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.39% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Drawdowns
PSH vs. SPHY - Drawdown Comparison
The maximum PSH drawdown since its inception was -3.06%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for PSH and SPHY.
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Drawdown Indicators
| PSH | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.06% | -21.97% | +18.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.84% | -4.07% | +1.23% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -0.30% | -1.31% | +1.01% |
Average DrawdownAverage peak-to-trough decline | -0.27% | -2.32% | +2.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.78% | -0.17% |
Volatility
PSH vs. SPHY - Volatility Comparison
The current volatility for PGIM Short Duration High Yield ETF (PSH) is 1.55%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 2.23%. This indicates that PSH experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSH | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 2.23% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 1.98% | 2.87% | -0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 5.49% | -1.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 7.15% | -3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.30% | 7.97% | -4.67% |