QHY vs. PHYD

Last updated Jul 18, 2026

QHY (WisdomTree U.S. Short-Term Corporate Bond Fund) and PHYD (Putnam ESG High Yield ETF -) are both High Yield Bonds funds. QHY is passively managed, while PHYD is actively managed. Their correlation of 0.81 suggests significant overlap in exposure. QHY charges 0.38%/yr vs 0.55%/yr for PHYD.

Performance

QHY vs. PHYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree U.S. Short-Term Corporate Bond Fund (QHY) and Putnam ESG High Yield ETF - (PHYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QHY

• 1D: 0.03%
• 1M: 0.48%
• 6M: 1.65%
• YTD: 2.00%
• 1Y: 6.21%
• 3Y*: 7.54%
• 5Y*: 3.12%
• 10Y*: 4.80%

PHYD

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QHY vs. PHYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QHY WisdomTree U.S. Short-Term Corporate Bond Fund	2.00%	9.61%	5.92%	6.25%
PHYD Putnam ESG High Yield ETF -	2.32%	8.84%	7.35%	8.30%

Correlation

The correlation between QHY and PHYD is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.81

The correlation between QHY and PHYD has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

Return for Risk

QHY vs. PHYD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QHY

QHY Risk / Return Rank: 71
QHY Sharpe Ratio Rank: 70
QHY Sortino Ratio Rank: 76
QHY Omega Ratio Rank: 76
QHY Calmar Ratio Rank: 59
QHY Martin Ratio Rank: 76

PHYD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

QHY vs. PHYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. Short-Term Corporate Bond Fund (QHY) and Putnam ESG High Yield ETF - (PHYD). 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.

	QHY	PHYD	Difference
Sharpe ratio: Return per unit of total volatility	1.73	—	—
Sortino ratio: Return per unit of downside risk	2.64	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	2.25	—	—
Martin ratio: Return relative to average drawdown	10.42	—	—

Drawdowns

Drawdown Indicators

	QHY	PHYD	Difference
Max Drawdown Largest peak-to-trough decline	-22.74%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.74%	—	—
Current Drawdown Current decline from peak	-0.04%	—	—
Average Drawdown Average peak-to-trough decline	-2.72%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	—	—

Volatility

Volatility by Period

	QHY	PHYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.61%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.57%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.17%	—	—

QHY vs. PHYD - Expense Ratio Comparison

QHY has a 0.38% expense ratio, which is lower than PHYD's 0.55% expense ratio.

Dividends

QHY vs. PHYD - Dividend Comparison

QHY's dividend yield for the trailing twelve months is around 6.23%, while PHYD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PHYD Putnam ESG High Yield ETF -	8.52%	6.63%	6.80%	6.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QHY WisdomTree U.S. Short-Term Corporate Bond Fund	6.23%	6.26%	6.40%	6.11%	5.44%	4.09%	4.80%	5.21%	5.93%	6.47%	4.39%

Frequently Asked Questions

Can I hold both QHY and PHYD in my portfolio?

QHY and PHYD have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QHY or PHYD?

On fees, QHY is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QHY or PHYD?

QHY is cheaper with a 0.38% expense ratio, compared with 0.55% for PHYD.

Which ETF pays a higher dividend yield, QHY or PHYD?

PHYD has the higher dividend yield at 8.52%, compared with 6.23% for QHY.

What is the main difference between QHY and PHYD?

They also come from different issuers: WisdomTree and Putnam. Their fees differ too: 0.38% for QHY and 0.55% for PHYD.