QHY vs. PHYD
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. Over the past 3 years, QHY returned 8.17%/yr vs 8.82%/yr for PHYD. Their correlation of 0.82 suggests significant overlap in exposure. QHY charges 0.38%/yr vs 0.55%/yr for PHYD.
Performance
QHY vs. PHYD - Performance Comparison
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Returns By Period
In the year-to-date period, QHY achieves a 1.51% return, which is significantly lower than PHYD's 2.49% return.
QHY
- 1D
- 0.05%
- 1M
- 0.46%
- YTD
- 1.51%
- 6M
- 1.74%
- 1Y
- 7.04%
- 3Y*
- 8.17%
- 5Y*
- 3.22%
- 10Y*
- 4.96%
PHYD
- 1D
- 0.32%
- 1M
- -0.14%
- YTD
- 2.49%
- 6M
- 3.00%
- 1Y
- 7.97%
- 3Y*
- 8.82%
- 5Y*
- —
- 10Y*
- —
QHY vs. PHYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
QHY WisdomTree U.S. Short-Term Corporate Bond Fund | 1.51% | 9.61% | 5.92% | 6.13% |
PHYD Putnam ESG High Yield ETF - | 2.49% | 8.84% | 7.35% | 8.07% |
Correlation
The correlation between QHY and PHYD is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.82 |
The correlation between QHY and PHYD has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.
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Return for Risk
QHY vs. PHYD — Risk / Return Rank
QHY
PHYD
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.
| QHY | PHYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.49 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 3.82 | -1.26 |
| Martin ratioReturn relative to average drawdown | 11.61 | 15.70 | -4.09 |
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
| QHY | PHYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 2.39 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 1.74 | -1.13 |
Drawdowns
QHY vs. PHYD - Drawdown Comparison
The maximum QHY drawdown since its inception was -22.74%, which is greater than PHYD's maximum drawdown of -4.33%. Use the drawdown chart below to compare losses from any high point for QHY and PHYD.
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Drawdown Indicators
| QHY | PHYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.74% | -4.33% | -18.41% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -2.10% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -4.58% | -4.14% | -0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -16.21% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.74% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -0.62% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -2.75% | -0.62% | -2.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.51% | +0.10% |
Volatility
QHY vs. PHYD - Volatility Comparison
WisdomTree U.S. Short-Term Corporate Bond Fund (QHY) and Putnam ESG High Yield ETF - (PHYD) have volatilities of 1.07% and 1.07%, 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.
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Volatility by Period
| QHY | PHYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 1.07% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.86% | 2.56% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.64% | 3.35% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.57% | 4.59% | +2.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.20% | 4.59% | +3.61% |
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 6.25%, less than PHYD's 9.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PHYD Putnam ESG High Yield ETF - | 9.02% | 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 | 6.25% | 6.26% | 6.40% | 6.11% | 5.44% | 4.09% | 4.80% | 5.21% | 5.93% | 6.47% | 4.39% |
Frequently Asked Questions
QHY and PHYD have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHYD has higher volatility (1.07%) compared to QHY (1.07%). In terms of maximum drawdown, QHY dropped -22.74% vs PHYD's -4.33%.
On 3-year performance, PHYD leads with 8.82% vs 8.17% for QHY. On fees, QHY is cheaper at 0.38% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PHYD has performed better with a 8.82% return vs 8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QHY is cheaper with a 0.38% expense ratio, compared with 0.55% for PHYD.
PHYD has the higher dividend yield at 9.02%, compared with 6.25% for QHY.
They also come from different issuers: WisdomTree and Putnam. Their fees differ too: 0.38% for QHY and 0.55% for PHYD.
PHYD currently has the higher Sharpe Ratio (2.39 vs 1.95), 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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