SIO vs. PHYL

Last updated Jun 23, 2026

SIO (Touchstone Strategic Income Opportunities ETF) and PHYL (PGIM Active High Yield Bond ETF) are both exchange-traded funds - SIO is a Multisector Bonds fund actively managed by Touchstone, while PHYL is a High Yield Bonds fund actively managed by Prudential. Both are actively managed. Over the past 3 years, SIO returned 7.31%/yr vs 9.30%/yr for PHYL. A 0.70 correlation means they provide meaningful diversification when combined. SIO charges 0.65%/yr vs 0.53%/yr for PHYL.

Performance

SIO vs. PHYL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Strategic Income Opportunities ETF (SIO) 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, SIO achieves a 0.99% return, which is significantly lower than PHYL's 1.62% return.

SIO

• 1D: -0.21%
• 1M: 0.58%
• YTD: 0.99%
• 6M: 1.26%
• 1Y: 6.00%
• 3Y*: 7.31%
• 5Y*: —
• 10Y*: —

PHYL

• 1D: -0.24%
• 1M: 0.36%
• YTD: 1.62%
• 6M: 1.94%
• 1Y: 6.79%
• 3Y*: 9.30%
• 5Y*: 4.00%
• 10Y*: —

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

SIO vs. PHYL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SIO Touchstone Strategic Income Opportunities ETF	0.99%	9.29%	6.15%	8.48%	0.70%
PHYL PGIM Active High Yield Bond ETF	1.62%	9.65%	8.45%	11.91%	-1.60%

Correlation

The correlation between SIO and PHYL is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jul 25, 2022	0.70

The correlation between SIO and PHYL shifts across timeframes, from 0.59 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SIO vs. PHYL — Risk / Return Rank

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

SIO

SIO Risk / Return Rank: 42
SIO Sharpe Ratio Rank: 40
SIO Sortino Ratio Rank: 41
SIO Omega Ratio Rank: 39
SIO Calmar Ratio Rank: 47
SIO Martin Ratio Rank: 43

PHYL

PHYL Risk / Return Rank: 65
PHYL Sharpe Ratio Rank: 64
PHYL Sortino Ratio Rank: 69
PHYL Omega Ratio Rank: 72
PHYL Calmar Ratio Rank: 53
PHYL Martin Ratio Rank: 65

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.

SIO vs. PHYL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Strategic Income Opportunities ETF (SIO) 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.

	SIO	PHYL	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.04	-0.66
Sortino ratio: Return per unit of downside risk	2.03	3.02	-0.99
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.15
Calmar ratio: Return relative to maximum drawdown	2.29	2.55	-0.25
Martin ratio: Return relative to average drawdown	6.82	11.57	-4.75

SIO vs. PHYL - Sharpe Ratio Comparison

The current SIO Sharpe Ratio is 1.37, which is lower than the PHYL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SIO 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

SIO vs. PHYL - Drawdown Comparison

The maximum SIO drawdown since its inception was -6.94%, smaller than the maximum PHYL drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for SIO and PHYL.

Drawdown Indicators

	SIO	PHYL	Difference
Max Drawdown Largest peak-to-trough decline	-6.94%	-22.07%	+15.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.62%	-2.68%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-4.34%	-4.53%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.11%	—
Current Drawdown Current decline from peak	-0.94%	-0.28%	-0.66%
Average Drawdown Average peak-to-trough decline	-1.24%	-3.05%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.59%	+0.29%

Volatility

SIO vs. PHYL - Volatility Comparison

The current volatility for Touchstone Strategic Income Opportunities ETF (SIO) is 1.00%, while PGIM Active High Yield Bond ETF (PHYL) has a volatility of 1.06%. This indicates that SIO 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

	SIO	PHYL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	1.06%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.99%	2.73%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	3.35%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.98%	5.70%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.98%	7.64%	-2.66%

SIO vs. PHYL - Expense Ratio Comparison

SIO has a 0.65% expense ratio, which is higher than PHYL's 0.53% expense ratio.

Dividends

SIO vs. PHYL - Dividend Comparison

SIO's dividend yield for the trailing twelve months is around 6.92%, less than PHYL's 6.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PHYL PGIM Active High Yield Bond ETF	6.99%	7.05%	8.28%	7.62%	6.55%	6.13%	7.51%	7.31%	1.79%
SIO Touchstone Strategic Income Opportunities ETF	6.92%	6.80%	5.30%	5.37%	3.12%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SIO and PHYL in my portfolio?

SIO and PHYL have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIO or PHYL?

PHYL has higher volatility (1.06%) compared to SIO (1.00%). In terms of maximum drawdown, SIO dropped -6.94% vs PHYL's -22.07%.

Which ETF is better, SIO or PHYL?

On 3-year performance, PHYL leads with 9.30% vs 7.31% for SIO. On fees, PHYL is cheaper at 0.53% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIO or PHYL?

Over the 3-year period, PHYL has performed better with a 9.30% return vs 7.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIO or PHYL?

PHYL is cheaper with a 0.53% expense ratio, compared with 0.65% for SIO.

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

PHYL has the higher dividend yield at 6.99%, compared with 6.92% for SIO.

What is the main difference between SIO and PHYL?

SIO is categorized as Multisector Bonds, while PHYL is High Yield Bonds. They also come from different issuers: Touchstone and Prudential. Their fees differ too: 0.65% for SIO and 0.53% for PHYL.

Which has better risk-adjusted returns?

PHYL currently has the higher Sharpe Ratio (2.04 vs 1.37), 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.