THYF vs. PHYD
THYF (T. Rowe Price U.S. High Yield ETF) and PHYD (Putnam ESG High Yield ETF -) are both High Yield Bonds funds. Both are actively managed. Their 0.76 correlation means they have sometimes moved together and sometimes differently. THYF charges 0.56%/yr vs 0.55%/yr for PHYD.
Performance
THYF vs. PHYD - Performance Comparison
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Returns By Period
THYF
- 1D
- -0.19%
- 1M
- -0.46%
- 6M
- 1.18%
- YTD
- 1.74%
- 1Y
- 5.14%
- 3Y*
- 7.77%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.24%
PHYD
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $928.42K | $859.02K | $1.06M |
THYF vs. PHYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
THYF T. Rowe Price U.S. High Yield ETF | 1.74% | 7.77% | 8.51% | 6.94% |
PHYD Putnam ESG High Yield ETF - | 2.32% | 8.84% | 7.35% | 8.30% |
Correlation
The correlation between THYF and PHYD is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023 | 0.76 |
The correlation between THYF and PHYD has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.
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Return for Risk
THYF vs. PHYD — Risk / Return Rank
THYF
PHYD
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
THYF vs. PHYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. High Yield ETF (THYF) 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.
| THYF | PHYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.27 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | — | — |
| Martin ratioReturn relative to average drawdown | 8.18 | — | — |
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Drawdowns
THYF vs. PHYD - Drawdown Comparison
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Drawdown Indicators
| THYF | PHYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.24% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -2.80% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.07% | — | — |
Current DrawdownCurrent decline from peak | -0.64% | — | — |
Average DrawdownAverage peak-to-trough decline | -0.79% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | — | — |
Volatility
THYF vs. PHYD - Volatility Comparison
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Volatility by Period
| THYF | PHYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.84% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.58% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.73% | — | — |
THYF vs. PHYD - Expense Ratio Comparison
THYF has a 0.56% expense ratio, which is higher than PHYD's 0.55% expense ratio.
Dividends
THYF vs. PHYD - Dividend Comparison
THYF's dividend yield for the trailing twelve months is around 6.95%, while PHYD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
PHYD Putnam ESG High Yield ETF - | 8.00% | 6.63% | 6.80% | 6.15% | 0.00% |
THYF T. Rowe Price U.S. High Yield ETF | 6.95% | 7.17% | 7.30% | 8.02% | 1.50% |
Frequently Asked Questions
THYF and PHYD have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PHYD is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PHYD is cheaper with a 0.55% expense ratio, compared with 0.56% for THYF.
PHYD has the higher dividend yield at 8.00%, compared with 6.95% for THYF.
They also come from different issuers: T. Rowe Price and Putnam. Their fees differ too: 0.56% for THYF and 0.55% for PHYD.
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