THYF vs. PHYD

Last updated Jun 4, 2026

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. Over the past 3 years, THYF returned 8.57%/yr vs 8.70%/yr for PHYD. A 0.77 correlation means they provide meaningful diversification when combined. THYF charges 0.56%/yr vs 0.55%/yr for PHYD.

Performance

THYF vs. PHYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. High Yield ETF (THYF) and Putnam ESG High Yield ETF - (PHYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THYF achieves a 1.50% return, which is significantly lower than PHYD's 2.16% return.

THYF

• 1D: -0.35%
• 1M: 0.61%
• YTD: 1.50%
• 6M: 1.90%
• 1Y: 7.02%
• 3Y*: 8.57%
• 5Y*: —
• 10Y*: —

PHYD

• 1D: -0.43%
• 1M: -0.36%
• YTD: 2.16%
• 6M: 2.67%
• 1Y: 7.86%
• 3Y*: 8.70%
• 5Y*: —
• 10Y*: —

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

THYF vs. PHYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
THYF T. Rowe Price U.S. High Yield ETF	1.50%	7.77%	8.51%	6.77%
PHYD Putnam ESG High Yield ETF -	2.16%	8.84%	7.35%	8.07%

Correlation

The correlation between THYF and PHYD is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023	0.77

The correlation between THYF and PHYD has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

THYF vs. PHYD - Sectors Allocation Comparison

Sectors	THYF	PHYD
Financial Services	34.0%	-
Basic Materials	18.3%	-
Healthcare	9.8%	0.7%
Consumer Cyclical	8.1%	0.2%
Real Estate	6.8%	0.1%
Industrials	6.1%	0.7%
Energy	4.3%	0.3%
Consumer Defensive	3.9%	0.5%
Technology	3.7%	0.8%
Communication Services	3.7%	-
Utilities	1.4%	0.7%

Return for Risk

THYF vs. PHYD — Risk / Return Rank

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

THYF

THYF Risk / Return Rank: 61
THYF Sharpe Ratio Rank: 59
THYF Sortino Ratio Rank: 66
THYF Omega Ratio Rank: 64
THYF Calmar Ratio Rank: 51
THYF Martin Ratio Rank: 63

PHYD

PHYD Risk / Return Rank: 78
PHYD Sharpe Ratio Rank: 72
PHYD Sortino Ratio Rank: 83
PHYD Omega Ratio Rank: 80
PHYD Calmar Ratio Rank: 75
PHYD Martin Ratio Rank: 80

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.

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.

	THYF	PHYD	Difference
Sharpe ratio Return per unit of total volatility	2.01	2.36	-0.36
Sortino ratio Return per unit of downside risk	3.08	3.75	-0.67
Omega ratio Gain probability vs. loss probability	1.39	1.48	-0.09
Calmar ratio Return relative to maximum drawdown	2.51	3.77	-1.25
Martin ratio Return relative to average drawdown	11.49	15.54	-4.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THYF vs. PHYD - Sharpe Ratio Comparison

The current THYF Sharpe Ratio is 2.01, which is comparable to the PHYD Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of THYF and PHYD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	THYF	PHYD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.36	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	1.72	-0.25

Drawdowns

THYF vs. PHYD - Drawdown Comparison

The maximum THYF drawdown since its inception was -5.24%, which is greater than PHYD's maximum drawdown of -4.33%. Use the drawdown chart below to compare losses from any high point for THYF and PHYD.

Drawdown Indicators

	THYF	PHYD	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-4.33%	-0.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-2.10%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-5.07%	-4.14%	-0.93%
Current Drawdown Current decline from peak	-0.35%	-0.94%	+0.59%
Average Drawdown Average peak-to-trough decline	-0.82%	-0.62%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.51%	+0.10%

Volatility

THYF vs. PHYD - Volatility Comparison

T. Rowe Price U.S. High Yield ETF (THYF) has a higher volatility of 1.12% compared to Putnam ESG High Yield ETF - (PHYD) at 1.03%. This indicates that THYF's price experiences larger fluctuations and is considered to be riskier than PHYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THYF	PHYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.03%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	2.54%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	3.34%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.82%	4.59%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.82%	4.59%	+1.23%

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 7.02%, less than PHYD's 9.05% yield.

Position	TTM	2025	2024	2023	2022
PHYD Putnam ESG High Yield ETF -	9.05%	6.63%	6.80%	6.15%	0.00%
THYF T. Rowe Price U.S. High Yield ETF	7.02%	7.17%	7.30%	8.02%	1.50%

Frequently Asked Questions

Can I hold both THYF and PHYD in my portfolio?

THYF and PHYD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THYF or PHYD?

THYF has higher volatility (1.12%) compared to PHYD (1.03%). In terms of maximum drawdown, THYF dropped -5.24% vs PHYD's -4.33%.

Which ETF is better, THYF or PHYD?

On 3-year performance, PHYD leads with 8.70% vs 8.57% for THYF. On fees, PHYD is cheaper at 0.55% 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, THYF or PHYD?

Over the 3-year period, PHYD has performed better with a 8.70% return vs 8.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THYF or PHYD?

PHYD is cheaper with a 0.55% expense ratio, compared with 0.56% for THYF.

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

PHYD has the higher dividend yield at 9.05%, compared with 7.02% for THYF.

What is the main difference between THYF and PHYD?

They also come from different issuers: T. Rowe Price and Putnam. Their fees differ too: 0.56% for THYF and 0.55% for PHYD.

Which has better risk-adjusted returns?

PHYD currently has the higher Sharpe Ratio (2.36 vs 2.01), 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.