PHYD vs SPY
PHYD vs SPY
Putnam ESG High Yield ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PHYD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.55% | 0.09% | |
| AUM | $8M | $789.1B | |
| Dividend Yield | 8.98% | 1.01% | |
| Holdings | 323 | 505 | |
| YTD Return | +2.34% | +13.10% | |
| 1Y Return | +7.64% | +22.80% | |
| 3Y Return (annualized) | +8.71% | +20.98% | |
| 5Y Return (annualized) | - | +13.20% | |
| Volatility (annualized) | 4.5% | 15.3% | |
| Max Drawdown | -4.3% | -56.5% | |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jan 19, 2023 | Jan 22, 1993 |
PHYD vs SPY Performance
Putnam ESG High Yield ETF (PHYD) is a ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PHYD returned +7.64% while SPY returned +22.80%. Year to date, PHYD is up 2.34% versus a gain of 13.10% for SPY.
Over three years, PHYD compounded at +8.71% per year against +20.98% for SPY. Across the full 3-year window we track, SPY has the edge at +8.83% annualized vs +7.86%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 4.5% for PHYD. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -4.3% for PHYD and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PHYD charges 0.55% per year while SPY charges 0.09%. On a $10,000 position that is $55 vs $9 annually, a gap of $46 per year that compounds over a long holding period. On income, PHYD currently yields 8.98% against 1.01% for SPY.
Holdings Overlap
PHYD and SPY share 0 holdings out of 769 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PHYD or SPY?
PHYD has an expense ratio of 0.55% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $46 per year of difference.
Which performed better, PHYD or SPY?
Over the past year PHYD returned +7.64% vs +22.80% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), PHYD annualized +7.86% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, PHYD or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.5% for PHYD. Worst drawdown: PHYD -4.3% vs SPY -56.5%.
Should I hold both PHYD and SPY?
PHYD and SPY have a monthly-return correlation of 0.82, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PHYD and SPY?
PHYD and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 769 unique securities.
Which pays a higher dividend, PHYD or SPY?
PHYD yields 8.98% while SPY yields 1.01%, so PHYD currently pays the higher dividend yield.
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