PHYL vs SPY
PHYL vs SPY
PGIM Active High Yield Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. PHYL offers more diversification with 616 holdings.
Side-by-Side Comparison
| Metric | PHYL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.39% | 0.09% | |
| AUM | $1.4B | $789.1B | |
| Dividend Yield | 8.24% | 1.01% | |
| Holdings | 804 | 505 | |
| YTD Return | +1.71% | +11.49% | |
| 1Y Return | +4.91% | +21.37% | |
| 3Y Return (annualized) | +8.40% | +20.76% | |
| 5Y Return (annualized) | +3.82% | +12.94% | |
| Volatility (annualized) | 8.7% | 15.3% | |
| Max Drawdown | -23.5% | -56.5% | |
| Fund Family | PGIM Investments | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Sep 24, 2018 | Jan 22, 1993 |
PHYL vs SPY Performance
PGIM Active High Yield Bond ETF (PHYL) is a ETF from PGIM Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PHYL returned +4.91% while SPY returned +21.37%. Year to date, PHYL is up 1.71% versus a gain of 11.49% for SPY.
Over three years, PHYL compounded at +8.40% per year against +20.76% for SPY; over five years the annualized figures are +3.82% and +12.94% respectively. Across the full 8-year window we track, SPY has the edge at +8.78% annualized vs +3.02%. 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 8.7% for PHYL. 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 -23.5% for PHYL 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
PHYL charges 0.39% per year while SPY charges 0.09%. On a $10,000 position that is $39 vs $9 annually, a gap of $30 per year that compounds over a long holding period. On income, PHYL currently yields 8.24% against 1.01% for SPY.
Holdings Overlap
PHYL and SPY share 1 holdings out of 1118 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in PHYL | Weight in SPY | Difference |
|---|---|---|---|
| EXE | 0.03% | 0.03% | 0.00% |
Frequently Asked Questions
Which is cheaper, PHYL or SPY?
PHYL has an expense ratio of 0.39% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $30 per year of difference.
Which performed better, PHYL or SPY?
Over the past year PHYL returned +4.91% vs +21.37% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), PHYL annualized +3.02% vs +8.78% for SPY. Past performance does not guarantee future results.
Which is riskier, PHYL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 8.7% for PHYL. Worst drawdown: PHYL -23.5% vs SPY -56.5%.
Should I hold both PHYL and SPY?
PHYL and SPY have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PHYL and SPY?
PHYL and SPY share 1 common holdings with a 0.0% weight overlap. Combined, they hold 1118 unique securities.
Which pays a higher dividend, PHYL or SPY?
PHYL yields 8.24% while SPY yields 1.01%, so PHYL currently pays the higher dividend yield.
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