IVV vs PHYL
iShares Core S&P 500 ETF vs PGIM Active High Yield Bond ETF
Which is better, IVV or PHYL?
Large Cap Blend against High Yield Bond.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | PHYL |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.39% |
| AUM | $876.4B | $1.4B |
| Dividend Yield | 1.06% | 8.26% |
| Holdings | 508 | 804 |
| YTD Return | +11.57%Best | +1.30% |
| 1Y Return | +17.57%Best | +3.02% |
| 3Y Return (annualized) | +20.71%Best | +8.15% |
| 5Y Return (annualized) | +12.80%Best | +3.59% |
| Volatility (annualized) | 16.9% | 8.6%Best |
| Max Drawdown | -33.9% | -23.5%Best |
| $10,000 over 5 years | $18,262Best | $11,929 |
| Fund Family | iShares by BlackRock (US) | PGIM Investments |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | High Yield Bond |
| Inception | May 15, 2000 | Sep 24, 2018 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 27, 2018 to Sep 10, 2026 (8 years).
IVV vs PHYL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 8 years both funds cover.
IVV vs PHYL Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and PGIM Active High Yield Bond ETF (PHYL) is an ETF from PGIM Investments. Over the past year IVV returned +17.57% while PHYL returned +3.02%. Year to date, IVV is up 11.57% versus a gain of 1.30% for PHYL.
Over three years, IVV compounded at +20.71% per year against +8.15% for PHYL; over five years the annualized figures are +12.80% and +3.59% respectively. Across the full 8-year window we track, IVV has the edge at +13.86% annualized vs +2.92%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 16.9% compared with 8.6% 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 -33.9% for IVV and -23.5% for PHYL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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
IVV charges 0.03% per year while PHYL charges 0.39%. On a $10,000 position that is $3 vs $39 annually, a gap of $36 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 8.26% for PHYL.
Holdings Overlap
At least 0.4% of IVV's money is in holdings PHYL also owns.
Stated as a floor: for PHYL, our book for it covers 88.4% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 250 days apart, IVV as of Aug 5, 2026 and PHYL as of Nov 28, 2025, so some of the difference between them is the time between the two reports rather than the funds.
2 positions in common, counted across the 505 positions we hold weights for in IVV and 616 in PHYL, against full books of 508 and 804.
You are not choosing between two funds in isolation.
Whichever of IVV and PHYL you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or PHYL?
IVV has an expense ratio of 0.03% while PHYL charges 0.39%. IVV is the cheaper option, by $36 a year on a $10,000 investment.
Which performed better, IVV or PHYL?
Over the past year IVV returned +17.57% vs +3.02% for PHYL, so IVV leads on 1-year performance. Over the longest common window we track (8 years), IVV annualized +13.86% vs +2.92% for PHYL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or PHYL?
IVV has been the more volatile fund at 16.9% annualized versus 8.6% for PHYL. Worst drawdown: IVV -33.9% vs PHYL -23.5%.
Should I hold both IVV and PHYL?
IVV and PHYL have a monthly-return correlation of 0.81, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IVV or PHYL?
IVV yields 1.06% while PHYL yields 8.26%, so PHYL currently pays the higher dividend yield.
Is PHYL better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.