PHB vs VYM
Invesco Fundamental High Yield Corporate Bond ETF vs Vanguard High Dividend Yield ETF
Which is better, PHB or VYM?
High Yield Bond against Large Cap Value.
VYM has a lower expense ratio. VYM led over 1Y and the full window. PHB is less concentrated, with 10.1% of the fund in its ten largest positions against 26.1%.
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 | PHB | VYM |
|---|---|---|
| Expense Ratio | 0.50% | 0.04%Best |
| AUM | $387M | $81.6B |
| Dividend Yield | 5.06% | 2.22% |
| Holdings | 268 | 613 |
| Volatility (annualized) | 16.1% | 14.9%Best |
| Max Drawdown | -71.2% | -57.3%Best |
| $10,000 over 18.3 years | $7,403 | $34,967Best |
| Top 10 Weight | 10.1%Best | 26.1% |
| Fund Family | Invesco (US) | Vanguard (US) |
| Category | Fixed Income | Equity |
| Style | High Yield Bond | Large Cap Value |
| Inception | Nov 15, 2007 | Nov 10, 2006 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 210 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. PHB has data through Feb 20, 2026 and VYM through Sep 18, 2026.
Volatility and max drawdown, and the $10,000 over 18.3 years row, are measured over the window both funds cover: Nov 15, 2007 to Feb 20, 2026 (18.3 years).
Risk: Volatility and Drawdowns
PHB has been the more volatile fund, with annualized monthly volatility of 16.1% compared with 14.9% for VYM. 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 -71.2% for PHB and -57.3% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.33. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PHB charges 0.50% per year while VYM charges 0.04%. On a $10,000 position that is $50 vs $4 annually, a gap of $46 per year that compounds over a long holding period. On income, PHB currently yields 5.06% against 2.22% for VYM.
Holdings Overlap
We hold position weights for 260 holdings in PHB and 557 in VYM, totalling 98.1% and 99.2% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 304 days apart, PHB as of Sep 30, 2025 and VYM as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 260 positions we hold weights for in PHB and 557 in VYM, against full books of 268 and 613.
What only one of them owns
Our book lists 528 positions for VYM that do not appear in our book for PHB (97.1% of the fund), and 260 for PHB that do not appear in VYM (98.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of PHB and VYM 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, PHB or VYM?
PHB has an expense ratio of 0.50% while VYM charges 0.04%. VYM is the cheaper option, by $46 a year on a $10,000 investment.
Which is riskier, PHB or VYM?
PHB has been the more volatile fund at 16.1% annualized versus 14.9% for VYM. Worst drawdown: PHB -71.2% vs VYM -57.3%.
Should I hold both PHB and VYM?
PHB and VYM have a monthly-return correlation of 0.33, 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, PHB or VYM?
PHB yields 5.06% while VYM yields 2.22%, so PHB currently pays the higher dividend yield.
Is VYM better than PHB?
VYM has a lower expense ratio. VYM led over 1Y and the full window. PHB is less concentrated, with 10.1% of the fund in its ten largest positions against 26.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.