PHYD vs SPY
Putnam ESG High Yield ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PHYD or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y 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 | PHYD | SPY |
|---|---|---|
| Expense Ratio | 0.55% | 0.09%Best |
| AUM | $8M | $804.7B |
| Dividend Yield | 8.98% | 0.98% |
| Holdings | 323 | 505 |
| Volatility (annualized) | 4.5%Best | 12.9% |
| Max Drawdown | -4.3%Best | -18.8% |
| $10,000 over 3.4 years | $12,934 | $19,482Best |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Jan 19, 2023 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 101 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. PHYD has data through Jun 9, 2026 and SPY through Sep 18, 2026.
Volatility and max drawdown, and the $10,000 over 3.4 years row, are measured over the window both funds cover: Jan 20, 2023 to Jun 9, 2026 (3.4 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.9% 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 -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 0.98% for SPY.
Holdings Overlap
We hold position weights for 266 holdings in PHYD and 504 in SPY, totalling 82.5% and 99.9% 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 214 days apart, PHYD as of Jan 30, 2026 and SPY as of Sep 1, 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 266 positions we hold weights for in PHYD and 504 in SPY, against full books of 323 and 505.
You are not choosing between two funds in isolation.
Whichever of PHYD and SPY 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, PHYD or SPY?
PHYD has an expense ratio of 0.55% while SPY charges 0.09%. SPY is the cheaper option, by $46 a year on a $10,000 investment.
Which is riskier, PHYD or SPY?
SPY has been the more volatile fund at 12.9% annualized versus 4.5% for PHYD. Worst drawdown: PHYD -4.3% vs SPY -18.8%.
Should I hold both PHYD and SPY?
PHYD and SPY have a monthly-return correlation of 0.82, 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, PHYD or SPY?
PHYD yields 8.98% while SPY yields 0.98%, so PHYD currently pays the higher dividend yield.
Is SPY better than PHYD?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.