BHYAX vs. OSTIX
BHYAX (BlackRock High Yield Bond Fund Investor A Shares) and OSTIX (Osterweis Strategic Income Fund) are both High Yield Bonds funds. Over the past 10 years, BHYAX returned 5.42%/yr vs 5.08%/yr for OSTIX. A 0.56 correlation means they provide meaningful diversification when combined. BHYAX charges 0.93%/yr vs 0.84%/yr for OSTIX.
Performance
BHYAX vs. OSTIX - Performance Comparison
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Returns By Period
In the year-to-date period, BHYAX achieves a 1.47% return, which is significantly lower than OSTIX's 1.77% return. Over the past 10 years, BHYAX has outperformed OSTIX with an annualized return of 5.42%, while OSTIX has yielded a comparatively lower 5.08% annualized return.
BHYAX
- 1D
- 0.00%
- 1M
- 0.68%
- YTD
- 1.47%
- 6M
- 2.16%
- 1Y
- 7.08%
- 3Y*
- 8.27%
- 5Y*
- 3.80%
- 10Y*
- 5.42%
OSTIX
- 1D
- 0.00%
- 1M
- 0.56%
- YTD
- 1.77%
- 6M
- 1.91%
- 1Y
- 4.75%
- 3Y*
- 6.91%
- 5Y*
- 4.27%
- 10Y*
- 5.08%
BHYAX vs. OSTIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BHYAX BlackRock High Yield Bond Fund Investor A Shares | 1.47% | 8.96% | 7.55% | 12.19% | -11.63% | 5.21% | 5.54% | 15.15% | -3.24% | 8.03% |
OSTIX Osterweis Strategic Income Fund | 1.77% | 4.04% | 8.03% | 12.29% | -5.94% | 5.48% | 9.01% | 5.36% | -0.66% | 6.00% |
Correlation
The correlation between BHYAX and OSTIX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2002 | 0.56 |
The correlation between BHYAX and OSTIX shifts across timeframes, from 0.56 (all time) to 0.75 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BHYAX vs. OSTIX — Risk / Return Rank
BHYAX
OSTIX
BHYAX vs. OSTIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock High Yield Bond Fund Investor A Shares (BHYAX) and Osterweis Strategic Income Fund (OSTIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BHYAX | OSTIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.68 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.16 | 3.43 | -0.27 |
| Martin ratioReturn relative to average drawdown | 15.33 | 15.51 | -0.18 |
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Drawdowns
BHYAX vs. OSTIX - Drawdown Comparison
The maximum BHYAX drawdown since its inception was -35.18%, which is greater than OSTIX's maximum drawdown of -10.06%. Use the drawdown chart below to compare losses from any high point for BHYAX and OSTIX.
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Drawdown Indicators
| BHYAX | OSTIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.18% | -10.06% | -25.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.30% | -1.42% | -0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -4.10% | -3.27% | -0.83% |
Max Drawdown (5Y)Largest decline over 5 years | -15.60% | -9.75% | -5.85% |
Max Drawdown (10Y)Largest decline over 10 years | -23.25% | -10.06% | -13.19% |
Current DrawdownCurrent decline from peak | -0.28% | -0.09% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -0.94% | -1.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.31% | +0.16% |
Volatility
BHYAX vs. OSTIX - Volatility Comparison
BlackRock High Yield Bond Fund Investor A Shares (BHYAX) has a higher volatility of 1.01% compared to Osterweis Strategic Income Fund (OSTIX) at 0.46%. This indicates that BHYAX's price experiences larger fluctuations and is considered to be riskier than OSTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BHYAX | OSTIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.46% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.66% | 1.36% | +1.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 1.70% | +1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 3.01% | +2.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.89% | 2.96% | +2.93% |
BHYAX vs. OSTIX - Expense Ratio Comparison
BHYAX has a 0.93% expense ratio, which is higher than OSTIX's 0.84% expense ratio.
Dividends
BHYAX vs. OSTIX - Dividend Comparison
BHYAX's dividend yield for the trailing twelve months is around 6.73%, more than OSTIX's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BHYAX BlackRock High Yield Bond Fund Investor A Shares | 6.73% | 6.71% | 6.56% | 5.30% | 4.60% | 4.42% | 4.83% | 5.39% | 6.02% | 5.50% | 5.65% | 6.01% |
OSTIX Osterweis Strategic Income Fund | 4.74% | 3.96% | 5.25% | 5.72% | 4.72% | 4.03% | 3.85% | 4.74% | 4.66% | 4.58% | 5.23% | 5.98% |
Frequently Asked Questions
BHYAX and OSTIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BHYAX has higher volatility (1.01%) compared to OSTIX (0.46%). In terms of maximum drawdown, BHYAX dropped -35.18% vs OSTIX's -10.06%.
OSTIX currently has the higher Sharpe Ratio (2.87 vs 2.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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