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BOND vs. BYLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BOND vs. BYLD

Last updated Jun 4, 2026

BOND (PIMCO Active Bond ETF) and BYLD (iShares Yield Optimized Bond ETF) are both Intermediate Core-Plus Bond funds. BOND is actively managed, while BYLD is passively managed. Over the past 10 years, BOND returned 2.16%/yr vs 3.01%/yr for BYLD. A 0.64 correlation means they provide meaningful diversification when combined. BOND charges 0.54%/yr vs 0.17%/yr for BYLD.

Performance

BOND vs. BYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Active Bond ETF (BOND) and iShares Yield Optimized Bond ETF (BYLD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BOND achieves a 0.48% return, which is significantly lower than BYLD's 1.23% return. Over the past 10 years, BOND has underperformed BYLD with an annualized return of 2.16%, while BYLD has yielded a comparatively higher 3.01% annualized return.

BOND

1D
-0.24%
1M
0.30%
YTD
0.48%
6M
0.46%
1Y
6.71%
3Y*
4.99%
5Y*
0.51%
10Y*
2.16%

BYLD

1D
-0.18%
1M
0.61%
YTD
1.23%
6M
1.35%
1Y
7.01%
3Y*
6.49%
5Y*
2.21%
10Y*
3.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BOND vs. BYLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BOND
PIMCO Active Bond ETF		0.48%8.39%2.77%6.48%-14.57%-0.77%7.80%8.54%0.08%4.76%
BYLD
iShares Yield Optimized Bond ETF		1.23%8.41%4.17%8.30%-10.33%-1.25%4.25%12.79%-1.50%4.75%

Correlation

The correlation between BOND and BYLD is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.81

Correlation (3Y)
Calculated over the trailing 3-year period

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.82

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Apr 25, 2014

0.64

The correlation between BOND and BYLD shifts across timeframes, from 0.64 (all time) to 0.84 (3 years), reflecting how their relationship changes across market environments.

BOND vs. BYLD - Sectors Allocation Comparison

Sectors
BOND
BYLD

Financial Services

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

99.2%

Healthcare

-

-

Industrials

-

-

Real Estate

-

0.8%

Technology

-

-

Utilities

-

-

Financial Services

BOND
100.0%
BYLD

-

Basic Materials

BOND

-

BYLD

-

Communication Services

BOND

-

BYLD

-

Consumer Cyclical

BOND

-

BYLD

-

Consumer Defensive

BOND

-

BYLD

-

Energy

BOND

-

BYLD
99.2%

Healthcare

BOND

-

BYLD

-

Industrials

BOND

-

BYLD

-

Real Estate

BOND

-

BYLD
0.8%

Technology

BOND

-

BYLD

-

Utilities

BOND

-

BYLD

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

PIMCO Active Bond ETF

iShares Yield Optimized Bond ETF

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Often compared with BYLD:
BYLD vs. IGEBBYLD vs. FBNDBYLD vs. TOTLBYLD vs. BNDBYLD vs. USHYBYLD vs. AGGBYLD vs. VPLS

Return for Risk

BOND vs. BYLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BOND
BOND Risk / Return Rank: 4747
Overall Rank
BOND Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
BOND Sortino Ratio Rank: 5050
Sortino Ratio Rank
BOND Omega Ratio Rank: 4747
Omega Ratio Rank
BOND Calmar Ratio Rank: 4444
Calmar Ratio Rank
BOND Martin Ratio Rank: 4343
Martin Ratio Rank
BYLD
BYLD Risk / Return Rank: 5555
Overall Rank
BYLD Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
BYLD Sortino Ratio Rank: 5757
Sortino Ratio Rank
BYLD Omega Ratio Rank: 5656
Omega Ratio Rank
BYLD Calmar Ratio Rank: 5252
Calmar Ratio Rank
BYLD Martin Ratio Rank: 5959
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BOND vs. BYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Active Bond ETF (BOND) and iShares Yield Optimized Bond ETF (BYLD). 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.

BONDBYLDDifference
Sharpe ratioReturn per unit of total volatility
1.70
1.85

-0.15

Sortino ratioReturn per unit of downside risk
2.50
2.76

-0.26

Omega ratioGain probability vs. loss probability

1.31

1.35

-0.04

Calmar ratioReturn relative to maximum drawdown

2.23

2.60

-0.36

Martin ratioReturn relative to average drawdown

7.13

10.54

-3.41

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOND vs. BYLD - Sharpe Ratio Comparison

The current BOND Sharpe Ratio is 1.70, which is comparable to the BYLD Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of BOND and BYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BONDBYLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

1.85

-0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.09

0.43

-0.34

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.43

0.56

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.63

0.57

+0.06

Drawdowns

BOND vs. BYLD - Drawdown Comparison

The maximum BOND drawdown since its inception was -19.71%, which is greater than BYLD's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for BOND and BYLD.

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Drawdown Indicators

BONDBYLDDifference

Max Drawdown

Largest peak-to-trough decline

-19.71%

-14.75%

-4.96%

Max Drawdown (1Y)

Largest decline over 1 year

-3.01%

-2.71%

-0.30%

Max Drawdown (3Y)

Largest decline over 3 years

-6.12%

-3.94%

-2.18%

Max Drawdown (5Y)

Largest decline over 5 years

-19.71%

-14.65%

-5.06%

Max Drawdown (10Y)

Largest decline over 10 years

-19.71%

-14.75%

-4.96%

Current Drawdown

Current decline from peak

-1.57%

-0.34%

-1.23%

Average Drawdown

Average peak-to-trough decline

-3.50%

-2.51%

-0.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.94%

0.67%

+0.27%

Volatility

BOND vs. BYLD - Volatility Comparison

PIMCO Active Bond ETF (BOND) and iShares Yield Optimized Bond ETF (BYLD) have volatilities of 1.40% and 1.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BONDBYLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.40%

1.42%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

2.88%

2.94%

-0.06%

Volatility (1Y)

Calculated over the trailing 1-year period

3.97%

3.82%

+0.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.76%

5.20%

+0.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.09%

5.43%

-0.34%

BOND vs. BYLD - Expense Ratio Comparison

BOND has a 0.54% expense ratio, which is higher than BYLD's 0.17% expense ratio.

Dividends

BOND vs. BYLD - Dividend Comparison

BOND's dividend yield for the trailing twelve months is around 5.19%, less than BYLD's 5.36% yield.

PositionTTM20252024202320222021202020192018201720162015
BOND
PIMCO Active Bond ETF		5.19%5.11%5.02%4.06%3.44%2.58%2.66%3.38%3.18%2.87%2.85%4.14%
BYLD
iShares Yield Optimized Bond ETF		5.36%5.32%5.31%4.45%3.39%2.18%3.41%3.67%4.22%3.22%3.14%3.37%

Frequently Asked Questions

BOND and BYLD have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BYLD has higher volatility (1.42%) compared to BOND (1.40%). In terms of maximum drawdown, BOND dropped -19.71% vs BYLD's -14.75%.

On 10-year performance, BYLD leads with 3.01% vs 2.16% for BOND. On fees, BYLD is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BYLD has performed better with a 3.01% return vs 2.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BYLD is cheaper with a 0.17% expense ratio, compared with 0.54% for BOND.

BYLD has the higher dividend yield at 5.36%, compared with 5.19% for BOND.

They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.54% for BOND and 0.17% for BYLD.

BYLD currently has the higher Sharpe Ratio (1.85 vs 1.70), 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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