BOND vs. BYLD
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 2.03%/yr vs 2.81%/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
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Returns By Period
In the year-to-date period, BOND achieves a 0.17% return, which is significantly lower than BYLD's 0.96% return. Over the past 10 years, BOND has underperformed BYLD with an annualized return of 2.03%, while BYLD has yielded a comparatively higher 2.81% annualized return.
BOND
- 1D
- -0.41%
- 1M
- -0.61%
- 6M
- -0.38%
- YTD
- 0.17%
- 1Y
- 5.08%
- 3Y*
- 4.83%
- 5Y*
- 0.22%
- 10Y*
- 2.03%
BYLD
- 1D
- -0.27%
- 1M
- -0.54%
- 6M
- 0.54%
- YTD
- 0.96%
- 1Y
- 5.36%
- 3Y*
- 6.11%
- 5Y*
- 1.98%
- 10Y*
- 2.81%
BOND vs. BYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | 0.17% | 8.39% | 2.77% | 6.48% | -14.57% | -0.77% | 7.80% | 8.54% | 0.08% | 4.76% |
BYLD iShares Yield Optimized Bond ETF | 0.96% | 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 0.79, 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 | 0.79 |
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 | 0.72 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 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.
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Return for Risk
BOND vs. BYLD — Risk / Return Rank
BOND
BYLD
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.
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.
| BOND | BYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.27 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 1.98 | -0.29 |
| Martin ratioReturn relative to average drawdown | 5.00 | 8.01 | -3.01 |
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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
| BOND | BYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -1.87% | -0.93% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -3.49% | -2.49% | -1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.67% | +0.35% |
Volatility
BOND vs. BYLD - Volatility Comparison
PIMCO Active Bond ETF (BOND) has a higher volatility of 1.42% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.04%. This indicates that BOND's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOND | BYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 1.04% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 3.16% | 3.08% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.99% | 3.81% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.79% | 5.21% | +0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.10% | 5.43% | -0.33% |
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 5.22%, less than BYLD's 5.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOND PIMCO Active Bond ETF | 5.22% | 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 | 5.40% | 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 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOND has higher volatility (1.42%) compared to BYLD (1.04%). In terms of maximum drawdown, BOND dropped -19.71% vs BYLD's -14.75%.
On 10-year performance, BYLD leads with 2.81% vs 2.03% for BOND. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.04%. 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 2.81% return vs 2.03%. 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 5.40%, compared with 5.22% 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 (1.42 vs 1.28), 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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