BYLD vs. NFLT
BYLD (iShares Yield Optimized Bond ETF) and NFLT (Virtus Newfleet Multi-Sector Bond ETF) are both exchange-traded funds - BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index, while NFLT is a Multisector Bonds fund actively managed by Virtus. BYLD is passively managed, while NFLT is actively managed. Over the past 10 years, BYLD returned 2.97%/yr vs 4.06%/yr for NFLT. At a 0.44 correlation, their price movements are largely independent. BYLD charges 0.17%/yr vs 0.50%/yr for NFLT.
Performance
BYLD vs. NFLT - Performance Comparison
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Returns By Period
In the year-to-date period, BYLD achieves a 1.50% return, which is significantly lower than NFLT's 1.82% return. Over the past 10 years, BYLD has underperformed NFLT with an annualized return of 2.97%, while NFLT has yielded a comparatively higher 4.06% annualized return.
BYLD
- 1D
- 0.04%
- 1M
- 0.88%
- YTD
- 1.50%
- 6M
- 1.48%
- 1Y
- 6.22%
- 3Y*
- 6.54%
- 5Y*
- 2.21%
- 10Y*
- 2.97%
NFLT
- 1D
- -0.09%
- 1M
- 0.81%
- YTD
- 1.82%
- 6M
- 1.75%
- 1Y
- 7.05%
- 3Y*
- 7.44%
- 5Y*
- 3.14%
- 10Y*
- 4.06%
BYLD vs. NFLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 1.50% | 8.41% | 4.17% | 8.30% | -10.33% | -1.25% | 4.25% | 12.79% | -1.50% | 4.75% |
NFLT Virtus Newfleet Multi-Sector Bond ETF | 1.82% | 8.77% | 6.05% | 9.16% | -9.49% | 1.18% | 8.02% | 10.13% | -2.68% | 6.30% |
Correlation
The correlation between BYLD and NFLT is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2015 | 0.44 |
The correlation between BYLD and NFLT shifts across timeframes, from 0.44 (all time) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BYLD vs. NFLT — Risk / Return Rank
BYLD
NFLT
BYLD vs. NFLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Yield Optimized Bond ETF (BYLD) and Virtus Newfleet Multi-Sector Bond ETF (NFLT). 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.
| BYLD | NFLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.32 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 2.93 | -0.63 |
| Martin ratioReturn relative to average drawdown | 9.29 | 12.71 | -3.41 |
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Drawdowns
BYLD vs. NFLT - Drawdown Comparison
The maximum BYLD drawdown since its inception was -14.75%, roughly equal to the maximum NFLT drawdown of -15.17%. Use the drawdown chart below to compare losses from any high point for BYLD and NFLT.
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Drawdown Indicators
| BYLD | NFLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.75% | -15.17% | +0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -2.42% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -3.94% | -3.24% | -0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -14.65% | -13.42% | -1.23% |
Max Drawdown (10Y)Largest decline over 10 years | -14.75% | -15.17% | +0.42% |
Current DrawdownCurrent decline from peak | -0.13% | -0.58% | +0.45% |
Average DrawdownAverage peak-to-trough decline | -2.50% | -2.09% | -0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.56% | +0.11% |
Volatility
BYLD vs. NFLT - Volatility Comparison
The current volatility for iShares Yield Optimized Bond ETF (BYLD) is 1.13%, while Virtus Newfleet Multi-Sector Bond ETF (NFLT) has a volatility of 1.56%. This indicates that BYLD experiences smaller price fluctuations and is considered to be less risky than NFLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BYLD | NFLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 1.56% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 3.14% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 4.19% | -0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.21% | 4.47% | +0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.43% | 4.94% | +0.49% |
BYLD vs. NFLT - Expense Ratio Comparison
BYLD has a 0.17% expense ratio, which is lower than NFLT's 0.50% expense ratio.
Dividends
BYLD vs. NFLT - Dividend Comparison
BYLD's dividend yield for the trailing twelve months is around 5.35%, less than NFLT's 5.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.35% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
NFLT Virtus Newfleet Multi-Sector Bond ETF | 5.49% | 5.74% | 5.76% | 6.02% | 4.16% | 3.41% | 3.63% | 4.33% | 4.81% | 6.23% | 5.30% | 0.67% |
Frequently Asked Questions
BYLD and NFLT have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NFLT has higher volatility (1.56%) compared to BYLD (1.13%). In terms of maximum drawdown, BYLD dropped -14.75% vs NFLT's -15.17%.
On 10-year performance, NFLT leads with 4.06% vs 2.97% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NFLT has performed better with a 4.06% return vs 2.97%. 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 0.50% for NFLT.
NFLT has the higher dividend yield at 5.49%, compared with 5.35% for BYLD.
BYLD is categorized as Intermediate Core-Plus Bond, while NFLT is Multisector Bonds. They also come from different issuers: iShares and Virtus. Their fees differ too: 0.17% for BYLD and 0.50% for NFLT.
NFLT currently has the higher Sharpe Ratio (1.69 vs 1.62), 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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