BYLD vs. NFLT

Last updated Jun 3, 2026

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 3.03%/yr vs 4.14%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Yield Optimized Bond ETF (BYLD) and Virtus Newfleet Multi-Sector Bond ETF (NFLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BYLD achieves a 1.41% return, which is significantly lower than NFLT's 1.66% return. Over the past 10 years, BYLD has underperformed NFLT with an annualized return of 3.03%, while NFLT has yielded a comparatively higher 4.14% annualized return.

BYLD

• 1D: 0.08%
• 1M: 0.49%
• YTD: 1.41%
• 6M: 1.62%
• 1Y: 7.32%
• 3Y*: 6.56%
• 5Y*: 2.32%
• 10Y*: 3.03%

NFLT

• 1D: 0.09%
• 1M: 0.38%
• YTD: 1.66%
• 6M: 2.08%
• 1Y: 7.51%
• 3Y*: 7.43%
• 5Y*: 3.24%
• 10Y*: 4.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BYLD vs. NFLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BYLD iShares Yield Optimized Bond ETF	1.41%	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	1.66%	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 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
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 12, 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.

BYLD vs. NFLT - Sectors Allocation Comparison

Sectors	BYLD	NFLT
Energy	99.2%	-
Real Estate	0.8%	0.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.9%
Healthcare	-	0.0%
Industrials	-	-
Technology	-	0.0%
Utilities	-	2.7%

Return for Risk

BYLD vs. NFLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BYLD

BYLD Risk / Return Rank: 57
BYLD Sharpe Ratio Rank: 56
BYLD Sortino Ratio Rank: 61
BYLD Omega Ratio Rank: 59
BYLD Calmar Ratio Rank: 52
BYLD Martin Ratio Rank: 60

NFLT

NFLT Risk / Return Rank: 60
NFLT Sharpe Ratio Rank: 54
NFLT Sortino Ratio Rank: 57
NFLT Omega Ratio Rank: 56
NFLT Calmar Ratio Rank: 61
NFLT Martin Ratio Rank: 72

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.

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.

	BYLD	NFLT	Difference
Sharpe ratio Return per unit of total volatility	1.93	1.88	+0.05
Sortino ratio Return per unit of downside risk	2.88	2.75	+0.13
Omega ratio Gain probability vs. loss probability	1.36	1.35	+0.02
Calmar ratio Return relative to maximum drawdown	2.64	3.09	-0.45
Martin ratio Return relative to average drawdown	10.73	13.64	-2.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BYLD vs. NFLT - Sharpe Ratio Comparison

The current BYLD Sharpe Ratio is 1.93, which is comparable to the NFLT Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of BYLD and NFLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BYLD	NFLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	1.88	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.73	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.84	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.84	-0.27

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.

Drawdown Indicators

	BYLD	NFLT	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.16%	-0.17%	+0.01%
Average Drawdown Average peak-to-trough decline	-2.51%	-2.10%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.55%	+0.12%

Volatility

BYLD vs. NFLT - Volatility Comparison

iShares Yield Optimized Bond ETF (BYLD) has a higher volatility of 1.44% compared to Virtus Newfleet Multi-Sector Bond ETF (NFLT) at 1.20%. This indicates that BYLD's price experiences larger fluctuations and is considered to be riskier than NFLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BYLD	NFLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	1.20%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	2.93%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	4.01%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.20%	4.43%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.43%	4.93%	+0.50%

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 5.80%, more 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	5.80%	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

Can I hold both BYLD and NFLT in my portfolio?

BYLD and NFLT have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BYLD or NFLT?

BYLD has higher volatility (1.44%) compared to NFLT (1.20%). In terms of maximum drawdown, BYLD dropped -14.75% vs NFLT's -15.17%.

Which ETF is better, BYLD or NFLT?

On 10-year performance, NFLT leads with 4.14% vs 3.03% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, NFLT has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BYLD or NFLT?

Over the 10-year period, NFLT has performed better with a 4.14% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BYLD or NFLT?

BYLD is cheaper with a 0.17% expense ratio, compared with 0.50% for NFLT.

Which ETF pays a higher dividend yield, BYLD or NFLT?

BYLD has the higher dividend yield at 5.80%, compared with 5.49% for NFLT.

What is the main difference between BYLD and NFLT?

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.

Which has better risk-adjusted returns?

BYLD currently has the higher Sharpe Ratio (1.93 vs 1.88), 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.