BYLD vs. OBND
BYLD (iShares Yield Optimized Bond ETF) and OBND (SPDR Loomis Sayles Opportunistic 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 OBND is a Nontraditional Bonds fund actively managed by State Street. BYLD is passively managed, while OBND is actively managed. Over the past 3 years, BYLD returned 6.54%/yr vs 6.84%/yr for OBND. Their correlation of 0.82 suggests significant overlap in exposure. BYLD charges 0.17%/yr vs 0.55%/yr for OBND.
Performance
BYLD vs. OBND - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with BYLD having a 1.50% return and OBND slightly lower at 1.47%.
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%
OBND
- 1D
- -0.00%
- 1M
- 0.54%
- YTD
- 1.47%
- 6M
- 1.42%
- 1Y
- 5.74%
- 3Y*
- 6.84%
- 5Y*
- —
- 10Y*
- —
BYLD vs. OBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 1.50% | 8.41% | 4.17% | 8.30% | -10.33% | -0.03% |
OBND SPDR Loomis Sayles Opportunistic Bond ETF | 1.47% | 7.85% | 4.80% | 9.47% | -11.24% | 0.05% |
Correlation
The correlation between BYLD and OBND is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.82 |
The correlation between BYLD and OBND has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.
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Return for Risk
BYLD vs. OBND — Risk / Return Rank
BYLD
OBND
BYLD vs. OBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Yield Optimized Bond ETF (BYLD) and SPDR Loomis Sayles Opportunistic Bond ETF (OBND). 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 | OBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.31 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 2.00 | +0.30 |
| Martin ratioReturn relative to average drawdown | 9.29 | 8.70 | +0.60 |
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Drawdowns
BYLD vs. OBND - Drawdown Comparison
The maximum BYLD drawdown since its inception was -14.75%, smaller than the maximum OBND drawdown of -15.86%. Use the drawdown chart below to compare losses from any high point for BYLD and OBND.
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Drawdown Indicators
| BYLD | OBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.75% | -15.86% | +1.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -2.88% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -3.94% | -3.17% | -0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -14.65% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.75% | — | — |
Current DrawdownCurrent decline from peak | -0.13% | -0.27% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -2.50% | -4.36% | +1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.66% | +0.01% |
Volatility
BYLD vs. OBND - Volatility Comparison
iShares Yield Optimized Bond ETF (BYLD) and SPDR Loomis Sayles Opportunistic Bond ETF (OBND) have volatilities of 1.13% and 1.13%, 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
| BYLD | OBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 1.13% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 2.79% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 3.48% | +0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.21% | 4.66% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.43% | 4.66% | +0.77% |
BYLD vs. OBND - Expense Ratio Comparison
BYLD has a 0.17% expense ratio, which is lower than OBND's 0.55% expense ratio.
Dividends
BYLD vs. OBND - Dividend Comparison
BYLD's dividend yield for the trailing twelve months is around 5.35%, less than OBND's 6.27% 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% |
OBND SPDR Loomis Sayles Opportunistic Bond ETF | 6.27% | 6.26% | 6.53% | 6.01% | 4.56% | 0.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BYLD and OBND have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OBND has higher volatility (1.13%) compared to BYLD (1.13%). In terms of maximum drawdown, BYLD dropped -14.75% vs OBND's -15.86%.
On 3-year performance, OBND leads with 6.84% vs 6.54% for BYLD. 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 3-year period, OBND has performed better with a 6.84% return vs 6.54%. 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 0.55% for OBND.
OBND has the higher dividend yield at 6.27%, compared with 5.35% for BYLD.
BYLD is categorized as Intermediate Core-Plus Bond, while OBND is Nontraditional Bonds. They also come from different issuers: iShares and State Street. Their fees differ too: 0.17% for BYLD and 0.55% for OBND.
OBND currently has the higher Sharpe Ratio (1.66 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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