BYLD vs. VARBX
Compare and contrast key facts about iShares Yield Optimized Bond ETF (BYLD) and Vivaldi Merger Arbitrage Fund Class I (VARBX).
BYLD is a passively managed fund by iShares that tracks the performance of the Morningstar U.S. Bond Market Yield-Optimized Index. It was launched on Apr 22, 2014. VARBX is managed by First Trust. It was launched on Oct 1, 2015.
Performance
BYLD vs. VARBX - Performance Comparison
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BYLD vs. VARBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | -0.20% | 8.41% | 4.17% | 8.30% | -10.33% | -1.25% | 4.25% | 12.79% | -1.50% | 4.75% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 0.76% | 6.06% | 12.64% | 3.30% | 2.38% | 5.42% | 4.00% | 4.28% | 4.11% | 2.39% |
Returns By Period
In the year-to-date period, BYLD achieves a -0.20% return, which is significantly lower than VARBX's 0.76% return. Over the past 10 years, BYLD has underperformed VARBX with an annualized return of 3.00%, while VARBX has yielded a comparatively higher 4.44% annualized return.
BYLD
- 1D
- 0.54%
- 1M
- -1.76%
- YTD
- -0.20%
- 6M
- 0.93%
- 1Y
- 5.97%
- 3Y*
- 6.04%
- 5Y*
- 2.16%
- 10Y*
- 3.00%
VARBX
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 0.76%
- 6M
- 2.21%
- 1Y
- 5.36%
- 3Y*
- 7.33%
- 5Y*
- 5.43%
- 10Y*
- 4.44%
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BYLD vs. VARBX - Expense Ratio Comparison
BYLD has a 0.17% expense ratio, which is lower than VARBX's 1.81% expense ratio.
Return for Risk
BYLD vs. VARBX — Risk / Return Rank
BYLD
VARBX
BYLD vs. VARBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Yield Optimized Bond ETF (BYLD) and Vivaldi Merger Arbitrage Fund Class I (VARBX). 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 | VARBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.30 | 4.06 | -2.75 |
Sortino ratioReturn per unit of downside risk | 1.83 | 6.90 | -5.07 |
Omega ratioGain probability vs. loss probability | 1.26 | 2.36 | -1.11 |
Calmar ratioReturn relative to maximum drawdown | 2.22 | 8.40 | -6.18 |
Martin ratioReturn relative to average drawdown | 8.14 | 36.29 | -28.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BYLD | VARBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 4.06 | -2.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | 1.65 | -1.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 1.33 | -0.77 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 1.40 | -0.84 |
Correlation
The correlation between BYLD and VARBX is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
BYLD vs. VARBX - Dividend Comparison
BYLD's dividend yield for the trailing twelve months is around 5.36%, less than VARBX's 5.99% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 5.99% | 6.04% | 12.59% | 4.07% | 0.75% | 8.42% | 0.81% | 5.54% | 2.15% | 1.70% | 0.06% | 0.04% |
Drawdowns
BYLD vs. VARBX - Drawdown Comparison
The maximum BYLD drawdown since its inception was -14.75%, which is greater than VARBX's maximum drawdown of -5.12%. Use the drawdown chart below to compare losses from any high point for BYLD and VARBX.
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Drawdown Indicators
| BYLD | VARBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.75% | -5.12% | -9.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -0.64% | -2.08% |
Max Drawdown (5Y)Largest decline over 5 years | -14.65% | -1.79% | -12.86% |
Max Drawdown (10Y)Largest decline over 10 years | -14.75% | -5.12% | -9.63% |
Current DrawdownCurrent decline from peak | -1.76% | 0.00% | -1.76% |
Average DrawdownAverage peak-to-trough decline | -2.54% | -0.57% | -1.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.74% | 0.15% | +0.59% |
Volatility
BYLD vs. VARBX - Volatility Comparison
iShares Yield Optimized Bond ETF (BYLD) has a higher volatility of 1.98% compared to Vivaldi Merger Arbitrage Fund Class I (VARBX) at 0.32%. This indicates that BYLD's price experiences larger fluctuations and is considered to be riskier than VARBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BYLD | VARBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 0.32% | +1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 0.73% | +1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.60% | 1.35% | +3.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.16% | 3.31% | +1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.43% | 3.35% | +2.08% |