BYLD vs. WABF

Last updated Jun 3, 2026

BYLD (iShares Yield Optimized Bond ETF) and WABF (Western Asset Bond ETF) are both Intermediate Core-Plus Bond funds. BYLD is passively managed, while WABF is actively managed. Over the past year, BYLD returned 7.32% vs 6.00% for WABF. Their correlation of 0.84 suggests significant overlap in exposure. BYLD charges 0.17%/yr vs 0.35%/yr for WABF.

Performance

BYLD vs. WABF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Yield Optimized Bond ETF (BYLD) and Western Asset Bond ETF (WABF). 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 higher than WABF's 0.32% 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%

WABF

• 1D: 0.03%
• 1M: 0.08%
• YTD: 0.32%
• 6M: 0.47%
• 1Y: 6.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BYLD vs. WABF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BYLD iShares Yield Optimized Bond ETF	1.41%	8.41%	4.17%	6.18%
WABF Western Asset Bond ETF	0.32%	7.92%	1.30%	6.81%

Correlation

The correlation between BYLD and WABF is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Sep 22, 2023	0.84

The correlation between BYLD and WABF has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

BYLD vs. WABF - Sectors Allocation Comparison

Sectors	BYLD	WABF
Energy	99.2%	1.5%
Real Estate	0.8%	-
Basic Materials	-	0.1%
Communication Services	-	1.0%
Consumer Cyclical	-	0.2%
Consumer Defensive	-	0.2%
Financial Services	-	3.9%
Healthcare	-	0.6%
Industrials	-	0.2%
Technology	-	0.4%
Utilities	-	0.2%

Return for Risk

BYLD vs. WABF — 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

WABF

WABF Risk / Return Rank: 42
WABF Sharpe Ratio Rank: 45
WABF Sortino Ratio Rank: 47
WABF Omega Ratio Rank: 45
WABF Calmar Ratio Rank: 38
WABF Martin Ratio Rank: 37

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. WABF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Yield Optimized Bond ETF (BYLD) and Western Asset Bond ETF (WABF). 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	WABF	Difference
Sharpe ratio Return per unit of total volatility	1.93	1.57	+0.36
Sortino ratio Return per unit of downside risk	2.88	2.36	+0.52
Omega ratio Gain probability vs. loss probability	1.36	1.29	+0.08
Calmar ratio Return relative to maximum drawdown	2.64	1.90	+0.74
Martin ratio Return relative to average drawdown	10.73	5.88	+4.85
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. WABF - Sharpe Ratio Comparison

The current BYLD Sharpe Ratio is 1.93, which is comparable to the WABF Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of BYLD and WABF, 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	WABF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	1.57	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	1.01	-0.44

Drawdowns

BYLD vs. WABF - Drawdown Comparison

The maximum BYLD drawdown since its inception was -14.75%, which is greater than WABF's maximum drawdown of -5.36%. Use the drawdown chart below to compare losses from any high point for BYLD and WABF.

Drawdown Indicators

	BYLD	WABF	Difference
Max Drawdown Largest peak-to-trough decline	-14.75%	-5.36%	-9.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	-3.03%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-3.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.75%	—	—
Current Drawdown Current decline from peak	-0.16%	-1.50%	+1.34%
Average Drawdown Average peak-to-trough decline	-2.51%	-1.51%	-1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.98%	-0.31%

Volatility

BYLD vs. WABF - Volatility Comparison

iShares Yield Optimized Bond ETF (BYLD) has a higher volatility of 1.44% compared to Western Asset Bond ETF (WABF) at 1.12%. This indicates that BYLD's price experiences larger fluctuations and is considered to be riskier than WABF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BYLD	WABF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	1.12%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	2.49%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	3.85%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.20%	6.02%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.43%	6.02%	-0.59%

BYLD vs. WABF - Expense Ratio Comparison

BYLD has a 0.17% expense ratio, which is lower than WABF's 0.35% expense ratio.

Dividends

BYLD vs. WABF - Dividend Comparison

BYLD's dividend yield for the trailing twelve months is around 5.80%, more than WABF's 5.13% 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%
WABF Western Asset Bond ETF	5.13%	5.67%	6.25%	1.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BYLD and WABF in my portfolio?

BYLD and WABF have a correlation of 0.81, 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 WABF?

BYLD has higher volatility (1.44%) compared to WABF (1.12%). In terms of maximum drawdown, BYLD dropped -14.75% vs WABF's -5.36%.

Which ETF is better, BYLD or WABF?

On 1-year performance, BYLD leads with 7.32% vs 6.00% for WABF. On fees, BYLD is cheaper at 0.17% per year. On volatility, WABF has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BYLD or WABF?

Over the 1-year period, BYLD has performed better with a 7.32% return vs 6.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BYLD or WABF?

BYLD is cheaper with a 0.17% expense ratio, compared with 0.35% for WABF.

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

BYLD has the higher dividend yield at 5.80%, compared with 5.13% for WABF.

What is the main difference between BYLD and WABF?

They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.17% for BYLD and 0.35% for WABF.

Which has better risk-adjusted returns?

BYLD currently has the higher Sharpe Ratio (1.93 vs 1.57), 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.