CBYYX vs. GOLY

Last updated Aug 1, 2026

CBYYX (Victory Pioneer Cat Bond Fund Class Y) and GOLY (Strategy Shares Gold Enhanced Yield ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past year, CBYYX returned 10.53% vs -9.02% for GOLY. Their -0.02 correlation means they have often moved in opposite directions in the past. CBYYX charges 1.46%/yr vs 0.79%/yr for GOLY.

Performance

CBYYX vs. GOLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Pioneer Cat Bond Fund Class Y (CBYYX) and Strategy Shares Gold Enhanced Yield ETF (GOLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBYYX achieves a 4.19% return, which is significantly higher than GOLY's -26.54% return.

CBYYX

• 1D: 0.09%
• 1M: 0.88%
• 6M: 3.71%
• YTD: 4.19%
• 1Y: 10.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.90%

GOLY

• 1D: -0.68%
• 1M: -2.80%
• 6M: -24.07%
• YTD: -26.54%
• 1Y: -9.02%
• 3Y*: 14.14%
• 5Y*: 4.37%
• 10Y*: —
• ALL TIME*: 4.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBYYX Victory Pioneer Cat Bond Fund Class Y	$0.00	$0.00	$0.00
GOLY Strategy Shares Gold Enhanced Yield ETF	$645.25K	$545.45K	$1.00M

CBYYX vs. GOLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CBYYX Victory Pioneer Cat Bond Fund Class Y	4.19%	11.09%	15.69%	3.43%
GOLY Strategy Shares Gold Enhanced Yield ETF	-26.54%	57.98%	19.82%	11.79%

Correlation

The correlation between CBYYX and GOLY is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.04
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	-0.02

Return for Risk

CBYYX vs. GOLY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBYYX

CBYYX Risk / Return Rank: 100
CBYYX Sharpe Ratio Rank: 100
CBYYX Sortino Ratio Rank: 100
CBYYX Omega Ratio Rank: 100
CBYYX Calmar Ratio Rank: 100
CBYYX Martin Ratio Rank: 100

GOLY

GOLY Risk / Return Rank: 9
GOLY Sharpe Ratio Rank: 8
GOLY Sortino Ratio Rank: 9
GOLY Omega Ratio Rank: 9
GOLY Calmar Ratio Rank: 9
GOLY Martin Ratio Rank: 9

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBYYX vs. GOLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Pioneer Cat Bond Fund Class Y (CBYYX) and Strategy Shares Gold Enhanced Yield ETF (GOLY). 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.

	CBYYX	GOLY	Difference
Sharpe ratio: Return per unit of total volatility	9.08	-0.17	+9.25
Sortino ratio: Return per unit of downside risk	33.15	-0.00	+33.15
Omega ratio: Gain probability vs. loss probability	10.55	1.00	+9.55
Calmar ratio: Return relative to maximum drawdown	119.62	-0.15	+119.78
Martin ratio: Return relative to average drawdown	454.94	-0.30	+455.25

CBYYX vs. GOLY - Sharpe Ratio Comparison

The current CBYYX Sharpe Ratio is 9.08, which is higher than the GOLY Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of CBYYX and GOLY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CBYYX vs. GOLY - Drawdown Comparison

The maximum CBYYX drawdown since its inception was -8.72%, smaller than the maximum GOLY drawdown of -37.99%. Use the drawdown chart below to compare losses from any high point for CBYYX and GOLY.

Drawdown Indicators

	CBYYX	GOLY	Difference
Max Drawdown Largest peak-to-trough decline	-8.72%	-37.99%	+29.27%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-37.99%	+37.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-37.99%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.99%	—
Current Drawdown Current decline from peak	0.00%	-36.62%	+36.62%
Average Drawdown Average peak-to-trough decline	-1.24%	-12.56%	+11.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	19.14%	-19.12%

Volatility

CBYYX vs. GOLY - Volatility Comparison

The current volatility for Victory Pioneer Cat Bond Fund Class Y (CBYYX) is 0.24%, while Strategy Shares Gold Enhanced Yield ETF (GOLY) has a volatility of 6.91%. This indicates that CBYYX experiences smaller price fluctuations and is considered to be less risky than GOLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBYYX	GOLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	6.91%	-6.67%
Volatility (6M) Calculated over the trailing 6-month period	0.64%	30.03%	-29.39%
Volatility (1Y) Calculated over the trailing 1-year period	1.20%	34.02%	-32.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.99%	22.76%	-14.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.99%	22.43%	-14.44%

CBYYX vs. GOLY - Expense Ratio Comparison

CBYYX has a 1.46% expense ratio, which is higher than GOLY's 0.79% expense ratio.

Dividends

CBYYX vs. GOLY - Dividend Comparison

CBYYX's dividend yield for the trailing twelve months is around 8.77%, less than GOLY's 9.40% yield.

Position	TTM	2025	2024	2023	2022	2021
CBYYX Victory Pioneer Cat Bond Fund Class Y	8.77%	9.14%	10.33%	9.41%	0.00%	0.00%
GOLY Strategy Shares Gold Enhanced Yield ETF	9.40%	7.22%	3.85%	2.94%	2.57%	1.11%

Frequently Asked Questions

Can I hold both CBYYX and GOLY in my portfolio?

CBYYX and GOLY have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBYYX or GOLY?

GOLY has higher volatility (6.91%) compared to CBYYX (0.24%). In terms of maximum drawdown, CBYYX dropped -8.72% vs GOLY's -37.99%.

Which has better risk-adjusted returns?

CBYYX currently has the higher Sharpe Ratio (9.08 vs -0.17), 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.