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DJP vs. BYLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DJP vs. BYLD

Last updated Jun 4, 2026

DJP (iPath Bloomberg Commodity Index Total Return ETN) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - DJP is a Commodities fund tracking the Bloomberg Commodity Index, while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. Both are passively managed. Over the past 10 years, DJP returned 7.36%/yr vs 3.01%/yr for BYLD. At a 0.08 correlation, their price movements are largely independent. DJP charges 0.70%/yr vs 0.17%/yr for BYLD.

Performance

DJP vs. BYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iPath Bloomberg Commodity Index Total Return ETN (DJP) and iShares Yield Optimized Bond ETF (BYLD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DJP achieves a 30.63% return, which is significantly higher than BYLD's 1.23% return. Over the past 10 years, DJP has outperformed BYLD with an annualized return of 7.36%, while BYLD has yielded a comparatively lower 3.01% annualized return.

DJP

1D
0.02%
1M
-3.31%
YTD
30.63%
6M
29.34%
1Y
44.52%
3Y*
17.94%
5Y*
12.46%
10Y*
7.36%

BYLD

1D
-0.18%
1M
0.61%
YTD
1.23%
6M
1.35%
1Y
7.01%
3Y*
6.49%
5Y*
2.21%
10Y*
3.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DJP vs. BYLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DJP
iPath Bloomberg Commodity Index Total Return ETN		30.63%17.20%5.59%-9.85%17.46%31.05%-4.12%7.63%-13.07%0.74%
BYLD
iShares Yield Optimized Bond ETF		1.23%8.41%4.17%8.30%-10.33%-1.25%4.25%12.79%-1.50%4.75%

Correlation

The correlation between DJP and BYLD is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.30

Correlation (3Y)
Calculated over the trailing 3-year period

-0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.03

Correlation (10Y)
Calculated over the trailing 10-year period

0.07

Correlation (All Time)
Calculated using the full available price history since Apr 25, 2014

0.08

The correlation between DJP and BYLD shifts across timeframes, from -0.30 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iPath Bloomberg Commodity Index Total Return ETN

iShares Yield Optimized Bond ETF

Often compared with DJP:
DJP vs. DBCDJP vs. PDBCDJP vs. IEFDJP vs. SPYDJP vs. HYDWDJP vs. HGERDJP vs. COMT
Often compared with BYLD:
BYLD vs. IGEBBYLD vs. FBNDBYLD vs. BONDBYLD vs. TOTLBYLD vs. BNDBYLD vs. USHYBYLD vs. AGG

Return for Risk

DJP vs. BYLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DJP
DJP Risk / Return Rank: 7272
Overall Rank
DJP Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
DJP Sortino Ratio Rank: 6262
Sortino Ratio Rank
DJP Omega Ratio Rank: 6969
Omega Ratio Rank
DJP Calmar Ratio Rank: 8888
Calmar Ratio Rank
DJP Martin Ratio Rank: 7171
Martin Ratio Rank
BYLD
BYLD Risk / Return Rank: 5555
Overall Rank
BYLD Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
BYLD Sortino Ratio Rank: 5757
Sortino Ratio Rank
BYLD Omega Ratio Rank: 5656
Omega Ratio Rank
BYLD Calmar Ratio Rank: 5252
Calmar Ratio Rank
BYLD Martin Ratio Rank: 5959
Martin Ratio Rank
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.

DJP vs. BYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iPath Bloomberg Commodity Index Total Return ETN (DJP) and iShares Yield Optimized Bond ETF (BYLD). 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.

DJPBYLDDifference
Sharpe ratioReturn per unit of total volatility
2.36
1.85

+0.52

Sortino ratioReturn per unit of downside risk
2.95
2.76

+0.19

Omega ratioGain probability vs. loss probability

1.42

1.35

+0.08

Calmar ratioReturn relative to maximum drawdown

5.20

2.60

+2.60

Martin ratioReturn relative to average drawdown

13.30

10.54

+2.76

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DJP vs. BYLD - Sharpe Ratio Comparison

The current DJP Sharpe Ratio is 2.36, which is comparable to the BYLD Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of DJP and BYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DJPBYLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.36

1.85

+0.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.66

0.43

+0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.43

0.56

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.00

0.57

-0.57

Drawdowns

DJP vs. BYLD - Drawdown Comparison

The maximum DJP drawdown since its inception was -78.35%, which is greater than BYLD's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for DJP and BYLD.

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Drawdown Indicators

DJPBYLDDifference

Max Drawdown

Largest peak-to-trough decline

-78.35%

-14.75%

-63.60%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-2.71%

-5.90%

Max Drawdown (3Y)

Largest decline over 3 years

-13.41%

-3.94%

-9.47%

Max Drawdown (5Y)

Largest decline over 5 years

-28.98%

-14.65%

-14.33%

Max Drawdown (10Y)

Largest decline over 10 years

-38.36%

-14.75%

-23.61%

Current Drawdown

Current decline from peak

-32.82%

-0.34%

-32.48%

Average Drawdown

Average peak-to-trough decline

-50.86%

-2.51%

-48.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.36%

0.67%

+2.69%

Volatility

DJP vs. BYLD - Volatility Comparison

iPath Bloomberg Commodity Index Total Return ETN (DJP) has a higher volatility of 5.85% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.42%. This indicates that DJP's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DJPBYLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.85%

1.42%

+4.43%

Volatility (6M)

Calculated over the trailing 6-month period

16.64%

2.94%

+13.70%

Volatility (1Y)

Calculated over the trailing 1-year period

18.92%

3.82%

+15.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.96%

5.20%

+13.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.06%

5.43%

+11.63%

DJP vs. BYLD - Expense Ratio Comparison

DJP has a 0.70% expense ratio, which is higher than BYLD's 0.17% expense ratio.

Dividends

DJP vs. BYLD - Dividend Comparison

DJP has not paid dividends to shareholders, while BYLD's dividend yield for the trailing twelve months is around 5.36%.

PositionTTM20252024202320222021202020192018201720162015
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%
DJP
iPath Bloomberg Commodity Index Total Return ETN		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

DJP and BYLD have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DJP has higher volatility (5.85%) compared to BYLD (1.42%). In terms of maximum drawdown, DJP dropped -78.35% vs BYLD's -14.75%.

On 10-year performance, DJP leads with 7.36% vs 3.01% for BYLD. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DJP has performed better with a 7.36% return vs 3.01%. 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 0.70% for DJP.

BYLD has the higher dividend yield at 5.36%, compared with 0.00% for DJP.

DJP is categorized as Commodities, while BYLD is Intermediate Core-Plus Bond. DJP tracks Bloomberg Commodity Index, while BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index. They also come from different issuers: Barclays Capital and iShares. Their fees differ too: 0.70% for DJP and 0.17% for BYLD.

DJP currently has the higher Sharpe Ratio (2.36 vs 1.85), 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.

Portfolio Optimizer

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