FLXR vs. HYBX

Last updated Aug 2, 2026

FLXR (TCW Flexible Income ETF) and HYBX (TCW High Yield Bond ETF) are both exchange-traded funds - FLXR is a Multisector Bonds fund actively managed by TCW, while HYBX is a High Yield Bonds fund actively managed by TCW. Both are actively managed. Over the past year, FLXR returned 4.12% vs 4.15% for HYBX. Their 0.22 correlation means their historical movements had little consistent relationship. FLXR charges 0.40%/yr vs 0.50%/yr for HYBX.

Performance

FLXR vs. HYBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Flexible Income ETF (FLXR) and TCW High Yield Bond ETF (HYBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLXR achieves a 1.30% return, which is significantly lower than HYBX's 2.80% return.

FLXR

• 1D: -0.15%
• 1M: -0.36%
• 6M: 0.92%
• YTD: 1.30%
• 1Y: 4.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.72%

HYBX

• 1D: 0.05%
• 1M: -0.25%
• 6M: 1.78%
• YTD: 2.80%
• 1Y: 4.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.32%

*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)
FLXR TCW Flexible Income ETF	$14.67M	$16.19M	$17.11M
HYBX TCW High Yield Bond ETF	$17.80K	$26.36K	$98.37K

FLXR vs. HYBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLXR TCW Flexible Income ETF	1.30%	8.37%	0.61%
HYBX TCW High Yield Bond ETF	2.80%	6.26%	-0.04%

Correlation

The correlation between FLXR and HYBX is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.22

Return for Risk

FLXR vs. HYBX — Risk / Return Rank

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

FLXR

FLXR Risk / Return Rank: 85
FLXR Sharpe Ratio Rank: 83
FLXR Sortino Ratio Rank: 85
FLXR Omega Ratio Rank: 84
FLXR Calmar Ratio Rank: 83
FLXR Martin Ratio Rank: 87

HYBX

HYBX Risk / Return Rank: 42
HYBX Sharpe Ratio Rank: 30
HYBX Sortino Ratio Rank: 30
HYBX Omega Ratio Rank: 30
HYBX Calmar Ratio Rank: 62
HYBX Martin Ratio Rank: 57

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.

FLXR vs. HYBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Flexible Income ETF (FLXR) and TCW High Yield Bond ETF (HYBX). 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.

	FLXR	HYBX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	0.72	+1.23
Sortino ratio: Return per unit of downside risk	2.84	1.14	+1.70
Omega ratio: Gain probability vs. loss probability	1.36	1.14	+0.22
Calmar ratio: Return relative to maximum drawdown	3.10	2.20	+0.90
Martin ratio: Return relative to average drawdown	12.66	7.00	+5.66

FLXR vs. HYBX - Sharpe Ratio Comparison

The current FLXR Sharpe Ratio is 1.95, which is higher than the HYBX Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of FLXR and HYBX, 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

FLXR vs. HYBX - Drawdown Comparison

The maximum FLXR drawdown since its inception was -1.94%, smaller than the maximum HYBX drawdown of -3.93%. Use the drawdown chart below to compare losses from any high point for FLXR and HYBX.

Drawdown Indicators

	FLXR	HYBX	Difference
Max Drawdown Largest peak-to-trough decline	-1.94%	-3.93%	+1.99%
Max Drawdown (1Y) Largest decline over 1 year	-1.46%	-2.15%	+0.69%
Current Drawdown Current decline from peak	-0.46%	-0.45%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.55%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.68%	-0.32%

Volatility

FLXR vs. HYBX - Volatility Comparison

The current volatility for TCW Flexible Income ETF (FLXR) is 0.67%, while TCW High Yield Bond ETF (HYBX) has a volatility of 1.42%. This indicates that FLXR experiences smaller price fluctuations and is considered to be less risky than HYBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLXR	HYBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	1.42%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	4.30%	-2.45%
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	6.65%	-4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.79%	7.42%	-4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.79%	7.42%	-4.63%

FLXR vs. HYBX - Expense Ratio Comparison

FLXR has a 0.40% expense ratio, which is lower than HYBX's 0.50% expense ratio.

Dividends

FLXR vs. HYBX - Dividend Comparison

FLXR's dividend yield for the trailing twelve months is around 5.91%, less than HYBX's 7.84% yield.

Position	TTM	2025	2024
FLXR TCW Flexible Income ETF	5.47%	5.66%	3.44%
HYBX TCW High Yield Bond ETF	7.26%	7.82%	1.08%

Frequently Asked Questions

Can I hold both FLXR and HYBX in my portfolio?

FLXR and HYBX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLXR or HYBX?

HYBX has higher volatility (1.42%) compared to FLXR (0.67%). In terms of maximum drawdown, FLXR dropped -1.94% vs HYBX's -3.93%.

Which ETF is better, FLXR or HYBX?

On 1-year performance, HYBX leads with 4.15% vs 4.12% for FLXR. On fees, FLXR is cheaper at 0.40% per year. On volatility, FLXR has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLXR or HYBX?

Over the 1-year period, HYBX has performed better with a 4.15% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLXR or HYBX?

FLXR is cheaper with a 0.40% expense ratio, compared with 0.50% for HYBX.

Which ETF pays a higher dividend yield, FLXR or HYBX?

HYBX has the higher dividend yield at 7.26%, compared with 5.47% for FLXR.

What is the main difference between FLXR and HYBX?

FLXR is categorized as Multisector Bonds, while HYBX is High Yield Bonds. Their fees differ too: 0.40% for FLXR and 0.50% for HYBX.

Which has better risk-adjusted returns?

FLXR currently has the higher Sharpe Ratio (1.95 vs 0.72), 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.