HYBB vs. HYS

Last updated Jun 3, 2026

HYBB (iShares BB Rated Corporate Bond ETF) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both High Yield Bonds funds - HYBB tracks the ICE BofA BB US High Yield Constrained Index (USD) while HYS tracks the ICE BofA US High Yield Constrained (0-5 Y). Both are passively managed. Over the past 5 years, HYBB returned 3.69%/yr vs 5.12%/yr for HYS. Their correlation of 0.90 suggests significant overlap in exposure. HYBB charges 0.25%/yr vs 0.56%/yr for HYS.

Performance

HYBB vs. HYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares BB Rated Corporate Bond ETF (HYBB) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HYBB having a 1.47% return and HYS slightly lower at 1.42%.

HYBB

• 1D: -0.17%
• 1M: 0.42%
• YTD: 1.47%
• 6M: 1.95%
• 1Y: 7.09%
• 3Y*: 7.92%
• 5Y*: 3.69%
• 10Y*: —

HYS

• 1D: -0.03%
• 1M: 0.35%
• YTD: 1.42%
• 6M: 2.14%
• 1Y: 7.32%
• 3Y*: 8.61%
• 5Y*: 5.12%
• 10Y*: 5.36%

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

HYBB vs. HYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HYBB iShares BB Rated Corporate Bond ETF	1.47%	8.95%	6.35%	10.53%	-10.11%	3.36%	4.29%
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.42%	8.80%	8.42%	11.38%	-5.42%	4.77%	5.15%

Correlation

The correlation between HYBB and HYS is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 9, 2020	0.90

The correlation between HYBB and HYS has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

HYBB vs. HYS - Sectors Allocation Comparison

Sectors	HYBB	HYS
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	100.0%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HYBB vs. HYS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYBB

HYBB Risk / Return Rank: 66
HYBB Sharpe Ratio Rank: 64
HYBB Sortino Ratio Rank: 71
HYBB Omega Ratio Rank: 70
HYBB Calmar Ratio Rank: 57
HYBB Martin Ratio Rank: 69

HYS

HYS Risk / Return Rank: 71
HYS Sharpe Ratio Rank: 63
HYS Sortino Ratio Rank: 71
HYS Omega Ratio Rank: 66
HYS Calmar Ratio Rank: 76
HYS Martin Ratio Rank: 80

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.

HYBB vs. HYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares BB Rated Corporate Bond ETF (HYBB) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). 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.

	HYBB	HYS	Difference
Sharpe ratio Return per unit of total volatility	2.17	2.12	+0.06
Sortino ratio Return per unit of downside risk	3.26	3.28	-0.02
Omega ratio Gain probability vs. loss probability	1.43	1.40	+0.02
Calmar ratio Return relative to maximum drawdown	2.88	3.89	-1.01
Martin ratio Return relative to average drawdown	13.04	15.89	-2.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYBB vs. HYS - Sharpe Ratio Comparison

The current HYBB Sharpe Ratio is 2.17, which is comparable to the HYS Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of HYBB and HYS, 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

	HYBB	HYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.12	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.82	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.82	-0.19

Drawdowns

HYBB vs. HYS - Drawdown Comparison

The maximum HYBB drawdown since its inception was -15.28%, smaller than the maximum HYS drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for HYBB and HYS.

Drawdown Indicators

	HYBB	HYS	Difference
Max Drawdown Largest peak-to-trough decline	-15.28%	-20.91%	+5.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.48%	-1.88%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-4.01%	-4.98%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-15.28%	-10.61%	-4.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.91%	—
Current Drawdown Current decline from peak	-0.17%	-0.05%	-0.12%
Average Drawdown Average peak-to-trough decline	-3.23%	-1.53%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.46%	+0.09%

Volatility

HYBB vs. HYS - Volatility Comparison

The current volatility for iShares BB Rated Corporate Bond ETF (HYBB) is 1.01%, while PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) has a volatility of 1.25%. This indicates that HYBB experiences smaller price fluctuations and is considered to be less risky than HYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYBB	HYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	1.25%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	2.75%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.28%	3.47%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.93%	6.26%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.68%	6.85%	-0.17%

HYBB vs. HYS - Expense Ratio Comparison

HYBB has a 0.25% expense ratio, which is lower than HYS's 0.56% expense ratio.

Dividends

HYBB vs. HYS - Dividend Comparison

HYBB's dividend yield for the trailing twelve months is around 5.86%, less than HYS's 7.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYBB iShares BB Rated Corporate Bond ETF	5.86%	6.08%	6.22%	6.28%	5.04%	3.86%	0.76%	0.00%	0.00%	0.00%	0.00%	0.00%
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	7.35%	7.20%	7.43%	6.44%	5.01%	3.74%	4.52%	4.98%	4.64%	5.01%	5.13%	5.22%

Frequently Asked Questions

Can I hold both HYBB and HYS in my portfolio?

HYBB and HYS have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYBB or HYS?

HYS has higher volatility (1.25%) compared to HYBB (1.01%). In terms of maximum drawdown, HYBB dropped -15.28% vs HYS's -20.91%.

Which ETF is better, HYBB or HYS?

On 5-year performance, HYS leads with 5.12% vs 3.69% for HYBB. On fees, HYBB is cheaper at 0.25% per year. On volatility, HYBB has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYBB or HYS?

Over the 5-year period, HYS has performed better with a 5.12% return vs 3.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYBB or HYS?

HYBB is cheaper with a 0.25% expense ratio, compared with 0.56% for HYS.

Which ETF pays a higher dividend yield, HYBB or HYS?

HYS has the higher dividend yield at 7.35%, compared with 5.86% for HYBB.

What is the main difference between HYBB and HYS?

HYBB tracks ICE BofA BB US High Yield Constrained Index (USD), while HYS tracks ICE BofA US High Yield Constrained (0-5 Y). They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.25% for HYBB and 0.56% for HYS.

Which has better risk-adjusted returns?

HYBB currently has the higher Sharpe Ratio (2.17 vs 2.12), 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.