HYD vs. PDI

Last updated Jun 4, 2026

HYD (VanEck Vectors High-Yield Municipal Index ETF) is Municipal Bonds fund tracking the Bloomberg Barclays Municipal Custom High Yield Composite Index, while PDI (PIMCO Dynamic Income Fund) is a stock. Over the past 10 years, HYD returned 2.00%/yr vs 7.53%/yr for PDI. At a 0.14 correlation, their price movements are largely independent.

Performance

HYD vs. PDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors High-Yield Municipal Index ETF (HYD) and PIMCO Dynamic Income Fund (PDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYD achieves a 2.11% return, which is significantly higher than PDI's 0.45% return. Over the past 10 years, HYD has underperformed PDI with an annualized return of 2.00%, while PDI has yielded a comparatively higher 7.53% annualized return.

HYD

• 1D: -0.06%
• 1M: 1.05%
• YTD: 2.11%
• 6M: 2.99%
• 1Y: 8.23%
• 3Y*: 4.73%
• 5Y*: -0.10%
• 10Y*: 2.00%

PDI

• 1D: 0.06%
• 1M: -3.25%
• YTD: 0.45%
• 6M: -0.44%
• 1Y: 2.55%
• 3Y*: 11.73%
• 5Y*: 2.68%
• 10Y*: 7.53%

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

HYD vs. PDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYD VanEck Vectors High-Yield Municipal Index ETF	2.11%	2.83%	4.94%	6.52%	-15.97%	5.05%	0.17%	9.34%	2.19%	9.78%
PDI PIMCO Dynamic Income Fund	0.45%	11.03%	17.18%	11.99%	-16.99%	7.81%	-9.96%	22.23%	7.35%	18.59%

Correlation

The correlation between HYD and PDI is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since May 29, 2012	0.14

The correlation between HYD and PDI shifts across timeframes, from 0.14 (all time) to 0.24 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HYD vs. PDI — Risk / Return Rank

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

HYD

HYD Risk / Return Rank: 59
HYD Sharpe Ratio Rank: 60
HYD Sortino Ratio Rank: 63
HYD Omega Ratio Rank: 71
HYD Calmar Ratio Rank: 51
HYD Martin Ratio Rank: 52

PDI

PDI Risk / Return Rank: 44
PDI Sharpe Ratio Rank: 48
PDI Sortino Ratio Rank: 38
PDI Omega Ratio Rank: 40
PDI Calmar Ratio Rank: 46
PDI Martin Ratio Rank: 46

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.

HYD vs. PDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) and PIMCO Dynamic Income Fund (PDI). 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.

	HYD	PDI	Difference
Sharpe ratio Return per unit of total volatility	2.06	0.23	+1.83
Sortino ratio Return per unit of downside risk	3.01	0.36	+2.65
Omega ratio Gain probability vs. loss probability	1.43	1.06	+0.37
Calmar ratio Return relative to maximum drawdown	2.58	0.23	+2.35
Martin ratio Return relative to average drawdown	8.87	0.52	+8.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYD vs. PDI - Sharpe Ratio Comparison

The current HYD Sharpe Ratio is 2.06, which is higher than the PDI Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of HYD and PDI, 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

	HYD	PDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	0.23	+1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.17	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.40	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.59	-0.14

Drawdowns

HYD vs. PDI - Drawdown Comparison

The maximum HYD drawdown since its inception was -35.61%, smaller than the maximum PDI drawdown of -46.47%. Use the drawdown chart below to compare losses from any high point for HYD and PDI.

Drawdown Indicators

	HYD	PDI	Difference
Max Drawdown Largest peak-to-trough decline	-35.61%	-46.47%	+10.86%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-10.95%	+7.74%
Max Drawdown (3Y) Largest decline over 3 years	-7.23%	-17.55%	+10.32%
Max Drawdown (5Y) Largest decline over 5 years	-20.72%	-27.23%	+6.51%
Max Drawdown (10Y) Largest decline over 10 years	-35.61%	-46.47%	+10.86%
Current Drawdown Current decline from peak	-2.05%	-7.41%	+5.36%
Average Drawdown Average peak-to-trough decline	-4.32%	-6.22%	+1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	4.92%	-3.99%

Volatility

HYD vs. PDI - Volatility Comparison

The current volatility for VanEck Vectors High-Yield Municipal Index ETF (HYD) is 1.14%, while PIMCO Dynamic Income Fund (PDI) has a volatility of 3.27%. This indicates that HYD experiences smaller price fluctuations and is considered to be less risky than PDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYD	PDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	3.27%	-2.13%
Volatility (6M) Calculated over the trailing 6-month period	2.99%	8.12%	-5.13%
Volatility (1Y) Calculated over the trailing 1-year period	4.02%	11.19%	-7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.45%	15.53%	-9.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.60%	19.05%	-6.45%

Dividends

HYD vs. PDI - Dividend Comparison

HYD's dividend yield for the trailing twelve months is around 4.26%, less than PDI's 15.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYD VanEck Vectors High-Yield Municipal Index ETF	4.26%	4.29%	4.29%	4.13%	3.96%	3.50%	4.01%	4.08%	4.43%	4.29%	4.58%	4.82%
PDI PIMCO Dynamic Income Fund	15.82%	14.94%	14.43%	14.74%	17.84%	10.21%	10.01%	9.45%	10.78%	8.81%	14.79%	18.70%

Frequently Asked Questions

Can I hold both HYD and PDI in my portfolio?

HYD and PDI have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYD or PDI?

PDI has higher volatility (3.27%) compared to HYD (1.14%). In terms of maximum drawdown, HYD dropped -35.61% vs PDI's -46.47%.

Which has better risk-adjusted returns?

HYD currently has the higher Sharpe Ratio (2.06 vs 0.23), 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.