HYLB vs. TCAL
HYLB (Xtrackers USD High Yield Corporate Bond ETF) and TCAL (T. Rowe Price Capital Appreciation Premium Income ETF) are both exchange-traded funds - HYLB is a High Yield Bonds fund tracking the Solactive USD High Yield Corporates Total Market Index, while TCAL is a Derivative Income fund actively managed by T. Rowe Price. HYLB is passively managed, while TCAL is actively managed. Over the past year, HYLB returned 6.78% vs -0.79% for TCAL. At a 0.39 correlation, their price movements are largely independent. HYLB charges 0.15%/yr vs 0.34%/yr for TCAL.
Performance
HYLB vs. TCAL - Performance Comparison
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Returns By Period
In the year-to-date period, HYLB achieves a 1.65% return, which is significantly higher than TCAL's -2.13% return.
HYLB
- 1D
- 0.11%
- 1M
- 0.35%
- YTD
- 1.65%
- 6M
- 2.09%
- 1Y
- 6.78%
- 3Y*
- 8.79%
- 5Y*
- 4.06%
- 10Y*
- —
TCAL
- 1D
- 0.78%
- 1M
- -0.49%
- YTD
- -2.13%
- 6M
- -1.99%
- 1Y
- -0.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYLB vs. TCAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYLB Xtrackers USD High Yield Corporate Bond ETF | 1.65% | 7.37% |
TCAL T. Rowe Price Capital Appreciation Premium Income ETF | -2.13% | 1.58% |
Correlation
The correlation between HYLB and TCAL is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025 | 0.39 |
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Return for Risk
HYLB vs. TCAL — Risk / Return Rank
HYLB
TCAL
HYLB vs. TCAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers USD High Yield Corporate Bond ETF (HYLB) and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL). 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.
| HYLB | TCAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.93 | ||
| Sortino ratioReturn per unit of downside risk | +2.85 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.99 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | -0.11 | +3.11 |
| Martin ratioReturn relative to average drawdown | 12.90 | -0.29 | +13.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYLB | TCAL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.84 | -0.08 | +1.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | -0.04 | +0.63 |
Drawdowns
HYLB vs. TCAL - Drawdown Comparison
The maximum HYLB drawdown since its inception was -22.91%, which is greater than TCAL's maximum drawdown of -7.24%. Use the drawdown chart below to compare losses from any high point for HYLB and TCAL.
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Drawdown Indicators
| HYLB | TCAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.91% | -7.24% | -15.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.27% | -7.00% | +4.73% |
Max Drawdown (3Y)Largest decline over 3 years | -4.51% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.54% | — | — |
Current DrawdownCurrent decline from peak | -0.09% | -5.19% | +5.10% |
Average DrawdownAverage peak-to-trough decline | -2.43% | -2.03% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 2.69% | -2.16% |
Volatility
HYLB vs. TCAL - Volatility Comparison
The current volatility for Xtrackers USD High Yield Corporate Bond ETF (HYLB) is 1.19%, while T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) has a volatility of 2.60%. This indicates that HYLB experiences smaller price fluctuations and is considered to be less risky than TCAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYLB | TCAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 2.60% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 7.04% | -4.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 9.35% | -5.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.47% | 11.25% | -3.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.18% | 11.25% | -3.07% |
HYLB vs. TCAL - Expense Ratio Comparison
HYLB has a 0.15% expense ratio, which is lower than TCAL's 0.34% expense ratio.
Dividends
HYLB vs. TCAL - Dividend Comparison
HYLB's dividend yield for the trailing twelve months is around 6.48%, less than TCAL's 11.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HYLB Xtrackers USD High Yield Corporate Bond ETF | 6.48% | 6.29% | 6.31% | 5.84% | 5.53% | 4.45% | 5.22% | 5.71% | 5.95% | 5.85% | 0.27% |
TCAL T. Rowe Price Capital Appreciation Premium Income ETF | 11.86% | 8.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYLB and TCAL have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TCAL has higher volatility (2.60%) compared to HYLB (1.19%). In terms of maximum drawdown, HYLB dropped -22.91% vs TCAL's -7.24%.
On 1-year performance, HYLB leads with 6.78% vs -0.79% for TCAL. On fees, HYLB is cheaper at 0.15% per year. On volatility, HYLB has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYLB has performed better with a 6.78% return vs -0.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYLB is cheaper with a 0.15% expense ratio, compared with 0.34% for TCAL.
TCAL has the higher dividend yield at 11.86%, compared with 6.48% for HYLB.
HYLB is categorized as High Yield Bonds, while TCAL is Derivative Income. They also come from different issuers: DWS and T. Rowe Price. Their fees differ too: 0.15% for HYLB and 0.34% for TCAL.
HYLB currently has the higher Sharpe Ratio (1.84 vs -0.08), 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.
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