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HYS vs. HYBB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYS vs. HYBB

Last updated Jun 12, 2026

HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) and HYBB (iShares BB Rated Corporate Bond ETF) are both High Yield Bonds funds - HYS tracks the ICE BofA US High Yield Constrained (0-5 Y) while HYBB tracks the ICE BofA BB US High Yield Constrained Index (USD). Both are passively managed. Over the past 5 years, HYS returned 5.05%/yr vs 3.56%/yr for HYBB. Their correlation of 0.90 suggests significant overlap in exposure. HYS charges 0.56%/yr vs 0.25%/yr for HYBB.

Performance

HYS vs. HYBB - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with HYS having a 1.53% return and HYBB slightly higher at 1.58%.

HYS

1D
0.40%
1M
0.70%
YTD
1.53%
6M
2.01%
1Y
7.04%
3Y*
8.56%
5Y*
5.05%
10Y*
5.40%

HYBB

1D
0.49%
1M
0.68%
YTD
1.58%
6M
2.07%
1Y
6.58%
3Y*
7.99%
5Y*
3.56%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYS vs. HYBB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
HYS
PIMCO 0-5 Year High Yield Corporate Bond Index ETF		1.53%8.80%8.42%11.38%-5.42%4.77%5.20%
HYBB
iShares BB Rated Corporate Bond ETF		1.58%8.95%6.35%10.53%-10.11%3.36%4.46%

Correlation

The correlation between HYS and HYBB 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 8, 2020

0.90

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

HYS vs. HYBB - Sectors Allocation Comparison

Sectors
HYS
HYBB

Communication Services

100.0%

-

Basic Materials

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

100.0%

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Communication Services

HYS
100.0%
HYBB

-

Basic Materials

HYS

-

HYBB

-

Consumer Cyclical

HYS

-

HYBB

-

Consumer Defensive

HYS

-

HYBB

-

Energy

HYS

-

HYBB

-

Financial Services

HYS

-

HYBB
100.0%

Healthcare

HYS

-

HYBB

-

Industrials

HYS

-

HYBB

-

Real Estate

HYS

-

HYBB

-

Technology

HYS

-

HYBB

-

Utilities

HYS

-

HYBB

-

Compare stocks, funds, or ETFs

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PIMCO 0-5 Year High Yield Corporate Bond Index ETF

iShares BB Rated Corporate Bond ETF

Often compared with HYS:
HYS vs. USHYHYS vs. SPHYHYS vs. BONDHYS vs. HYLDHYS vs. HYSZXHYS vs. LONZHYS vs. LTPZ
Often compared with HYBB:
HYBB vs. USHYHYBB vs. HYDBHYBB vs. SPHYHYBB vs. HYDWHYBB vs. SHYLHYBB vs. PIAMXHYBB vs. VDC

Return for Risk

HYS vs. HYBB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYS
HYS Risk / Return Rank: 8181
Overall Rank
HYS Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
HYS Sortino Ratio Rank: 8484
Sortino Ratio Rank
HYS Omega Ratio Rank: 7878
Omega Ratio Rank
HYS Calmar Ratio Rank: 8383
Calmar Ratio Rank
HYS Martin Ratio Rank: 8686
Martin Ratio Rank
HYBB
HYBB Risk / Return Rank: 7474
Overall Rank
HYBB Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
HYBB Sortino Ratio Rank: 8080
Sortino Ratio Rank
HYBB Omega Ratio Rank: 7878
Omega Ratio Rank
HYBB Calmar Ratio Rank: 6363
Calmar Ratio Rank
HYBB Martin Ratio Rank: 7575
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.

HYS vs. HYBB - Risk-Adjusted Trends Comparison

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

HYSHYBBDifference
Sharpe ratioReturn per unit of total volatility
2.02
1.99

+0.03

Sortino ratioReturn per unit of downside risk
3.14
2.99

+0.15

Omega ratioGain probability vs. loss probability

1.38

1.38

0.00

Calmar ratioReturn relative to maximum drawdown

3.75

2.66

+1.10

Martin ratioReturn relative to average drawdown

15.24

11.93

+3.31

HYS vs. HYBB - Sharpe Ratio Comparison

The current HYS Sharpe Ratio is 2.02, which is comparable to the HYBB Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of HYS and HYBB, 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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Drawdowns

HYS vs. HYBB - Drawdown Comparison

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

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Drawdown Indicators

HYSHYBBDifference

Max Drawdown

Largest peak-to-trough decline

-20.91%

-15.28%

-5.63%

Max Drawdown (1Y)

Largest decline over 1 year

-1.88%

-2.48%

+0.60%

Max Drawdown (3Y)

Largest decline over 3 years

-4.98%

-4.01%

-0.97%

Max Drawdown (5Y)

Largest decline over 5 years

-10.61%

-15.28%

+4.67%

Max Drawdown (10Y)

Largest decline over 10 years

-20.91%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.07%

+0.07%

Average Drawdown

Average peak-to-trough decline

-1.53%

-3.22%

+1.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.46%

0.55%

-0.09%

Volatility

HYS vs. HYBB - Volatility Comparison

PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and iShares BB Rated Corporate Bond ETF (HYBB) have volatilities of 1.03% and 1.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HYSHYBBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.03%

1.04%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

2.75%

2.62%

+0.13%

Volatility (1Y)

Calculated over the trailing 1-year period

3.50%

3.32%

+0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.26%

6.93%

-0.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.84%

6.66%

+0.18%

HYS vs. HYBB - Expense Ratio Comparison

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

Dividends

HYS vs. HYBB - Dividend Comparison

HYS's dividend yield for the trailing twelve months is around 7.35%, more than HYBB's 5.85% yield.

PositionTTM20252024202320222021202020192018201720162015
HYBB
iShares BB Rated Corporate Bond ETF		5.85%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

HYS and HYBB 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.

HYBB has higher volatility (1.04%) compared to HYS (1.03%). In terms of maximum drawdown, HYS dropped -20.91% vs HYBB's -15.28%.

On 5-year performance, HYS leads with 5.05% vs 3.56% for HYBB. On fees, HYBB is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HYS has performed better with a 5.05% return vs 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

HYS has the higher dividend yield at 7.35%, compared with 5.85% for HYBB.

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

HYS currently has the higher Sharpe Ratio (2.02 vs 1.99), 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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