HYS vs. HYLD

Last updated Jun 12, 2026

HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) and HYLD (High Yield ETF) are both High Yield Bonds funds. HYS is passively managed, while HYLD is actively managed. At a 0.39 correlation, their price movements are largely independent. HYS charges 0.56%/yr vs 1.29%/yr for HYLD.

Performance

HYS vs. HYLD - 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 High Yield ETF (HYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

HYLD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYS vs. HYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.53%	8.80%	8.42%	11.38%	-5.42%	4.77%	3.27%	10.22%	-1.05%	5.75%
HYLD High Yield ETF	0.00%	0.00%	0.00%	2.80%	-11.48%	5.41%	3.11%	7.16%	0.25%	8.97%

Correlation

The correlation between HYS and HYLD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jun 17, 2011	0.39

The correlation between HYS and HYLD shifts across timeframes, from 0.18 (3 years) to 0.39 (all time), reflecting how their relationship changes across market environments.

HYS vs. HYLD - Sectors Allocation Comparison

Sectors	HYS	HYLD
Communication Services	100.0%	10.8%
Basic Materials	-	0.0%
Consumer Cyclical	-	9.6%
Consumer Defensive	-	4.7%
Energy	-	29.9%
Financial Services	-	0.5%
Healthcare	-	5.0%
Industrials	-	3.4%
Real Estate	-	0.2%
Technology	-	34.8%
Utilities	-	1.1%

Return for Risk

HYS vs. HYLD — Risk / Return Rank

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

HYS

HYS Risk / Return Rank: 81
HYS Sharpe Ratio Rank: 76
HYS Sortino Ratio Rank: 84
HYS Omega Ratio Rank: 78
HYS Calmar Ratio Rank: 83
HYS Martin Ratio Rank: 86

HYLD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. HYLD - 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 High Yield ETF (HYLD). 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.

	HYS	HYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.02	—	—
Sortino ratio: Return per unit of downside risk	3.14	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	3.75	—	—
Martin ratio: Return relative to average drawdown	15.24	—	—

Drawdowns

Drawdown Indicators

	HYS	HYLD	Difference
Max Drawdown Largest peak-to-trough decline	-20.91%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.91%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-1.53%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	—	—

Volatility

Volatility by Period

	HYS	HYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.50%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.26%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.84%	—	—

HYS vs. HYLD - Expense Ratio Comparison

HYS has a 0.56% expense ratio, which is lower than HYLD's 1.29% expense ratio.

Dividends

HYS vs. HYLD - Dividend Comparison

HYS's dividend yield for the trailing twelve months is around 7.35%, while HYLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYLD High Yield ETF	0.00%	0.00%	0.00%	4.67%	7.86%	6.45%	7.52%	7.46%	7.97%	7.18%	6.59%	10.87%
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 HYS and HYLD in my portfolio?

HYS and HYLD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYS or HYLD?

On fees, HYS is cheaper at 0.56% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYS or HYLD?

HYS is cheaper with a 0.56% expense ratio, compared with 1.29% for HYLD.

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

HYS has the higher dividend yield at 7.35%, compared with 0.00% for HYLD.

What is the main difference between HYS and HYLD?

They also come from different issuers: PIMCO and Eve Capital. Their fees differ too: 0.56% for HYS and 1.29% for HYLD.