HYS vs. HYZD
HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) and HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) are both High Yield Bonds funds - HYS tracks the ICE BofA 0-5 Year US High Yield Constrained Index while HYZD tracks the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index. Both are passively managed. Over the past 10 years, HYS returned 5.16%/yr vs 5.37%/yr for HYZD. At a 0.45 correlation, their price movements are largely independent. HYS charges 0.56%/yr vs 0.43%/yr for HYZD.
Performance
HYS vs. HYZD - Performance Comparison
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Returns By Period
In the year-to-date period, HYS achieves a 1.57% return, which is significantly lower than HYZD's 3.22% return. Both investments have delivered pretty close results over the past 10 years, with HYS having a 5.16% annualized return and HYZD not far ahead at 5.37%.
HYS
- 1D
- -0.12%
- 1M
- -0.00%
- 6M
- 1.15%
- YTD
- 1.57%
- 1Y
- 6.01%
- 3Y*
- 8.18%
- 5Y*
- 5.01%
- 10Y*
- 5.16%
HYZD
- 1D
- 0.06%
- 1M
- 0.48%
- 6M
- 2.68%
- YTD
- 3.22%
- 1Y
- 6.93%
- 3Y*
- 8.61%
- 5Y*
- 6.13%
- 10Y*
- 5.37%
HYS vs. HYZD - 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 | 1.57% | 8.80% | 8.42% | 11.38% | -5.42% | 4.77% | 3.27% | 10.22% | -1.05% | 5.75% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 3.22% | 7.67% | 9.39% | 11.17% | -2.35% | 6.27% | -0.63% | 9.17% | -2.21% | 6.32% |
Correlation
The correlation between HYS and HYZD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2013 | 0.45 |
The correlation between HYS and HYZD shifts across timeframes, from 0.38 (1 year) to 0.60 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYS vs. HYZD — Risk / Return Rank
HYS
HYZD
HYS vs. HYZD - 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 WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD). 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 | HYZD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.48 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 3.65 | -0.44 |
| Martin ratioReturn relative to average drawdown | 13.01 | 15.70 | -2.69 |
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Drawdowns
HYS vs. HYZD - Drawdown Comparison
The maximum HYS drawdown since its inception was -20.91%, smaller than the maximum HYZD drawdown of -25.66%. Use the drawdown chart below to compare losses from any high point for HYS and HYZD.
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Drawdown Indicators
| HYS | HYZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.91% | -25.66% | +4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -1.88% | -1.91% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -4.98% | -5.85% | +0.87% |
Max Drawdown (5Y)Largest decline over 5 years | -10.61% | -8.97% | -1.64% |
Max Drawdown (10Y)Largest decline over 10 years | -20.91% | -25.66% | +4.75% |
Current DrawdownCurrent decline from peak | -0.38% | 0.00% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -1.52% | -2.19% | +0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 0.44% | +0.02% |
Volatility
HYS vs. HYZD - Volatility Comparison
PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) have volatilities of 0.70% and 0.67%, 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
| HYS | HYZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 0.67% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 2.44% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 3.01% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.27% | 6.70% | -0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.79% | 8.52% | -1.73% |
HYS vs. HYZD - Expense Ratio Comparison
HYS has a 0.56% expense ratio, which is higher than HYZD's 0.43% expense ratio.
Dividends
HYS vs. HYZD - Dividend Comparison
HYS's dividend yield for the trailing twelve months is around 7.47%, more than HYZD's 5.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 7.47% | 7.20% | 7.43% | 6.44% | 5.01% | 3.74% | 4.52% | 4.98% | 4.64% | 5.01% | 5.13% | 5.22% |
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 5.88% | 6.05% | 6.08% | 5.94% | 5.14% | 4.02% | 5.13% | 5.50% | 5.58% | 4.94% | 5.07% | 4.38% |
Frequently Asked Questions
HYS and HYZD have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYS has higher volatility (0.70%) compared to HYZD (0.67%). In terms of maximum drawdown, HYS dropped -20.91% vs HYZD's -25.66%.
On 10-year performance, HYZD leads with 5.37% vs 5.16% for HYS. On fees, HYZD is cheaper at 0.43% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYZD has performed better with a 5.37% return vs 5.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYZD is cheaper with a 0.43% expense ratio, compared with 0.56% for HYS.
HYS has the higher dividend yield at 7.47%, compared with 5.88% for HYZD.
HYS tracks ICE BofA 0-5 Year US High Yield Constrained Index, while HYZD tracks WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index. They also come from different issuers: PIMCO and WisdomTree. Their fees differ too: 0.56% for HYS and 0.43% for HYZD.
HYZD currently has the higher Sharpe Ratio (2.32 vs 1.77), 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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