HYS vs. MFDX

Last updated Jun 4, 2026

HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) and MFDX (PIMCO RAFI Dynamic Multi-Factor International Equity ETF) are both exchange-traded funds - HYS is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained (0-5 Y), while MFDX is a Foreign Large Cap Equities fund tracking the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. Both are passively managed. Over the past 5 years, HYS returned 5.08%/yr vs 9.92%/yr for MFDX. A 0.63 correlation means they provide meaningful diversification when combined. HYS charges 0.56%/yr vs 0.39%/yr for MFDX.

Performance

HYS vs. MFDX - 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 PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYS achieves a 1.33% return, which is significantly lower than MFDX's 9.73% return.

HYS

• 1D: -0.09%
• 1M: 0.47%
• YTD: 1.33%
• 6M: 1.83%
• 1Y: 7.07%
• 3Y*: 8.58%
• 5Y*: 5.08%
• 10Y*: 5.35%

MFDX

• 1D: -0.55%
• 1M: 2.31%
• YTD: 9.73%
• 6M: 12.33%
• 1Y: 23.13%
• 3Y*: 18.62%
• 5Y*: 9.92%
• 10Y*: —

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

HYS vs. MFDX - 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	1.33%	8.80%	8.42%	11.38%	-5.42%	4.77%	3.27%	10.22%	-1.05%	0.85%
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	9.73%	34.27%	4.40%	17.54%	-10.27%	11.07%	6.90%	19.88%	-14.88%	7.02%

Correlation

The correlation between HYS and MFDX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.63

The correlation between HYS and MFDX has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.

HYS vs. MFDX - Sectors Allocation Comparison

Sectors	HYS	MFDX
Communication Services	100.0%	7.0%
Basic Materials	-	10.8%
Consumer Cyclical	-	8.6%
Consumer Defensive	-	8.0%
Energy	-	6.8%
Financial Services	-	16.4%
Healthcare	-	6.0%
Industrials	-	19.9%
Real Estate	-	3.0%
Technology	-	7.1%
Utilities	-	6.4%

Return for Risk

HYS vs. MFDX — Risk / Return Rank

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

HYS

HYS Risk / Return Rank: 68
HYS Sharpe Ratio Rank: 59
HYS Sortino Ratio Rank: 68
HYS Omega Ratio Rank: 63
HYS Calmar Ratio Rank: 74
HYS Martin Ratio Rank: 78

MFDX

MFDX Risk / Return Rank: 48
MFDX Sharpe Ratio Rank: 48
MFDX Sortino Ratio Rank: 48
MFDX Omega Ratio Rank: 48
MFDX Calmar Ratio Rank: 44
MFDX Martin Ratio Rank: 51

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. MFDX - 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 PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX). 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.

	HYS	MFDX	Difference
Sharpe ratio Return per unit of total volatility	2.04	1.70	+0.35
Sortino ratio Return per unit of downside risk	3.17	2.38	+0.79
Omega ratio Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio Return relative to maximum drawdown	3.77	2.18	+1.59
Martin ratio Return relative to average drawdown	15.35	8.66	+6.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYS vs. MFDX - Sharpe Ratio Comparison

The current HYS Sharpe Ratio is 2.04, which is comparable to the MFDX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of HYS and MFDX, 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

	HYS	MFDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.70	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.66	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.54	+0.27

Drawdowns

HYS vs. MFDX - Drawdown Comparison

The maximum HYS drawdown since its inception was -20.91%, smaller than the maximum MFDX drawdown of -36.05%. Use the drawdown chart below to compare losses from any high point for HYS and MFDX.

Drawdown Indicators

	HYS	MFDX	Difference
Max Drawdown Largest peak-to-trough decline	-20.91%	-36.05%	+15.14%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	-10.66%	+8.78%
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	-11.62%	+6.64%
Max Drawdown (5Y) Largest decline over 5 years	-10.61%	-25.58%	+14.97%
Max Drawdown (10Y) Largest decline over 10 years	-20.91%	—	—
Current Drawdown Current decline from peak	-0.14%	-1.84%	+1.70%
Average Drawdown Average peak-to-trough decline	-1.53%	-6.50%	+4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	2.68%	-2.22%

Volatility

HYS vs. MFDX - Volatility Comparison

The current volatility for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) is 1.23%, while PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) has a volatility of 4.45%. This indicates that HYS experiences smaller price fluctuations and is considered to be less risky than MFDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYS	MFDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	4.45%	-3.22%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	11.34%	-8.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	13.73%	-10.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.26%	15.03%	-8.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.84%	16.41%	-9.57%

HYS vs. MFDX - Expense Ratio Comparison

HYS has a 0.56% expense ratio, which is higher than MFDX's 0.39% expense ratio.

Dividends

HYS vs. MFDX - Dividend Comparison

HYS's dividend yield for the trailing twelve months is around 7.36%, more than MFDX's 2.79% 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	7.36%	7.20%	7.43%	6.44%	5.01%	3.74%	4.52%	4.98%	4.64%	5.01%	5.13%	5.22%
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF	2.79%	2.97%	3.16%	3.12%	2.85%	2.99%	1.58%	2.88%	2.13%	0.71%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYS and MFDX in my portfolio?

HYS and MFDX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYS or MFDX?

MFDX has higher volatility (4.45%) compared to HYS (1.23%). In terms of maximum drawdown, HYS dropped -20.91% vs MFDX's -36.05%.

Which ETF is better, HYS or MFDX?

On 5-year performance, MFDX leads with 9.92% vs 5.08% for HYS. On fees, MFDX is cheaper at 0.39% per year. On volatility, HYS has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYS or MFDX?

Over the 5-year period, MFDX has performed better with a 9.92% return vs 5.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYS or MFDX?

MFDX is cheaper with a 0.39% expense ratio, compared with 0.56% for HYS.

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

HYS has the higher dividend yield at 7.36%, compared with 2.79% for MFDX.

What is the main difference between HYS and MFDX?

HYS is categorized as High Yield Bonds, while MFDX is Foreign Large Cap Equities. HYS tracks ICE BofA US High Yield Constrained (0-5 Y), while MFDX tracks RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. Their fees differ too: 0.56% for HYS and 0.39% for MFDX.

Which has better risk-adjusted returns?

HYS currently has the higher Sharpe Ratio (2.04 vs 1.70), 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.