HYS vs. MUNI
Compare and contrast key facts about PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and PIMCO Intermediate Municipal Bond Active ETF (MUNI).
HYS and MUNI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HYS is a passively managed fund by PIMCO that tracks the performance of the ICE BofA US High Yield Constrained (0-5 Y). It was launched on Jun 16, 2011. MUNI is an actively managed fund by PIMCO. It was launched on Nov 30, 2009.
Performance
HYS vs. MUNI - Performance Comparison
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HYS vs. MUNI - 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 | -0.39% | 8.80% | 8.42% | 11.38% | -5.42% | 4.77% | 3.27% | 10.22% | -1.05% | 5.75% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 0.11% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
Returns By Period
In the year-to-date period, HYS achieves a -0.39% return, which is significantly lower than MUNI's 0.11% return. Over the past 10 years, HYS has outperformed MUNI with an annualized return of 5.62%, while MUNI has yielded a comparatively lower 2.17% annualized return.
HYS
- 1D
- 0.70%
- 1M
- -0.57%
- YTD
- -0.39%
- 6M
- 1.22%
- 1Y
- 7.13%
- 3Y*
- 8.21%
- 5Y*
- 4.94%
- 10Y*
- 5.62%
MUNI
- 1D
- 0.16%
- 1M
- -1.90%
- YTD
- 0.11%
- 6M
- 1.47%
- 1Y
- 4.63%
- 3Y*
- 3.33%
- 5Y*
- 1.30%
- 10Y*
- 2.17%
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HYS vs. MUNI - Expense Ratio Comparison
HYS has a 0.56% expense ratio, which is higher than MUNI's 0.35% expense ratio.
Return for Risk
HYS vs. MUNI — Risk / Return Rank
HYS
MUNI
HYS vs. MUNI - 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 Intermediate Municipal Bond Active ETF (MUNI). 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 | MUNI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.33 | 1.21 | +0.12 |
Sortino ratioReturn per unit of downside risk | 1.93 | 1.62 | +0.31 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.31 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.78 | 1.65 | +0.14 |
Martin ratioReturn relative to average drawdown | 9.95 | 5.54 | +4.41 |
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
| HYS | MUNI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.33 | 1.21 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.80 | 0.40 | +0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | 0.56 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 0.77 | +0.03 |
Correlation
The correlation between HYS and MUNI is 0.09, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
HYS vs. MUNI - Dividend Comparison
HYS's dividend yield for the trailing twelve months is around 7.40%, more than MUNI's 3.28% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 7.40% | 7.20% | 7.43% | 6.44% | 5.01% | 3.74% | 4.52% | 4.98% | 4.64% | 5.01% | 5.13% | 5.22% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.28% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
Drawdowns
HYS vs. MUNI - Drawdown Comparison
The maximum HYS drawdown since its inception was -20.91%, which is greater than MUNI's maximum drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for HYS and MUNI.
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Drawdown Indicators
| HYS | MUNI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.91% | -11.15% | -9.76% |
Max Drawdown (1Y)Largest decline over 1 year | -4.06% | -2.93% | -1.13% |
Max Drawdown (5Y)Largest decline over 5 years | -10.61% | -11.15% | +0.54% |
Max Drawdown (10Y)Largest decline over 10 years | -20.91% | -11.15% | -9.76% |
Current DrawdownCurrent decline from peak | -1.02% | -1.90% | +0.88% |
Average DrawdownAverage peak-to-trough decline | -1.55% | -1.74% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.87% | -0.14% |
Volatility
HYS vs. MUNI - Volatility Comparison
PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) has a higher volatility of 1.88% compared to PIMCO Intermediate Municipal Bond Active ETF (MUNI) at 1.10%. This indicates that HYS's price experiences larger fluctuations and is considered to be riskier than MUNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYS | MUNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 1.10% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 1.51% | +1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 3.86% | +1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.22% | 3.30% | +2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.85% | 3.85% | +3.00% |