HYS vs. PYLD
HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) and PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) are both exchange-traded funds - HYS is a High Yield Bonds fund tracking the ICE BofA 0-5 Year US High Yield Constrained Index, while PYLD is a Multisector Bonds fund actively managed by PIMCO. HYS is passively managed, while PYLD is actively managed. Over the past 3 years, HYS returned 8.13%/yr vs 7.74%/yr for PYLD. Their 0.57 correlation means they have sometimes moved together and sometimes differently. HYS charges 0.56%/yr vs 0.55%/yr for PYLD.
Performance
HYS vs. PYLD - Performance Comparison
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Returns By Period
In the year-to-date period, HYS achieves a 1.42% return, which is significantly higher than PYLD's 0.83% return.
HYS
- 1D
- 0.06%
- 1M
- -0.28%
- 6M
- 1.03%
- YTD
- 1.42%
- 1Y
- 5.05%
- 3Y*
- 8.13%
- 5Y*
- 5.03%
- 10Y*
- 5.19%
- ALL TIME*
- 4.99%
PYLD
- 1D
- -0.19%
- 1M
- -0.91%
- 6M
- 0.19%
- YTD
- 0.83%
- 1Y
- 4.78%
- 3Y*
- 7.74%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.07M | $9.33M | $11.19M | |
| $85.99M | $101.13M | $105.82M |
HYS vs. PYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 1.42% | 8.80% | 8.42% | 6.88% |
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | 0.83% | 9.57% | 7.69% | 5.46% |
Correlation
The correlation between HYS and PYLD is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | 0.57 |
The correlation between HYS and PYLD shifts across timeframes, from 0.55 (3 years) to 0.66 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HYS vs. PYLD — Risk / Return Rank
HYS
PYLD
HYS vs. PYLD - 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 Multisector Bond Active Exchange-Traded Fund (PYLD). 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 | PYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.32 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.76 | 1.65 | +1.11 |
| Martin ratioReturn relative to average drawdown | 10.85 | 7.13 | +3.73 |
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Drawdowns
HYS vs. PYLD - Drawdown Comparison
The maximum HYS drawdown since its inception was -20.91%, which is greater than PYLD's maximum drawdown of -4.52%. Use the drawdown chart below to compare losses from any high point for HYS and PYLD.
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Drawdown Indicators
| HYS | PYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.91% | -4.52% | -16.39% |
Max Drawdown (1Y)Largest decline over 1 year | -1.88% | -3.25% | +1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -4.98% | -3.88% | -1.10% |
Max Drawdown (5Y)Largest decline over 5 years | -10.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -20.91% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -1.13% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -1.52% | -0.64% | -0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.75% | -0.27% |
Volatility
HYS vs. PYLD - Volatility Comparison
The current volatility for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) is 0.76%, while PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) has a volatility of 0.88%. This indicates that HYS experiences smaller price fluctuations and is considered to be less risky than PYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYS | PYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.88% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.80% | 2.73% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.39% | 3.11% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.26% | 3.96% | +2.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.78% | 3.96% | +2.82% |
HYS vs. PYLD - Expense Ratio Comparison
HYS has a 0.56% expense ratio, which is higher than PYLD's 0.55% expense ratio.
Dividends
HYS vs. PYLD - Dividend Comparison
HYS's dividend yield for the trailing twelve months is around 7.48%, more than PYLD's 6.37% 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 | 6.87% | 7.20% | 7.43% | 6.44% | 5.01% | 3.74% | 4.52% | 4.98% | 4.64% | 5.01% | 5.13% | 5.22% |
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | 5.88% | 6.21% | 6.40% | 2.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYS and PYLD have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYLD has higher volatility (0.88%) compared to HYS (0.76%). In terms of maximum drawdown, HYS dropped -20.91% vs PYLD's -4.52%.
On 3-year performance, HYS leads with 8.13% vs 7.74% for PYLD. On fees, PYLD is cheaper at 0.55% per year. On volatility, HYS has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYS has performed better with a 8.13% return vs 7.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PYLD is cheaper with a 0.55% expense ratio, compared with 0.56% for HYS.
HYS has the higher dividend yield at 6.87%, compared with 5.88% for PYLD.
HYS is categorized as High Yield Bonds, while PYLD is Multisector Bonds. Their fees differ too: 0.56% for HYS and 0.55% for PYLD.
PYLD currently has the higher Sharpe Ratio (1.72 vs 1.53), 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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