HYXF vs. PABD
HYXF (iShares ESG Advanced High Yield Corporate Bond ETF) and PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) are both exchange-traded funds - HYXF is a High Yield Bonds fund tracking the Bloomberg MSCI US High Yield Corporate Choice ESG Screened, while PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net. Both are passively managed. Over the past year, HYXF returned 6.13% vs 20.80% for PABD. A 0.64 correlation means they provide meaningful diversification when combined. HYXF charges 0.35%/yr vs 0.12%/yr for PABD.
Performance
HYXF vs. PABD - Performance Comparison
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Returns By Period
In the year-to-date period, HYXF achieves a 1.34% return, which is significantly lower than PABD's 8.37% return.
HYXF
- 1D
- 0.29%
- 1M
- 1.24%
- YTD
- 1.34%
- 6M
- 1.95%
- 1Y
- 6.13%
- 3Y*
- 8.59%
- 5Y*
- 3.71%
- 10Y*
- 5.12%
PABD
- 1D
- 0.75%
- 1M
- 4.79%
- YTD
- 8.37%
- 6M
- 9.38%
- 1Y
- 20.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYXF vs. PABD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HYXF iShares ESG Advanced High Yield Corporate Bond ETF | 1.34% | 8.88% | 8.81% |
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF | 8.37% | 30.06% | 5.32% |
Correlation
The correlation between HYXF and PABD is 0.71, 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 | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024 | 0.64 |
The correlation between HYXF and PABD has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.
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Return for Risk
HYXF vs. PABD — Risk / Return Rank
HYXF
PABD
HYXF vs. PABD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares ESG Advanced High Yield Corporate Bond ETF (HYXF) and iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD). 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.
| HYXF | PABD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.23 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 1.66 | +0.73 |
| Martin ratioReturn relative to average drawdown | 10.72 | 6.21 | +4.50 |
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Drawdowns
HYXF vs. PABD - Drawdown Comparison
The maximum HYXF drawdown since its inception was -18.75%, which is greater than PABD's maximum drawdown of -13.37%. Use the drawdown chart below to compare losses from any high point for HYXF and PABD.
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Drawdown Indicators
| HYXF | PABD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.75% | -13.37% | -5.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -12.55% | +9.98% |
Max Drawdown (3Y)Largest decline over 3 years | -4.81% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.00% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.75% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.02% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -2.62% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 3.36% | -2.79% |
Volatility
HYXF vs. PABD - Volatility Comparison
The current volatility for iShares ESG Advanced High Yield Corporate Bond ETF (HYXF) is 1.29%, while iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) has a volatility of 5.54%. This indicates that HYXF experiences smaller price fluctuations and is considered to be less risky than PABD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYXF | PABD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 5.54% | -4.25% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 13.57% | -10.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.83% | 16.00% | -12.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.05% | 15.66% | -7.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.31% | 15.66% | -7.35% |
HYXF vs. PABD - Expense Ratio Comparison
HYXF has a 0.35% expense ratio, which is higher than PABD's 0.12% expense ratio.
Dividends
HYXF vs. PABD - Dividend Comparison
HYXF's dividend yield for the trailing twelve months is around 6.07%, more than PABD's 4.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HYXF iShares ESG Advanced High Yield Corporate Bond ETF | 6.07% | 6.19% | 6.40% | 5.93% | 5.37% | 4.56% | 4.96% | 5.29% | 6.14% | 5.85% | 3.16% |
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF | 4.03% | 2.74% | 2.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYXF and PABD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PABD has higher volatility (5.54%) compared to HYXF (1.29%). In terms of maximum drawdown, HYXF dropped -18.75% vs PABD's -13.37%.
On 1-year performance, PABD leads with 20.80% vs 6.13% for HYXF. On fees, PABD is cheaper at 0.12% per year. On volatility, HYXF has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PABD has performed better with a 20.80% return vs 6.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PABD is cheaper with a 0.12% expense ratio, compared with 0.35% for HYXF.
HYXF has the higher dividend yield at 6.07%, compared with 4.03% for PABD.
HYXF is categorized as High Yield Bonds, while PABD is Foreign Large Cap Equities. HYXF tracks Bloomberg MSCI US High Yield Corporate Choice ESG Screened, while PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net. Their fees differ too: 0.35% for HYXF and 0.12% for PABD.
HYXF currently has the higher Sharpe Ratio (1.61 vs 1.31), 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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