MUNI vs. HYS
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both exchange-traded funds - MUNI is a Municipal Bonds fund actively managed by PIMCO, while HYS is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained (0-5 Y). MUNI is actively managed, while HYS is passively managed. Over the past 10 years, MUNI returned 2.17%/yr vs 5.35%/yr for HYS. At a 0.09 correlation, their price movements are largely independent. MUNI charges 0.35%/yr vs 0.56%/yr for HYS.
Performance
MUNI vs. HYS - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with MUNI having a 1.28% return and HYS slightly higher at 1.33%. Over the past 10 years, MUNI has underperformed HYS with an annualized return of 2.17%, while HYS has yielded a comparatively higher 5.35% annualized return.
MUNI
- 1D
- 0.13%
- 1M
- 0.40%
- YTD
- 1.28%
- 6M
- 1.55%
- 1Y
- 6.54%
- 3Y*
- 3.97%
- 5Y*
- 1.30%
- 10Y*
- 2.17%
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%
MUNI vs. HYS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.28% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
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% | 5.75% |
Correlation
The correlation between MUNI and HYS is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2011 | 0.09 |
Over the past year, MUNI and HYS have become more correlated (0.43) than their long-term average of 0.09, meaning their price movements have been converging.
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Return for Risk
MUNI vs. HYS — Risk / Return Rank
MUNI
HYS
MUNI vs. HYS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). 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.
| MUNI | HYS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.90 | 2.04 | +0.86 |
Sortino ratioReturn per unit of downside risk | 4.35 | 3.17 | +1.18 |
Omega ratioGain probability vs. loss probability | 1.65 | 1.39 | +0.26 |
Calmar ratioReturn relative to maximum drawdown | 2.83 | 3.77 | -0.94 |
Martin ratioReturn relative to average drawdown | 9.33 | 15.35 | -6.02 |
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
| MUNI | HYS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.90 | 2.04 | +0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.39 | 0.82 | -0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.78 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.81 | -0.03 |
Drawdowns
MUNI vs. HYS - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum HYS drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for MUNI and HYS.
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Drawdown Indicators
| MUNI | HYS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -20.91% | +9.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -1.88% | -0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | -4.98% | +0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -10.61% | -0.54% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -20.91% | +9.76% |
Current DrawdownCurrent decline from peak | -0.75% | -0.14% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -1.53% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.46% | +0.23% |
Volatility
MUNI vs. HYS - Volatility Comparison
The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 0.78%, while PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) has a volatility of 1.23%. This indicates that MUNI experiences smaller price fluctuations and is considered to be less risky than HYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUNI | HYS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 1.23% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 1.61% | 2.74% | -1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 3.47% | -1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 6.26% | -2.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 6.84% | -2.99% |
MUNI vs. HYS - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is lower than HYS's 0.56% expense ratio.
Dividends
MUNI vs. HYS - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.28%, less than HYS's 7.36% 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% |
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% |
Frequently Asked Questions
MUNI and HYS have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYS has higher volatility (1.23%) compared to MUNI (0.78%). In terms of maximum drawdown, MUNI dropped -11.15% vs HYS's -20.91%.
On 10-year performance, HYS leads with 5.35% vs 2.17% for MUNI. On fees, MUNI is cheaper at 0.35% per year. On volatility, MUNI has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYS has performed better with a 5.35% return vs 2.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUNI is cheaper with a 0.35% expense ratio, compared with 0.56% for HYS.
HYS has the higher dividend yield at 7.36%, compared with 3.28% for MUNI.
MUNI is categorized as Municipal Bonds, while HYS is High Yield Bonds. Their fees differ too: 0.35% for MUNI and 0.56% for HYS.
MUNI currently has the higher Sharpe Ratio (2.90 vs 2.04), 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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