MUSE vs. HYBX

Last updated Jun 24, 2026

MUSE (TCW Multisector Credit Income ETF) and HYBX (TCW High Yield Bond ETF) are both exchange-traded funds - MUSE is a Multisector Bonds fund actively managed by TCW, while HYBX is a High Yield Bonds fund actively managed by TCW. Both are actively managed. Over the past year, MUSE returned 7.57% vs 5.19% for HYBX. At a 0.35 correlation, their price movements are largely independent. MUSE charges 0.56%/yr vs 0.50%/yr for HYBX.

Performance

MUSE vs. HYBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Multisector Credit Income ETF (MUSE) and TCW High Yield Bond ETF (HYBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MUSE having a 2.59% return and HYBX slightly lower at 2.52%.

MUSE

• 1D: -0.09%
• 1M: 0.89%
• YTD: 2.59%
• 6M: 2.85%
• 1Y: 7.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYBX

• 1D: 0.03%
• 1M: 0.15%
• YTD: 2.52%
• 6M: 1.94%
• 1Y: 5.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUSE vs. HYBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUSE TCW Multisector Credit Income ETF	2.59%	8.25%	0.34%
HYBX TCW High Yield Bond ETF	2.52%	6.26%	-0.04%

Correlation

The correlation between MUSE and HYBX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.35

Return for Risk

MUSE vs. HYBX — Risk / Return Rank

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

MUSE

MUSE Risk / Return Rank: 81
MUSE Sharpe Ratio Rank: 88
MUSE Sortino Ratio Rank: 93
MUSE Omega Ratio Rank: 93
MUSE Calmar Ratio Rank: 65
MUSE Martin Ratio Rank: 66

HYBX

HYBX Risk / Return Rank: 35
HYBX Sharpe Ratio Rank: 23
HYBX Sortino Ratio Rank: 24
HYBX Omega Ratio Rank: 23
HYBX Calmar Ratio Rank: 54
HYBX Martin Ratio Rank: 50

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.

MUSE vs. HYBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Multisector Credit Income ETF (MUSE) and TCW High Yield Bond ETF (HYBX). 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.

	MUSE	HYBX	Difference
Sharpe ratio: Return per unit of total volatility	2.65	0.79	+1.86
Sortino ratio: Return per unit of downside risk	4.24	1.25	+2.99
Omega ratio: Gain probability vs. loss probability	1.60	1.15	+0.45
Calmar ratio: Return relative to maximum drawdown	2.99	2.42	+0.57
Martin ratio: Return relative to average drawdown	11.10	7.77	+3.33

MUSE vs. HYBX - Sharpe Ratio Comparison

The current MUSE Sharpe Ratio is 2.65, which is higher than the HYBX Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of MUSE and HYBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MUSE vs. HYBX - Drawdown Comparison

The maximum MUSE drawdown since its inception was -3.63%, smaller than the maximum HYBX drawdown of -3.93%. Use the drawdown chart below to compare losses from any high point for MUSE and HYBX.

Drawdown Indicators

	MUSE	HYBX	Difference
Max Drawdown Largest peak-to-trough decline	-3.63%	-3.93%	+0.30%
Max Drawdown (1Y) Largest decline over 1 year	-2.54%	-2.15%	-0.39%
Current Drawdown Current decline from peak	-0.23%	-0.59%	+0.36%
Average Drawdown Average peak-to-trough decline	-0.41%	-0.56%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.67%	+0.01%

Volatility

MUSE vs. HYBX - Volatility Comparison

The current volatility for TCW Multisector Credit Income ETF (MUSE) is 0.74%, while TCW High Yield Bond ETF (HYBX) has a volatility of 1.08%. This indicates that MUSE experiences smaller price fluctuations and is considered to be less risky than HYBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUSE	HYBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	1.08%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.45%	4.94%	-2.49%
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	6.62%	-3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	7.57%	-3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.84%	7.57%	-3.73%

MUSE vs. HYBX - Expense Ratio Comparison

MUSE has a 0.56% expense ratio, which is higher than HYBX's 0.50% expense ratio.

Dividends

MUSE vs. HYBX - Dividend Comparison

MUSE's dividend yield for the trailing twelve months is around 7.68%, which matches HYBX's 7.71% yield.

Position	TTM	2025	2024
HYBX TCW High Yield Bond ETF	7.71%	7.82%	1.08%
MUSE TCW Multisector Credit Income ETF	7.68%	7.35%	0.75%

Frequently Asked Questions

Can I hold both MUSE and HYBX in my portfolio?

MUSE and HYBX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUSE or HYBX?

HYBX has higher volatility (1.08%) compared to MUSE (0.74%). In terms of maximum drawdown, MUSE dropped -3.63% vs HYBX's -3.93%.

Which ETF is better, MUSE or HYBX?

On 1-year performance, MUSE leads with 7.57% vs 5.19% for HYBX. On fees, HYBX is cheaper at 0.50% per year. On volatility, MUSE has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUSE or HYBX?

Over the 1-year period, MUSE has performed better with a 7.57% return vs 5.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUSE or HYBX?

HYBX is cheaper with a 0.50% expense ratio, compared with 0.56% for MUSE.

Which ETF pays a higher dividend yield, MUSE or HYBX?

HYBX has the higher dividend yield at 7.71%, compared with 7.68% for MUSE.

What is the main difference between MUSE and HYBX?

MUSE is categorized as Multisector Bonds, while HYBX is High Yield Bonds. Their fees differ too: 0.56% for MUSE and 0.50% for HYBX.

Which has better risk-adjusted returns?

MUSE currently has the higher Sharpe Ratio (2.65 vs 0.79), 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.