MWCIX vs. MWHYX
MWCIX (Metropolitan West Unconstrained Bond Fund) and MWHYX (Metropolitan West High Yield Bond Fund) are both mutual funds - MWCIX is a Nontraditional Bonds fund managed by Metropolitan West Funds, while MWHYX is a High Yield Bonds fund managed by Metropolitan West Funds. Over the past 10 years, MWCIX returned 2.84%/yr vs 4.66%/yr for MWHYX. A 0.59 correlation means they provide meaningful diversification when combined. MWCIX charges 0.76%/yr vs 0.85%/yr for MWHYX.
Performance
MWCIX vs. MWHYX - Performance Comparison
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Returns By Period
In the year-to-date period, MWCIX achieves a 1.12% return, which is significantly lower than MWHYX's 1.46% return. Over the past 10 years, MWCIX has underperformed MWHYX with an annualized return of 2.84%, while MWHYX has yielded a comparatively higher 4.66% annualized return.
MWCIX
- 1D
- 0.00%
- 1M
- 0.55%
- YTD
- 1.12%
- 6M
- 1.60%
- 1Y
- 5.46%
- 3Y*
- 5.92%
- 5Y*
- 1.98%
- 10Y*
- 2.84%
MWHYX
- 1D
- -0.11%
- 1M
- 0.48%
- YTD
- 1.46%
- 6M
- 2.18%
- 1Y
- 4.64%
- 3Y*
- 7.10%
- 5Y*
- 2.40%
- 10Y*
- 4.66%
MWCIX vs. MWHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MWCIX Metropolitan West Unconstrained Bond Fund | 1.12% | 7.50% | 5.40% | 6.07% | -9.39% | 0.65% | 4.54% | 6.49% | 1.11% | 3.98% |
MWHYX Metropolitan West High Yield Bond Fund | 1.46% | 6.09% | 6.24% | 10.77% | -12.58% | 2.85% | 11.47% | 12.30% | -0.91% | 6.23% |
Correlation
The correlation between MWCIX and MWHYX is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.59 |
The correlation between MWCIX and MWHYX shifts across timeframes, from 0.57 (1 year) to 0.69 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MWCIX vs. MWHYX — Risk / Return Rank
MWCIX
MWHYX
MWCIX vs. MWHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Metropolitan West Unconstrained Bond Fund (MWCIX) and Metropolitan West High Yield Bond Fund (MWHYX). 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.
| MWCIX | MWHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.37 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 2.44 | +1.08 |
| Martin ratioReturn relative to average drawdown | 14.53 | 11.17 | +3.36 |
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Drawdowns
MWCIX vs. MWHYX - Drawdown Comparison
The maximum MWCIX drawdown since its inception was -13.00%, smaller than the maximum MWHYX drawdown of -28.94%. Use the drawdown chart below to compare losses from any high point for MWCIX and MWHYX.
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Drawdown Indicators
| MWCIX | MWHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.00% | -28.94% | +15.94% |
Max Drawdown (1Y)Largest decline over 1 year | -1.62% | -2.00% | +0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -3.33% | -3.10% | -0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -13.00% | -15.95% | +2.95% |
Max Drawdown (10Y)Largest decline over 10 years | -13.00% | -15.95% | +2.95% |
Current DrawdownCurrent decline from peak | -0.38% | -0.33% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -1.49% | -2.39% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 0.44% | -0.05% |
Volatility
MWCIX vs. MWHYX - Volatility Comparison
Metropolitan West Unconstrained Bond Fund (MWCIX) and Metropolitan West High Yield Bond Fund (MWHYX) have volatilities of 0.86% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MWCIX | MWHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 0.88% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 2.38% | -0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.53% | 3.04% | -0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.64% | 4.59% | -0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.16% | 4.46% | -1.30% |
MWCIX vs. MWHYX - Expense Ratio Comparison
MWCIX has a 0.76% expense ratio, which is lower than MWHYX's 0.85% expense ratio.
Dividends
MWCIX vs. MWHYX - Dividend Comparison
MWCIX's dividend yield for the trailing twelve months is around 5.44%, less than MWHYX's 6.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MWCIX Metropolitan West Unconstrained Bond Fund | 5.44% | 5.26% | 5.93% | 4.87% | 3.50% | 3.39% | 3.46% | 3.89% | 3.77% | 2.81% | 3.22% | 2.15% |
MWHYX Metropolitan West High Yield Bond Fund | 6.55% | 6.04% | 6.59% | 6.20% | 3.94% | 2.90% | 3.54% | 4.11% | 4.60% | 3.42% | 4.17% | 4.37% |
Frequently Asked Questions
MWCIX and MWHYX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MWHYX has higher volatility (0.88%) compared to MWCIX (0.86%). In terms of maximum drawdown, MWCIX dropped -13.00% vs MWHYX's -28.94%.
MWCIX currently has the higher Sharpe Ratio (2.25 vs 1.61), 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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