OBND vs. BYLD
OBND (SPDR Loomis Sayles Opportunistic Bond ETF) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - OBND is a Nontraditional Bonds fund actively managed by State Street, while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. OBND is actively managed, while BYLD is passively managed. Over the past 3 years, OBND returned 6.84%/yr vs 6.54%/yr for BYLD. Their correlation of 0.82 suggests significant overlap in exposure. OBND charges 0.55%/yr vs 0.17%/yr for BYLD.
Performance
OBND vs. BYLD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with OBND having a 1.47% return and BYLD slightly higher at 1.50%.
OBND
- 1D
- -0.00%
- 1M
- 0.54%
- YTD
- 1.47%
- 6M
- 1.42%
- 1Y
- 5.74%
- 3Y*
- 6.84%
- 5Y*
- —
- 10Y*
- —
BYLD
- 1D
- 0.04%
- 1M
- 0.88%
- YTD
- 1.50%
- 6M
- 1.48%
- 1Y
- 6.22%
- 3Y*
- 6.54%
- 5Y*
- 2.21%
- 10Y*
- 2.97%
OBND vs. BYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OBND SPDR Loomis Sayles Opportunistic Bond ETF | 1.47% | 7.85% | 4.80% | 9.47% | -11.24% | 0.05% |
BYLD iShares Yield Optimized Bond ETF | 1.50% | 8.41% | 4.17% | 8.30% | -10.33% | -0.03% |
Correlation
The correlation between OBND and BYLD is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.82 |
The correlation between OBND and BYLD has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.
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Return for Risk
OBND vs. BYLD — Risk / Return Rank
OBND
BYLD
OBND vs. BYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Loomis Sayles Opportunistic Bond ETF (OBND) and iShares Yield Optimized Bond ETF (BYLD). 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.
| OBND | BYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.31 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.30 | -0.30 |
| Martin ratioReturn relative to average drawdown | 8.70 | 9.29 | -0.60 |
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Drawdowns
OBND vs. BYLD - Drawdown Comparison
The maximum OBND drawdown since its inception was -15.86%, which is greater than BYLD's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for OBND and BYLD.
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Drawdown Indicators
| OBND | BYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.86% | -14.75% | -1.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -2.71% | -0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -3.17% | -3.94% | +0.77% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.75% | — |
Current DrawdownCurrent decline from peak | -0.27% | -0.13% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -4.36% | -2.50% | -1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.67% | -0.01% |
Volatility
OBND vs. BYLD - Volatility Comparison
SPDR Loomis Sayles Opportunistic Bond ETF (OBND) and iShares Yield Optimized Bond ETF (BYLD) have volatilities of 1.13% and 1.13%, 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
| OBND | BYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 1.13% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 3.06% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 3.85% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.66% | 5.21% | -0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.66% | 5.43% | -0.77% |
OBND vs. BYLD - Expense Ratio Comparison
OBND has a 0.55% expense ratio, which is higher than BYLD's 0.17% expense ratio.
Dividends
OBND vs. BYLD - Dividend Comparison
OBND's dividend yield for the trailing twelve months is around 6.27%, more than BYLD's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.35% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
OBND SPDR Loomis Sayles Opportunistic Bond ETF | 6.27% | 6.26% | 6.53% | 6.01% | 4.56% | 0.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OBND and BYLD have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BYLD has higher volatility (1.13%) compared to OBND (1.13%). In terms of maximum drawdown, OBND dropped -15.86% vs BYLD's -14.75%.
On 3-year performance, OBND leads with 6.84% vs 6.54% for BYLD. On fees, BYLD is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, OBND has performed better with a 6.84% return vs 6.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BYLD is cheaper with a 0.17% expense ratio, compared with 0.55% for OBND.
OBND has the higher dividend yield at 6.27%, compared with 5.35% for BYLD.
OBND is categorized as Nontraditional Bonds, while BYLD is Intermediate Core-Plus Bond. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for OBND and 0.17% for BYLD.
OBND currently has the higher Sharpe Ratio (1.66 vs 1.62), 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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