ODHY vs. YLD

Last updated Jul 17, 2026

ODHY (Obra Defensive High Yield ETF) and YLD (Principal Active High Yield ETF) are both High Yield Bonds funds. Over the past year, ODHY returned 5.10% vs 6.14% for YLD. A 0.70 correlation means they provide meaningful diversification when combined. ODHY charges 0.50%/yr vs 0.39%/yr for YLD.

Performance

ODHY vs. YLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Obra Defensive High Yield ETF (ODHY) and Principal Active High Yield ETF (YLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ODHY achieves a 1.57% return, which is significantly lower than YLD's 3.38% return.

ODHY

• 1D: -0.05%
• 1M: 0.13%
• 6M: 1.27%
• YTD: 1.57%
• 1Y: 5.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YLD

• 1D: 0.11%
• 1M: 0.03%
• 6M: 2.89%
• YTD: 3.38%
• 1Y: 6.14%
• 3Y*: 8.39%
• 5Y*: 4.80%
• 10Y*: 5.49%

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

ODHY vs. YLD - Yearly Performance Comparison

	2026 (YTD)	2025
ODHY Obra Defensive High Yield ETF	1.57%	2.15%
YLD Principal Active High Yield ETF	3.38%	2.67%

Correlation

The correlation between ODHY and YLD is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.70

The correlation between ODHY and YLD has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

Return for Risk

ODHY vs. YLD — Risk / Return Rank

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

ODHY

ODHY Risk / Return Rank: 79
ODHY Sharpe Ratio Rank: 79
ODHY Sortino Ratio Rank: 85
ODHY Omega Ratio Rank: 87
ODHY Calmar Ratio Rank: 65
ODHY Martin Ratio Rank: 80

YLD

YLD Risk / Return Rank: 60
YLD Sharpe Ratio Rank: 49
YLD Sortino Ratio Rank: 53
YLD Omega Ratio Rank: 49
YLD Calmar Ratio Rank: 76
YLD Martin Ratio Rank: 74

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.

ODHY vs. YLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Obra Defensive High Yield ETF (ODHY) and Principal Active High Yield ETF (YLD). 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.

	ODHY	YLD	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.40	+0.62
Sortino ratio: Return per unit of downside risk	3.11	2.11	+1.00
Omega ratio: Gain probability vs. loss probability	1.43	1.26	+0.17
Calmar ratio: Return relative to maximum drawdown	2.61	3.12	-0.51
Martin ratio: Return relative to average drawdown	12.10	10.73	+1.38

ODHY vs. YLD - Sharpe Ratio Comparison

The current ODHY Sharpe Ratio is 2.02, which is higher than the YLD Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of ODHY and YLD, 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

ODHY vs. YLD - Drawdown Comparison

The maximum ODHY drawdown since its inception was -1.96%, smaller than the maximum YLD drawdown of -28.34%. Use the drawdown chart below to compare losses from any high point for ODHY and YLD.

Drawdown Indicators

	ODHY	YLD	Difference
Max Drawdown Largest peak-to-trough decline	-1.96%	-28.34%	+26.38%
Max Drawdown (1Y) Largest decline over 1 year	-1.96%	-1.98%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.34%	—
Current Drawdown Current decline from peak	-0.10%	-0.11%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.31%	-2.68%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.57%	-0.15%

Volatility

ODHY vs. YLD - Volatility Comparison

The current volatility for Obra Defensive High Yield ETF (ODHY) is 0.57%, while Principal Active High Yield ETF (YLD) has a volatility of 1.09%. This indicates that ODHY experiences smaller price fluctuations and is considered to be less risky than YLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ODHY	YLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	1.09%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	3.52%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	2.55%	4.41%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.67%	6.40%	-3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.67%	8.15%	-5.48%

ODHY vs. YLD - Expense Ratio Comparison

ODHY has a 0.50% expense ratio, which is higher than YLD's 0.39% expense ratio.

Dividends

ODHY vs. YLD - Dividend Comparison

ODHY's dividend yield for the trailing twelve months is around 5.21%, less than YLD's 7.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ODHY Obra Defensive High Yield ETF	5.21%	2.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
YLD Principal Active High Yield ETF	7.27%	7.33%	7.12%	6.46%	6.51%	3.92%	4.40%	4.81%	5.42%	6.28%	4.47%	2.56%

Frequently Asked Questions

Can I hold both ODHY and YLD in my portfolio?

ODHY and YLD have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ODHY or YLD?

YLD has higher volatility (1.09%) compared to ODHY (0.57%). In terms of maximum drawdown, ODHY dropped -1.96% vs YLD's -28.34%.

Which ETF is better, ODHY or YLD?

On 1-year performance, YLD leads with 6.14% vs 5.10% for ODHY. On fees, YLD is cheaper at 0.39% per year. On volatility, ODHY has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ODHY or YLD?

Over the 1-year period, YLD has performed better with a 6.14% return vs 5.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ODHY or YLD?

YLD is cheaper with a 0.39% expense ratio, compared with 0.50% for ODHY.

Which ETF pays a higher dividend yield, ODHY or YLD?

YLD has the higher dividend yield at 7.27%, compared with 5.21% for ODHY.

What is the main difference between ODHY and YLD?

They also come from different issuers: Obra and Principal. Their fees differ too: 0.50% for ODHY and 0.39% for YLD.

Which has better risk-adjusted returns?

ODHY currently has the higher Sharpe Ratio (2.02 vs 1.40), 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.