OSTIX vs. BHYAX

Last updated Aug 4, 2026

OSTIX (Osterweis Strategic Income Fund) and BHYAX (BlackRock High Yield Bond Fund Investor A Shares) are both High Yield Bonds funds. Over the past 10 years, OSTIX returned 4.90%/yr vs 5.15%/yr for BHYAX. Their 0.56 correlation means they have sometimes moved together and sometimes differently. OSTIX charges 0.84%/yr vs 0.93%/yr for BHYAX.

Performance

OSTIX vs. BHYAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osterweis Strategic Income Fund (OSTIX) and BlackRock High Yield Bond Fund Investor A Shares (BHYAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OSTIX achieves a 1.61% return, which is significantly higher than BHYAX's 1.14% return. Over the past 10 years, OSTIX has underperformed BHYAX with an annualized return of 4.90%, while BHYAX has yielded a comparatively higher 5.15% annualized return.

OSTIX

• 1D: 0.00%
• 1M: 0.11%
• 6M: 1.17%
• YTD: 1.61%
• 1Y: 3.80%
• 3Y*: 6.35%
• 5Y*: 4.04%
• 10Y*: 4.90%
• ALL TIME*: 6.04%

BHYAX

• 1D: 0.00%
• 1M: -0.70%
• 6M: 0.61%
• YTD: 1.14%
• 1Y: 4.84%
• 3Y*: 7.83%
• 5Y*: 3.50%
• 10Y*: 5.15%
• ALL TIME*: 6.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BHYAX BlackRock High Yield Bond Fund Investor A Shares	$0.00	$0.00	$0.00
OSTIX Osterweis Strategic Income Fund	$0.00	$0.00	$0.00

OSTIX vs. BHYAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OSTIX Osterweis Strategic Income Fund	1.61%	4.04%	8.03%	12.29%	-5.94%	5.48%	9.01%	5.36%	-0.66%	6.00%
BHYAX BlackRock High Yield Bond Fund Investor A Shares	1.14%	8.96%	7.55%	12.19%	-11.63%	5.21%	5.54%	15.15%	-3.24%	8.03%

Correlation

The correlation between OSTIX and BHYAX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (10Y) Provides a long-term view across more market conditions.	0.68
Correlation (All Time) Calculated using the full available price history since Sep 4, 2002	0.56

The correlation between OSTIX and BHYAX shifts across timeframes, from 0.56 (all time) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

OSTIX vs. BHYAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OSTIX

OSTIX Risk / Return Rank: 84
OSTIX Sharpe Ratio Rank: 85
OSTIX Sortino Ratio Rank: 83
OSTIX Omega Ratio Rank: 90
OSTIX Calmar Ratio Rank: 78
OSTIX Martin Ratio Rank: 86

BHYAX

BHYAX Risk / Return Rank: 59
BHYAX Sharpe Ratio Rank: 45
BHYAX Sortino Ratio Rank: 65
BHYAX Omega Ratio Rank: 64
BHYAX Calmar Ratio Rank: 51
BHYAX Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OSTIX vs. BHYAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osterweis Strategic Income Fund (OSTIX) and BlackRock High Yield Bond Fund Investor A Shares (BHYAX). 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.

	OSTIX	BHYAX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.40	+0.70
Sortino ratio: Return per unit of downside risk	2.98	2.39	+0.59
Omega ratio: Gain probability vs. loss probability	1.48	1.31	+0.17
Calmar ratio: Return relative to maximum drawdown	2.62	2.05	+0.57
Martin ratio: Return relative to average drawdown	11.48	9.38	+2.09

OSTIX vs. BHYAX - Sharpe Ratio Comparison

The current OSTIX Sharpe Ratio is 2.10, which is higher than the BHYAX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of OSTIX and BHYAX, 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

OSTIX vs. BHYAX - Drawdown Comparison

The maximum OSTIX drawdown since its inception was -10.06%, smaller than the maximum BHYAX drawdown of -35.18%. Use the drawdown chart below to compare losses from any high point for OSTIX and BHYAX.

Drawdown Indicators

	OSTIX	BHYAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.06%	-35.18%	+25.12%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-2.30%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-3.27%	-4.10%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-9.75%	-15.60%	+5.85%
Max Drawdown (10Y) Largest decline over 10 years	-10.06%	-23.25%	+13.19%
Current Drawdown Current decline from peak	-0.24%	-0.84%	+0.60%
Average Drawdown Average peak-to-trough decline	-0.94%	-2.85%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.50%	-0.18%

Volatility

OSTIX vs. BHYAX - Volatility Comparison

The current volatility for Osterweis Strategic Income Fund (OSTIX) is 0.50%, while BlackRock High Yield Bond Fund Investor A Shares (BHYAX) has a volatility of 0.61%. This indicates that OSTIX experiences smaller price fluctuations and is considered to be less risky than BHYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OSTIX	BHYAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	0.61%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	1.48%	2.69%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	1.77%	3.40%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.00%	5.19%	-2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.94%	5.84%	-2.90%

OSTIX vs. BHYAX - Expense Ratio Comparison

OSTIX has a 0.84% expense ratio, which is lower than BHYAX's 0.93% expense ratio.

Dividends

OSTIX vs. BHYAX - Dividend Comparison

OSTIX's dividend yield for the trailing twelve months is around 4.39%, less than BHYAX's 6.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHYAX BlackRock High Yield Bond Fund Investor A Shares	6.21%	6.71%	6.56%	5.30%	4.60%	4.42%	4.83%	5.39%	6.02%	5.50%	5.65%	6.01%
OSTIX Osterweis Strategic Income Fund	4.39%	3.96%	5.25%	5.72%	4.72%	4.03%	3.85%	4.74%	4.66%	4.58%	5.23%	5.98%

Frequently Asked Questions

Can I hold both OSTIX and BHYAX in my portfolio?

OSTIX and BHYAX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OSTIX or BHYAX?

BHYAX has higher volatility (0.61%) compared to OSTIX (0.50%). In terms of maximum drawdown, OSTIX dropped -10.06% vs BHYAX's -35.18%.

Which has better risk-adjusted returns?

OSTIX currently has the higher Sharpe Ratio (2.10 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.