PDI vs. BHYAX

Last updated Jun 9, 2026

PDI (PIMCO Dynamic Income Fund) is a stock, while BHYAX (BlackRock High Yield Bond Fund Investor A Shares) is High Yield Bonds fund tracking the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. Over the past 10 years, PDI returned 7.56%/yr vs 5.33%/yr for BHYAX. At a 0.35 correlation, their price movements are largely independent.

Performance

PDI vs. BHYAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Dynamic Income Fund (PDI) 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, PDI achieves a 0.27% return, which is significantly lower than BHYAX's 1.19% return. Over the past 10 years, PDI has outperformed BHYAX with an annualized return of 7.56%, while BHYAX has yielded a comparatively lower 5.33% annualized return.

PDI

• 1D: -0.54%
• 1M: -4.51%
• YTD: 0.27%
• 6M: -0.40%
• 1Y: 1.93%
• 3Y*: 10.92%
• 5Y*: 2.42%
• 10Y*: 7.56%

BHYAX

• 1D: -0.42%
• 1M: -0.17%
• YTD: 1.19%
• 6M: 1.84%
• 1Y: 7.08%
• 3Y*: 8.33%
• 5Y*: 3.77%
• 10Y*: 5.33%

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

PDI vs. BHYAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDI PIMCO Dynamic Income Fund	0.27%	11.03%	17.18%	11.99%	-16.99%	7.81%	-9.96%	22.23%	7.35%	18.59%
BHYAX BlackRock High Yield Bond Fund Investor A Shares	1.19%	8.96%	7.55%	12.19%	-11.63%	5.21%	5.54%	15.15%	-3.24%	8.03%

Correlation

The correlation between PDI and BHYAX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 29, 2012	0.35

Return for Risk

PDI vs. BHYAX — Risk / Return Rank

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

PDI

PDI Risk / Return Rank: 44
PDI Sharpe Ratio Rank: 48
PDI Sortino Ratio Rank: 37
PDI Omega Ratio Rank: 40
PDI Calmar Ratio Rank: 46
PDI Martin Ratio Rank: 47

BHYAX

BHYAX Risk / Return Rank: 78
BHYAX Sharpe Ratio Rank: 63
BHYAX Sortino Ratio Rank: 83
BHYAX Omega Ratio Rank: 80
BHYAX Calmar Ratio Rank: 75
BHYAX Martin Ratio Rank: 87

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.

PDI vs. BHYAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Dynamic Income Fund (PDI) 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.

	PDI	BHYAX	Difference
Sharpe ratio: Return per unit of total volatility	0.17	2.03	-1.85
Sortino ratio: Return per unit of downside risk	0.29	3.57	-3.28
Omega ratio: Gain probability vs. loss probability	1.05	1.47	-0.42
Calmar ratio: Return relative to maximum drawdown	0.18	3.03	-2.85
Martin ratio: Return relative to average drawdown	0.39	14.86	-14.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDI vs. BHYAX - Sharpe Ratio Comparison

The current PDI Sharpe Ratio is 0.17, which is lower than the BHYAX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of PDI 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.

Sharpe Ratios by Period

	PDI	BHYAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	2.03	-1.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.73	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.91	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.14	-0.56

Drawdowns

PDI vs. BHYAX - Drawdown Comparison

The maximum PDI drawdown since its inception was -46.47%, which is greater than BHYAX's maximum drawdown of -35.18%. Use the drawdown chart below to compare losses from any high point for PDI and BHYAX.

Drawdown Indicators

	PDI	BHYAX	Difference
Max Drawdown Largest peak-to-trough decline	-46.47%	-35.18%	-11.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-2.30%	-8.65%
Max Drawdown (3Y) Largest decline over 3 years	-17.55%	-4.10%	-13.45%
Max Drawdown (5Y) Largest decline over 5 years	-27.23%	-15.60%	-11.63%
Max Drawdown (10Y) Largest decline over 10 years	-46.47%	-23.25%	-23.22%
Current Drawdown Current decline from peak	-7.57%	-0.56%	-7.01%
Average Drawdown Average peak-to-trough decline	-6.22%	-2.86%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.98%	0.47%	+4.51%

Volatility

PDI vs. BHYAX - Volatility Comparison

PIMCO Dynamic Income Fund (PDI) has a higher volatility of 3.21% compared to BlackRock High Yield Bond Fund Investor A Shares (BHYAX) at 1.16%. This indicates that PDI's price experiences larger fluctuations and is considered to be riskier than BHYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDI	BHYAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	1.16%	+2.05%
Volatility (6M) Calculated over the trailing 6-month period	8.14%	2.66%	+5.48%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	3.44%	+7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.53%	5.20%	+10.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.05%	5.90%	+13.15%

Dividends

PDI vs. BHYAX - Dividend Comparison

PDI's dividend yield for the trailing twelve months is around 15.84%, more than BHYAX's 6.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHYAX BlackRock High Yield Bond Fund Investor A Shares	6.75%	6.71%	6.56%	5.30%	4.60%	4.42%	4.83%	5.39%	6.02%	5.50%	5.65%	6.01%
PDI PIMCO Dynamic Income Fund	15.84%	14.94%	14.43%	14.74%	17.84%	10.21%	10.01%	9.45%	10.78%	8.81%	14.79%	18.70%

Frequently Asked Questions

Can I hold both PDI and BHYAX in my portfolio?

PDI and BHYAX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDI or BHYAX?

PDI has higher volatility (3.21%) compared to BHYAX (1.16%). In terms of maximum drawdown, PDI dropped -46.47% vs BHYAX's -35.18%.

Which has better risk-adjusted returns?

BHYAX currently has the higher Sharpe Ratio (2.03 vs 0.17), 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.