PFLEX vs. PYLD

Last updated Aug 4, 2026

PFLEX (PIMCO Flexible Credit Income Fund) and PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) are both Multisector Bonds funds from PIMCO. Over the past 3 years, PFLEX returned 8.59%/yr vs 7.93%/yr for PYLD. Their 0.47 correlation means their historical movements had little consistent relationship. PFLEX charges 2.10%/yr vs 0.55%/yr for PYLD.

Performance

PFLEX vs. PYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Flexible Credit Income Fund (PFLEX) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFLEX achieves a -0.95% return, which is significantly lower than PYLD's 0.98% return.

PFLEX

• 1D: -0.29%
• 1M: -1.16%
• 6M: -0.81%
• YTD: -0.95%
• 1Y: 0.30%
• 3Y*: 8.59%
• 5Y*: 3.21%
• 10Y*: —
• ALL TIME*: 4.98%

PYLD

• 1D: 0.15%
• 1M: -0.76%
• 6M: 0.38%
• YTD: 0.98%
• 1Y: 4.94%
• 3Y*: 7.93%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.61%

*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)
PFLEX PIMCO Flexible Credit Income Fund	$0.00	$0.00	$0.00
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	$87.11M	$100.81M	$103.51M

PFLEX vs. PYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PFLEX PIMCO Flexible Credit Income Fund	-0.95%	7.28%	14.00%	6.48%
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	0.98%	9.57%	7.69%	5.46%

Correlation

The correlation between PFLEX and PYLD is 0.58, 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.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.47

The correlation between PFLEX and PYLD shifts across timeframes, from 0.46 (3 years) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PFLEX vs. PYLD — Risk / Return Rank

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

PFLEX

PFLEX Risk / Return Rank: 5
PFLEX Sharpe Ratio Rank: 5
PFLEX Sortino Ratio Rank: 5
PFLEX Omega Ratio Rank: 5
PFLEX Calmar Ratio Rank: 5
PFLEX Martin Ratio Rank: 5

PYLD

PYLD Risk / Return Rank: 61
PYLD Sharpe Ratio Rank: 69
PYLD Sortino Ratio Rank: 69
PYLD Omega Ratio Rank: 70
PYLD Calmar Ratio Rank: 42
PYLD Martin Ratio Rank: 54

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.

PFLEX vs. PYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Credit Income Fund (PFLEX) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). 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.

	PFLEX	PYLD	Difference
Sharpe ratio: Return per unit of total volatility	0.09	1.61	-1.52
Sortino ratio: Return per unit of downside risk	0.17	2.30	-2.13
Omega ratio: Gain probability vs. loss probability	1.02	1.30	-0.28
Calmar ratio: Return relative to maximum drawdown	0.09	1.53	-1.44
Martin ratio: Return relative to average drawdown	0.22	6.57	-6.36

PFLEX vs. PYLD - Sharpe Ratio Comparison

The current PFLEX Sharpe Ratio is 0.09, which is lower than the PYLD Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of PFLEX and PYLD, 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

PFLEX vs. PYLD - Drawdown Comparison

The maximum PFLEX drawdown since its inception was -24.60%, which is greater than PYLD's maximum drawdown of -4.52%. Use the drawdown chart below to compare losses from any high point for PFLEX and PYLD.

Drawdown Indicators

	PFLEX	PYLD	Difference
Max Drawdown Largest peak-to-trough decline	-24.60%	-4.52%	-20.08%
Max Drawdown (1Y) Largest decline over 1 year	-4.28%	-3.25%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-4.28%	-3.88%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-18.06%	—	—
Current Drawdown Current decline from peak	-1.59%	-0.98%	-0.61%
Average Drawdown Average peak-to-trough decline	-3.95%	-0.64%	-3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	0.75%	+0.80%

Volatility

PFLEX vs. PYLD - Volatility Comparison

PIMCO Flexible Credit Income Fund (PFLEX) has a higher volatility of 0.95% compared to PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) at 0.88%. This indicates that PFLEX's price experiences larger fluctuations and is considered to be riskier than PYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFLEX	PYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.88%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	3.25%	2.73%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	3.08%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.25%	3.96%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.87%	3.96%	+1.91%

PFLEX vs. PYLD - Expense Ratio Comparison

PFLEX has a 2.10% expense ratio, which is higher than PYLD's 0.55% expense ratio.

Dividends

PFLEX vs. PYLD - Dividend Comparison

PFLEX's dividend yield for the trailing twelve months is around 5.12%, less than PYLD's 6.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PFLEX PIMCO Flexible Credit Income Fund	5.12%	6.59%	9.41%	12.77%	14.50%	9.06%	8.51%	9.86%	10.59%
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	6.44%	6.21%	6.40%	2.72%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFLEX and PYLD in my portfolio?

PFLEX and PYLD have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFLEX or PYLD?

PFLEX has higher volatility (0.95%) compared to PYLD (0.88%). In terms of maximum drawdown, PFLEX dropped -24.60% vs PYLD's -4.52%.

Which has better risk-adjusted returns?

PYLD currently has the higher Sharpe Ratio (1.61 vs 0.09), 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.