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PIAMX vs. HYBB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

PIAMX vs. HYBB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIA High Yield (MACS) Fund (PIAMX) and iShares BB Rated Corporate Bond ETF (HYBB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PIAMX achieves a 0.92% return, which is significantly lower than HYBB's 1.13% return.


PIAMX

1D
0.12%
1M
0.58%
YTD
0.92%
6M
1.36%
1Y
3.83%
3Y*
7.53%
5Y*
4.13%
10Y*

HYBB

1D
-0.26%
1M
-0.12%
YTD
1.13%
6M
1.64%
1Y
6.31%
3Y*
7.79%
5Y*
3.58%
10Y*
*Multi-year figures are annualized to reflect compound growth (CAGR)

PIAMX vs. HYBB - Yearly Performance Comparison


2026 (YTD)202520242023202220212020
PIAMX
PIA High Yield (MACS) Fund
0.92%2.34%11.23%16.38%-10.93%7.82%6.04%
HYBB
iShares BB Rated Corporate Bond ETF
1.13%8.95%6.35%10.53%-10.11%3.36%4.29%

Correlation

The correlation between PIAMX and HYBB is 0.59, 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

0.59

Correlation (3Y)
Calculated over the trailing 3-year period

0.54

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Oct 9, 2020

0.50

The correlation between PIAMX and HYBB has been stable across timeframes, ranging from 0.50 to 0.59 - a consistent structural relationship.

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Return for Risk

PIAMX vs. HYBB — Risk / Return Rank

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

PIAMX
PIAMX Risk / Return Rank: 1717
Overall Rank
PIAMX Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
PIAMX Sortino Ratio Rank: 1818
Sortino Ratio Rank
PIAMX Omega Ratio Rank: 2525
Omega Ratio Rank
PIAMX Calmar Ratio Rank: 1212
Calmar Ratio Rank
PIAMX Martin Ratio Rank: 1111
Martin Ratio Rank

HYBB
HYBB Risk / Return Rank: 6262
Overall Rank
HYBB Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
HYBB Sortino Ratio Rank: 6565
Sortino Ratio Rank
HYBB Omega Ratio Rank: 6565
Omega Ratio Rank
HYBB Calmar Ratio Rank: 5454
Calmar Ratio Rank
HYBB Martin Ratio Rank: 6666
Martin Ratio Rank
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.

PIAMX vs. HYBB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIA High Yield (MACS) Fund (PIAMX) and iShares BB Rated Corporate Bond ETF (HYBB). 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.


PIAMXHYBBDifference
Sharpe ratioReturn per unit of total volatility

-0.70

Sortino ratioReturn per unit of downside risk

-1.20

Omega ratioGain probability vs. loss probability

1.25

1.37

-0.12

Calmar ratioReturn relative to maximum drawdown

1.03

2.55

-1.52

Martin ratioReturn relative to average drawdown

3.07

11.49

-8.42

PIAMX vs. HYBB - Sharpe Ratio Comparison

The current PIAMX Sharpe Ratio is 1.24, which is lower than the HYBB Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of PIAMX and HYBB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Sharpe Ratios by Period


PIAMXHYBBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.24

1.93

-0.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.03

0.52

+0.51

Sharpe Ratio (All Time)

Calculated using the full available price history

1.23

0.62

+0.61

Drawdowns

PIAMX vs. HYBB - Drawdown Comparison

The maximum PIAMX drawdown since its inception was -18.15%, which is greater than HYBB's maximum drawdown of -15.28%. Use the drawdown chart below to compare losses from any high point for PIAMX and HYBB.


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Drawdown Indicators


PIAMXHYBBDifference

Max Drawdown

Largest peak-to-trough decline

-18.15%

-15.28%

-2.87%

Max Drawdown (1Y)

Largest decline over 1 year

-3.75%

-2.48%

-1.27%

Max Drawdown (3Y)

Largest decline over 3 years

-6.17%

-4.01%

-2.16%

Max Drawdown (5Y)

Largest decline over 5 years

-13.92%

-15.28%

+1.36%

Current Drawdown

Current decline from peak

-0.43%

-0.51%

+0.08%

Average Drawdown

Average peak-to-trough decline

-2.34%

-3.23%

+0.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.25%

0.55%

+0.70%

Volatility

PIAMX vs. HYBB - Volatility Comparison

The current volatility for PIA High Yield (MACS) Fund (PIAMX) is 0.68%, while iShares BB Rated Corporate Bond ETF (HYBB) has a volatility of 0.97%. This indicates that PIAMX experiences smaller price fluctuations and is considered to be less risky than HYBB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


PIAMXHYBBDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.68%

0.97%

-0.29%

Volatility (6M)

Calculated over the trailing 6-month period

2.43%

2.58%

-0.15%

Volatility (1Y)

Calculated over the trailing 1-year period

3.12%

3.28%

-0.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.04%

6.93%

-2.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.23%

6.67%

-2.44%

PIAMX vs. HYBB - Expense Ratio Comparison

PIAMX has a 0.20% expense ratio, which is lower than HYBB's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.


Dividends

PIAMX vs. HYBB - Dividend Comparison

PIAMX's dividend yield for the trailing twelve months is around 7.89%, more than HYBB's 5.88% yield.


PositionTTM20252024202320222021202020192018
HYBB
iShares BB Rated Corporate Bond ETF
5.88%6.08%6.22%6.28%5.04%3.86%0.76%0.00%0.00%
PIAMX
PIA High Yield (MACS) Fund
7.89%9.12%8.49%8.12%7.99%8.64%6.63%6.96%7.14%

Frequently Asked Questions


PIAMX and HYBB have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HYBB has higher volatility (0.97%) compared to PIAMX (0.68%). In terms of maximum drawdown, PIAMX dropped -18.15% vs HYBB's -15.28%.

HYBB currently has the higher Sharpe Ratio (1.93 vs 1.24), 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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