PIAMX vs. HYBB
PIAMX (PIA High Yield (MACS) Fund) and HYBB (iShares BB Rated Corporate Bond ETF) are both High Yield Bonds funds. Over the past 5 years, PIAMX returned 4.13%/yr vs 3.58%/yr for HYBB. A 0.50 correlation means they provide meaningful diversification when combined. PIAMX charges 0.20%/yr vs 0.25%/yr for HYBB.
Performance
PIAMX vs. HYBB - Performance Comparison
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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*
- —
PIAMX vs. HYBB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
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
PIAMX
HYBB
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.
| PIAMX | HYBB | Difference | |
|---|---|---|---|
| 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 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PIAMX | HYBB | Difference | |
|---|---|---|---|
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
| PIAMX | HYBB | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.43% | -0.51% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -3.23% | +0.89% |
Ulcer IndexDepth 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
| PIAMX | HYBB | Difference | |
|---|---|---|---|
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.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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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