PIPNX vs. HYS

Last updated Jun 24, 2026

PIPNX (PIMCO Income Fund Class I-3) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both funds - PIPNX is a Multisector Bonds fund managed by PIMCO, while HYS is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained (0-5 Y). Over the past 5 years, PIPNX returned 3.14%/yr vs 5.02%/yr for HYS. At a 0.49 correlation, their price movements are largely independent. PIPNX charges 0.77%/yr vs 0.56%/yr for HYS.

Performance

PIPNX vs. HYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Income Fund Class I-3 (PIPNX) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIPNX achieves a 0.66% return, which is significantly lower than HYS's 1.56% return.

PIPNX

• 1D: -0.28%
• 1M: 0.90%
• YTD: 0.66%
• 6M: 1.24%
• 1Y: 7.12%
• 3Y*: 7.26%
• 5Y*: 3.14%
• 10Y*: —

HYS

• 1D: 0.01%
• 1M: 0.62%
• YTD: 1.56%
• 6M: 1.72%
• 1Y: 6.52%
• 3Y*: 8.76%
• 5Y*: 5.02%
• 10Y*: 5.38%

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

PIPNX vs. HYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PIPNX PIMCO Income Fund Class I-3	0.66%	10.91%	5.32%	8.08%	-9.14%	2.50%	5.68%	7.92%	1.22%
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.56%	8.80%	8.42%	11.38%	-5.42%	4.77%	3.27%	10.22%	-1.74%

Correlation

The correlation between PIPNX and HYS is 0.60, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Apr 30, 2018	0.49

The correlation between PIPNX and HYS shifts across timeframes, from 0.49 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PIPNX vs. HYS — Risk / Return Rank

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

PIPNX

PIPNX Risk / Return Rank: 40
PIPNX Sharpe Ratio Rank: 44
PIPNX Sortino Ratio Rank: 47
PIPNX Omega Ratio Rank: 47
PIPNX Calmar Ratio Rank: 32
PIPNX Martin Ratio Rank: 32

HYS

HYS Risk / Return Rank: 68
HYS Sharpe Ratio Rank: 59
HYS Sortino Ratio Rank: 68
HYS Omega Ratio Rank: 62
HYS Calmar Ratio Rank: 72
HYS Martin Ratio Rank: 77

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.

PIPNX vs. HYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Class I-3 (PIPNX) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). 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.

	PIPNX	HYS	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.89	-0.09
Sortino ratio: Return per unit of downside risk	2.68	2.94	-0.26
Omega ratio: Gain probability vs. loss probability	1.34	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	2.03	3.48	-1.45
Martin ratio: Return relative to average drawdown	6.78	14.11	-7.33

PIPNX vs. HYS - Sharpe Ratio Comparison

The current PIPNX Sharpe Ratio is 1.80, which is comparable to the HYS Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of PIPNX and HYS, 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

PIPNX vs. HYS - Drawdown Comparison

The maximum PIPNX drawdown since its inception was -13.42%, smaller than the maximum HYS drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for PIPNX and HYS.

Drawdown Indicators

	PIPNX	HYS	Difference
Max Drawdown Largest peak-to-trough decline	-13.42%	-20.91%	+7.49%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-1.88%	-1.81%
Max Drawdown (3Y) Largest decline over 3 years	-3.95%	-4.98%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-13.42%	-10.61%	-2.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.91%	—
Current Drawdown Current decline from peak	-1.24%	-0.14%	-1.10%
Average Drawdown Average peak-to-trough decline	-2.39%	-1.53%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.46%	+0.64%

Volatility

PIPNX vs. HYS - Volatility Comparison

PIMCO Income Fund Class I-3 (PIPNX) has a higher volatility of 1.34% compared to PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) at 0.79%. This indicates that PIPNX's price experiences larger fluctuations and is considered to be riskier than HYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIPNX	HYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	0.79%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	2.75%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	3.48%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.85%	6.27%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.56%	6.83%	-2.27%

PIPNX vs. HYS - Expense Ratio Comparison

PIPNX has a 0.77% expense ratio, which is higher than HYS's 0.56% expense ratio.

Dividends

PIPNX vs. HYS - Dividend Comparison

PIPNX's dividend yield for the trailing twelve months is around 5.69%, less than HYS's 7.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	7.34%	7.20%	7.43%	6.44%	5.01%	3.74%	4.52%	4.98%	4.64%	5.01%	5.13%	5.22%
PIPNX PIMCO Income Fund Class I-3	5.69%	5.86%	6.15%	5.08%	4.89%	3.91%	4.73%	5.66%	3.66%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIPNX and HYS in my portfolio?

PIPNX and HYS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIPNX or HYS?

PIPNX has higher volatility (1.34%) compared to HYS (0.79%). In terms of maximum drawdown, PIPNX dropped -13.42% vs HYS's -20.91%.

Which has better risk-adjusted returns?

HYS currently has the higher Sharpe Ratio (1.89 vs 1.80), 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.