PMBS vs. HYS
PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both exchange-traded funds - PMBS is a Mortgage Backed Securities fund actively managed by PIMCO, while HYS is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained (0-5 Y). PMBS is actively managed, while HYS is passively managed. Over the past year, PMBS returned 7.55% vs 7.07% for HYS. At a 0.47 correlation, their price movements are largely independent. PMBS charges 0.71%/yr vs 0.56%/yr for HYS.
Performance
PMBS vs. HYS - Performance Comparison
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Returns By Period
In the year-to-date period, PMBS achieves a 0.90% return, which is significantly lower than HYS's 1.33% return.
PMBS
- 1D
- -0.21%
- 1M
- 0.11%
- YTD
- 0.90%
- 6M
- 1.15%
- 1Y
- 7.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYS
- 1D
- -0.09%
- 1M
- 0.47%
- YTD
- 1.33%
- 6M
- 1.83%
- 1Y
- 7.07%
- 3Y*
- 8.58%
- 5Y*
- 5.08%
- 10Y*
- 5.35%
PMBS vs. HYS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 0.90% | 8.92% | -2.75% |
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 1.33% | 8.80% | 0.93% |
Correlation
The correlation between PMBS and HYS is 0.54, 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 | 0.54 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024 | 0.47 |
The correlation between PMBS and HYS has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.
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Return for Risk
PMBS vs. HYS — Risk / Return Rank
PMBS
HYS
PMBS vs. HYS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) 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.
| PMBS | HYS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.39 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 3.77 | -1.21 |
| Martin ratioReturn relative to average drawdown | 8.70 | 15.35 | -6.66 |
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
| PMBS | HYS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 2.04 | -0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.82 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.78 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 0.81 | +0.01 |
Drawdowns
PMBS vs. HYS - Drawdown Comparison
The maximum PMBS drawdown since its inception was -4.35%, smaller than the maximum HYS drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for PMBS and HYS.
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Drawdown Indicators
| PMBS | HYS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -20.91% | +16.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -1.88% | -1.09% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.98% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.91% | — |
Current DrawdownCurrent decline from peak | -1.55% | -0.14% | -1.41% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -1.53% | +0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.46% | +0.41% |
Volatility
PMBS vs. HYS - Volatility Comparison
PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund (PMBS) has a higher volatility of 1.52% compared to PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) at 1.23%. This indicates that PMBS'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.
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Volatility by Period
| PMBS | HYS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 1.23% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.10% | 2.74% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.22% | 3.47% | +0.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.88% | 6.26% | -1.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.88% | 6.84% | -1.96% |
PMBS vs. HYS - Expense Ratio Comparison
PMBS has a 0.71% expense ratio, which is higher than HYS's 0.56% expense ratio.
Dividends
PMBS vs. HYS - Dividend Comparison
PMBS's dividend yield for the trailing twelve months is around 4.98%, less than HYS's 7.36% 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 | 7.36% | 7.20% | 7.43% | 6.44% | 5.01% | 3.74% | 4.52% | 4.98% | 4.64% | 5.01% | 5.13% | 5.22% |
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 4.98% | 4.73% | 1.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PMBS and HYS have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PMBS has higher volatility (1.52%) compared to HYS (1.23%). In terms of maximum drawdown, PMBS dropped -4.35% vs HYS's -20.91%.
On 1-year performance, PMBS leads with 7.55% vs 7.07% for HYS. On fees, HYS is cheaper at 0.56% per year. On volatility, HYS has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PMBS has performed better with a 7.55% return vs 7.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYS is cheaper with a 0.56% expense ratio, compared with 0.71% for PMBS.
HYS has the higher dividend yield at 7.36%, compared with 4.98% for PMBS.
PMBS is categorized as Mortgage Backed Securities, while HYS is High Yield Bonds. Their fees differ too: 0.71% for PMBS and 0.56% for HYS.
HYS currently has the higher Sharpe Ratio (2.04 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.
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