PRIV vs. BYLD
PRIV (State Street IG Public & Private Credit ETF) and BYLD (iShares Yield Optimized Bond ETF) are both Intermediate Core-Plus Bond funds. PRIV is actively managed, while BYLD is passively managed. Over the past year, PRIV returned 6.08% vs 7.01% for BYLD. A 0.74 correlation means they provide meaningful diversification when combined. PRIV charges 0.55%/yr vs 0.17%/yr for BYLD.
Performance
PRIV vs. BYLD - Performance Comparison
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Returns By Period
In the year-to-date period, PRIV achieves a 0.55% return, which is significantly lower than BYLD's 1.23% return.
PRIV
- 1D
- -0.26%
- 1M
- 0.15%
- YTD
- 0.55%
- 6M
- 0.46%
- 1Y
- 6.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BYLD
- 1D
- -0.18%
- 1M
- 0.61%
- YTD
- 1.23%
- 6M
- 1.35%
- 1Y
- 7.01%
- 3Y*
- 6.49%
- 5Y*
- 2.21%
- 10Y*
- 3.01%
PRIV vs. BYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PRIV State Street IG Public & Private Credit ETF | 0.55% | 5.21% |
BYLD iShares Yield Optimized Bond ETF | 1.23% | 6.10% |
Correlation
The correlation between PRIV and BYLD is 0.75, 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 | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025 | 0.74 |
The correlation between PRIV and BYLD has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.
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Return for Risk
PRIV vs. BYLD — Risk / Return Rank
PRIV
BYLD
PRIV vs. BYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street IG Public & Private Credit ETF (PRIV) and iShares Yield Optimized Bond ETF (BYLD). 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.
| PRIV | BYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.35 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.60 | -0.19 |
| Martin ratioReturn relative to average drawdown | 7.79 | 10.54 | -2.74 |
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
| PRIV | BYLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.65 | 1.85 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.43 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.10 | 0.57 | +0.53 |
Drawdowns
PRIV vs. BYLD - Drawdown Comparison
The maximum PRIV drawdown since its inception was -2.75%, smaller than the maximum BYLD drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for PRIV and BYLD.
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Drawdown Indicators
| PRIV | BYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.75% | -14.75% | +12.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -2.71% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.75% | — |
Current DrawdownCurrent decline from peak | -1.16% | -0.34% | -0.82% |
Average DrawdownAverage peak-to-trough decline | -0.66% | -2.51% | +1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.67% | +0.11% |
Volatility
PRIV vs. BYLD - Volatility Comparison
State Street IG Public & Private Credit ETF (PRIV) and iShares Yield Optimized Bond ETF (BYLD) have volatilities of 1.37% and 1.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRIV | BYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.42% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.68% | 2.94% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 3.82% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.15% | 5.20% | -1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.15% | 5.43% | -1.28% |
PRIV vs. BYLD - Expense Ratio Comparison
PRIV has a 0.55% expense ratio, which is higher than BYLD's 0.17% expense ratio.
Dividends
PRIV vs. BYLD - Dividend Comparison
PRIV's dividend yield for the trailing twelve months is around 4.60%, less than BYLD's 5.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.36% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
PRIV State Street IG Public & Private Credit ETF | 4.60% | 3.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PRIV and BYLD have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BYLD has higher volatility (1.42%) compared to PRIV (1.37%). In terms of maximum drawdown, PRIV dropped -2.75% vs BYLD's -14.75%.
On 1-year performance, BYLD leads with 7.01% vs 6.08% for PRIV. On fees, BYLD is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BYLD has performed better with a 7.01% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BYLD is cheaper with a 0.17% expense ratio, compared with 0.55% for PRIV.
BYLD has the higher dividend yield at 5.36%, compared with 4.60% for PRIV.
They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for PRIV and 0.17% for BYLD.
BYLD currently has the higher Sharpe Ratio (1.85 vs 1.65), 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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