PSH vs. PYLD

Last updated Jun 4, 2026

PSH (PGIM Short Duration High Yield ETF) and PYLD (PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund) are both exchange-traded funds - PSH is a High Yield Bonds fund actively managed by PGIM, while PYLD is a Multisector Bonds fund actively managed by PIMCO. Both are actively managed. Over the past year, PSH returned 6.11% vs 7.40% for PYLD. At a 0.47 correlation, their price movements are largely independent. PSH charges 0.45%/yr vs 0.55%/yr for PYLD.

Performance

PSH vs. PYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Short Duration High Yield ETF (PSH) and PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSH achieves a 1.88% return, which is significantly higher than PYLD's 0.95% return.

PSH

• 1D: -0.11%
• 1M: 0.08%
• YTD: 1.88%
• 6M: 2.38%
• 1Y: 6.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PYLD

• 1D: -0.23%
• 1M: 0.53%
• YTD: 0.95%
• 6M: 1.31%
• 1Y: 7.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSH vs. PYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSH PGIM Short Duration High Yield ETF	1.88%	7.34%	7.96%	0.38%
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	0.95%	9.57%	7.69%	0.71%

Correlation

The correlation between PSH and PYLD is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.47

PSH vs. PYLD - Sectors Allocation Comparison

Sectors	PSH	PYLD
Financial Services	1.3%	-
Energy	0.1%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PSH vs. PYLD — Risk / Return Rank

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

PSH

PSH Risk / Return Rank: 71
PSH Sharpe Ratio Rank: 60
PSH Sortino Ratio Rank: 69
PSH Omega Ratio Rank: 72
PSH Calmar Ratio Rank: 82
PSH Martin Ratio Rank: 69

PYLD

PYLD Risk / Return Rank: 66
PYLD Sharpe Ratio Rank: 72
PYLD Sortino Ratio Rank: 78
PYLD Omega Ratio Rank: 79
PYLD Calmar Ratio Rank: 45
PYLD Martin Ratio Rank: 58

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.

PSH vs. PYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Short Duration High Yield ETF (PSH) and PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). 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.

	PSH	PYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.42	-0.38
Sortino ratio: Return per unit of downside risk	3.19	3.56	-0.38
Omega ratio: Gain probability vs. loss probability	1.43	1.48	-0.05
Calmar ratio: Return relative to maximum drawdown	4.33	2.29	+2.04
Martin ratio: Return relative to average drawdown	12.80	10.44	+2.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSH vs. PYLD - Sharpe Ratio Comparison

The current PSH Sharpe Ratio is 2.04, which is comparable to the PYLD Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of PSH and PYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSH	PYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	2.42	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	2.04	+0.17

Drawdowns

PSH vs. PYLD - Drawdown Comparison

The maximum PSH drawdown since its inception was -3.06%, smaller than the maximum PYLD drawdown of -4.52%. Use the drawdown chart below to compare losses from any high point for PSH and PYLD.

Drawdown Indicators

	PSH	PYLD	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-4.52%	+1.46%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-3.25%	+1.83%
Current Drawdown Current decline from peak	-0.16%	-0.44%	+0.28%
Average Drawdown Average peak-to-trough decline	-0.27%	-0.65%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.71%	-0.23%

Volatility

PSH vs. PYLD - Volatility Comparison

The current volatility for PGIM Short Duration High Yield ETF (PSH) is 0.69%, while PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) has a volatility of 1.24%. This indicates that PSH experiences smaller price fluctuations and is considered to be less risky than PYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSH	PYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	1.24%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	2.50%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	3.08%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.26%	3.99%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.26%	3.99%	-0.73%

PSH vs. PYLD - Expense Ratio Comparison

PSH has a 0.45% expense ratio, which is lower than PYLD's 0.55% expense ratio.

Dividends

PSH vs. PYLD - Dividend Comparison

PSH's dividend yield for the trailing twelve months is around 6.66%, more than PYLD's 6.30% yield.

Position	TTM	2025	2024	2023
PSH PGIM Short Duration High Yield ETF	6.66%	6.62%	8.35%	0.00%
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	6.30%	6.21%	6.40%	2.72%

Frequently Asked Questions

Can I hold both PSH and PYLD in my portfolio?

PSH and PYLD have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSH or PYLD?

PYLD has higher volatility (1.24%) compared to PSH (0.69%). In terms of maximum drawdown, PSH dropped -3.06% vs PYLD's -4.52%.

Which ETF is better, PSH or PYLD?

On 1-year performance, PYLD leads with 7.40% vs 6.11% for PSH. On fees, PSH is cheaper at 0.45% per year. On volatility, PSH has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSH or PYLD?

Over the 1-year period, PYLD has performed better with a 7.40% return vs 6.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSH or PYLD?

PSH is cheaper with a 0.45% expense ratio, compared with 0.55% for PYLD.

Which ETF pays a higher dividend yield, PSH or PYLD?

PSH has the higher dividend yield at 6.66%, compared with 6.30% for PYLD.

What is the main difference between PSH and PYLD?

PSH is categorized as High Yield Bonds, while PYLD is Multisector Bonds. They also come from different issuers: PGIM and PIMCO. Their fees differ too: 0.45% for PSH and 0.55% for PYLD.

Which has better risk-adjusted returns?

PYLD currently has the higher Sharpe Ratio (2.42 vs 2.04), 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.