PTY vs. HYGH
PTY (PIMCO Corporate & Income Opportunity Fund) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both funds - PTY is a Corporate Bonds fund managed by PIMCO, while HYGH is a High Yield Bonds fund actively managed by iShares. Over the past 10 years, PTY returned 8.71%/yr vs 6.50%/yr for HYGH. At a 0.33 correlation, their price movements are largely independent. PTY charges 1.19%/yr vs 0.53%/yr for HYGH.
Performance
PTY vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, PTY achieves a -3.70% return, which is significantly lower than HYGH's 3.24% return. Over the past 10 years, PTY has outperformed HYGH with an annualized return of 8.71%, while HYGH has yielded a comparatively lower 6.50% annualized return.
PTY
- 1D
- 0.26%
- 1M
- -0.51%
- YTD
- -3.70%
- 6M
- -3.85%
- 1Y
- -4.11%
- 3Y*
- 7.73%
- 5Y*
- -0.75%
- 10Y*
- 8.71%
HYGH
- 1D
- 0.17%
- 1M
- 0.91%
- YTD
- 3.24%
- 6M
- 3.69%
- 1Y
- 8.03%
- 3Y*
- 9.63%
- 5Y*
- 7.00%
- 10Y*
- 6.50%
PTY vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PTY PIMCO Corporate & Income Opportunity Fund | -3.70% | -0.51% | 19.87% | 22.56% | -18.71% | 0.40% | 3.24% | 35.36% | 2.49% | 26.63% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.24% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 0.54% | 11.09% | -0.85% | 6.38% |
Correlation
The correlation between PTY and HYGH is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since May 29, 2014 | 0.33 |
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Return for Risk
PTY vs. HYGH — Risk / Return Rank
PTY
HYGH
PTY vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Corporate & Income Opportunity Fund (PTY) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| PTY | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.58 | ||
| Sortino ratioReturn per unit of downside risk | -3.79 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.41 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 4.88 | -5.18 |
| Martin ratioReturn relative to average drawdown | -0.57 | 19.08 | -19.66 |
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Drawdowns
PTY vs. HYGH - Drawdown Comparison
The maximum PTY drawdown since its inception was -60.86%, which is greater than HYGH's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for PTY and HYGH.
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Drawdown Indicators
| PTY | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.86% | -23.88% | -36.98% |
Max Drawdown (1Y)Largest decline over 1 year | -15.44% | -1.62% | -13.82% |
Max Drawdown (3Y)Largest decline over 3 years | -16.04% | -8.06% | -7.98% |
Max Drawdown (5Y)Largest decline over 5 years | -41.38% | -8.24% | -33.14% |
Max Drawdown (10Y)Largest decline over 10 years | -46.55% | -23.88% | -22.67% |
Current DrawdownCurrent decline from peak | -12.60% | 0.00% | -12.60% |
Average DrawdownAverage peak-to-trough decline | -8.61% | -2.22% | -6.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.89% | 0.41% | +7.48% |
Volatility
PTY vs. HYGH - Volatility Comparison
PIMCO Corporate & Income Opportunity Fund (PTY) has a higher volatility of 2.64% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.68%. This indicates that PTY's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PTY | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.64% | 0.68% | +1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 7.49% | 2.80% | +4.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.80% | 3.66% | +7.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.39% | 7.07% | +10.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.19% | 8.34% | +12.85% |
PTY vs. HYGH - Expense Ratio Comparison
PTY has a 1.19% expense ratio, which is higher than HYGH's 0.53% expense ratio.
Dividends
PTY vs. HYGH - Dividend Comparison
PTY's dividend yield for the trailing twelve months is around 12.15%, more than HYGH's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
PTY PIMCO Corporate & Income Opportunity Fund | 12.15% | 11.05% | 9.92% | 10.77% | 13.12% | 9.16% | 8.74% | 8.37% | 10.63% | 9.48% | 12.09% | 11.92% |
Frequently Asked Questions
PTY and HYGH have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PTY has higher volatility (2.64%) compared to HYGH (0.68%). In terms of maximum drawdown, PTY dropped -60.86% vs HYGH's -23.88%.
HYGH currently has the higher Sharpe Ratio (2.16 vs -0.42), 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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