PYLD vs. FBND

Last updated Jun 9, 2026

PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - PYLD is a Multisector Bonds fund actively managed by PIMCO, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past year, PYLD returned 7.24% vs 5.34% for FBND. Their correlation of 0.88 suggests significant overlap in exposure. PYLD charges 0.55%/yr vs 0.36%/yr for FBND.

Performance

PYLD vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) and Fidelity Total Bond ETF (FBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYLD achieves a 0.64% return, which is significantly higher than FBND's 0.10% return.

PYLD

• 1D: 0.00%
• 1M: -0.38%
• YTD: 0.64%
• 6M: 1.31%
• 1Y: 7.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBND

• 1D: -0.07%
• 1M: -0.69%
• YTD: 0.10%
• 6M: 0.40%
• 1Y: 5.34%
• 3Y*: 4.60%
• 5Y*: 0.68%
• 10Y*: 2.47%

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

PYLD vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	0.64%	9.57%	7.69%	5.60%
FBND Fidelity Total Bond ETF	0.10%	7.57%	2.13%	3.94%

Correlation

The correlation between PYLD and FBND is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.88

The correlation between PYLD and FBND has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

PYLD vs. FBND - Sectors Allocation Comparison

Sectors	PYLD	FBND
Energy	100.0%	1.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.2%
Healthcare	-	-
Industrials	-	71.4%
Real Estate	-	-
Technology	-	-
Utilities	-	27.5%

Return for Risk

PYLD vs. FBND — Risk / Return Rank

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

PYLD

PYLD Risk / Return Rank: 73
PYLD Sharpe Ratio Rank: 83
PYLD Sortino Ratio Rank: 86
PYLD Omega Ratio Rank: 86
PYLD Calmar Ratio Rank: 50
PYLD Martin Ratio Rank: 62

FBND

FBND Risk / Return Rank: 44
FBND Sharpe Ratio Rank: 45
FBND Sortino Ratio Rank: 47
FBND Omega Ratio Rank: 41
FBND Calmar Ratio Rank: 45
FBND Martin Ratio Rank: 40

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.

PYLD vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) and Fidelity Total Bond ETF (FBND). 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.

	PYLD	FBND	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.41	+1.00
Sortino ratio: Return per unit of downside risk	3.53	2.09	+1.44
Omega ratio: Gain probability vs. loss probability	1.48	1.25	+0.23
Calmar ratio: Return relative to maximum drawdown	2.24	2.01	+0.23
Martin ratio: Return relative to average drawdown	10.19	5.97	+4.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYLD vs. FBND - Sharpe Ratio Comparison

The current PYLD Sharpe Ratio is 2.41, which is higher than the FBND Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of PYLD and FBND, 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

	PYLD	FBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.41	+1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.12	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	0.44	+1.57

Drawdowns

PYLD vs. FBND - Drawdown Comparison

The maximum PYLD drawdown since its inception was -4.52%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for PYLD and FBND.

Drawdown Indicators

	PYLD	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-4.52%	-17.25%	+12.73%
Max Drawdown (1Y) Largest decline over 1 year	-3.25%	-2.66%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.25%	—
Current Drawdown Current decline from peak	-0.74%	-1.82%	+1.08%
Average Drawdown Average peak-to-trough decline	-0.65%	-3.35%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.90%	-0.19%

Volatility

PYLD vs. FBND - Volatility Comparison

PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) and Fidelity Total Bond ETF (FBND) have volatilities of 1.17% and 1.23%, 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.

Volatility by Period

	PYLD	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	1.23%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	2.75%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	3.03%	3.80%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.98%	5.92%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.98%	6.10%	-2.12%

PYLD vs. FBND - Expense Ratio Comparison

PYLD has a 0.55% expense ratio, which is higher than FBND's 0.36% expense ratio.

Dividends

PYLD vs. FBND - Dividend Comparison

PYLD's dividend yield for the trailing twelve months is around 6.31%, more than FBND's 4.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.72%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	6.31%	6.21%	6.40%	2.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PYLD and FBND in my portfolio?

PYLD and FBND have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYLD or FBND?

FBND has higher volatility (1.23%) compared to PYLD (1.17%). In terms of maximum drawdown, PYLD dropped -4.52% vs FBND's -17.25%.

Which ETF is better, PYLD or FBND?

On 1-year performance, PYLD leads with 7.24% vs 5.34% for FBND. On fees, FBND is cheaper at 0.36% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYLD or FBND?

Over the 1-year period, PYLD has performed better with a 7.24% return vs 5.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYLD or FBND?

FBND is cheaper with a 0.36% expense ratio, compared with 0.55% for PYLD.

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

PYLD has the higher dividend yield at 6.31%, compared with 4.72% for FBND.

What is the main difference between PYLD and FBND?

PYLD is categorized as Multisector Bonds, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: PIMCO and Fidelity. Their fees differ too: 0.55% for PYLD and 0.36% for FBND.

Which has better risk-adjusted returns?

PYLD currently has the higher Sharpe Ratio (2.41 vs 1.41), 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.