PYLD vs. FTBD

Last updated Jun 24, 2026

PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) and FTBD (Fidelity Tactical Bond ETF) are both exchange-traded funds - PYLD is a Multisector Bonds fund actively managed by PIMCO, while FTBD is a Nontraditional Bonds fund actively managed by Fidelity. Both are actively managed. Over the past 3 years, PYLD returned 8.06%/yr vs 5.20%/yr for FTBD. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.

Performance

PYLD vs. FTBD - 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 Tactical Bond ETF (FTBD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PYLD having a 1.41% return and FTBD slightly higher at 1.43%.

PYLD

• 1D: 0.23%
• 1M: 0.93%
• YTD: 1.41%
• 6M: 1.60%
• 1Y: 6.83%
• 3Y*: 8.06%
• 5Y*: —
• 10Y*: —

FTBD

• 1D: 0.11%
• 1M: 0.92%
• YTD: 1.43%
• 6M: 1.51%
• 1Y: 5.72%
• 3Y*: 5.20%
• 5Y*: —
• 10Y*: —

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

PYLD vs. FTBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	1.41%	9.57%	7.69%	5.46%
FTBD Fidelity Tactical Bond ETF	1.43%	8.35%	1.77%	3.68%

Correlation

The correlation between PYLD and FTBD is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.86

The correlation between PYLD and FTBD has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

Return for Risk

PYLD vs. FTBD — Risk / Return Rank

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

PYLD

PYLD Risk / Return Rank: 65
PYLD Sharpe Ratio Rank: 72
PYLD Sortino Ratio Rank: 77
PYLD Omega Ratio Rank: 78
PYLD Calmar Ratio Rank: 44
PYLD Martin Ratio Rank: 57

FTBD

FTBD Risk / Return Rank: 40
FTBD Sharpe Ratio Rank: 40
FTBD Sortino Ratio Rank: 41
FTBD Omega Ratio Rank: 38
FTBD Calmar Ratio Rank: 41
FTBD Martin Ratio Rank: 42

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. FTBD - 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 Tactical Bond ETF (FTBD). 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.

	PYLD	FTBD	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.35	+0.88
Sortino ratio: Return per unit of downside risk	3.26	2.00	+1.26
Omega ratio: Gain probability vs. loss probability	1.44	1.24	+0.20
Calmar ratio: Return relative to maximum drawdown	2.11	1.93	+0.18
Martin ratio: Return relative to average drawdown	9.56	6.42	+3.14

PYLD vs. FTBD - Sharpe Ratio Comparison

The current PYLD Sharpe Ratio is 2.23, which is higher than the FTBD Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of PYLD and FTBD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PYLD vs. FTBD - Drawdown Comparison

The maximum PYLD drawdown since its inception was -4.52%, smaller than the maximum FTBD drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for PYLD and FTBD.

Drawdown Indicators

	PYLD	FTBD	Difference
Max Drawdown Largest peak-to-trough decline	-4.52%	-6.98%	+2.46%
Max Drawdown (1Y) Largest decline over 1 year	-3.25%	-2.98%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-4.52%	-6.56%	+2.04%
Current Drawdown Current decline from peak	-0.30%	-0.72%	+0.42%
Average Drawdown Average peak-to-trough decline	-0.64%	-1.56%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.89%	-0.17%

Volatility

PYLD vs. FTBD - Volatility Comparison

PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) and Fidelity Tactical Bond ETF (FTBD) have volatilities of 1.07% and 1.09%, 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	FTBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.09%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	3.22%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.08%	4.27%	-1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	5.84%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	5.84%	-1.85%

PYLD vs. FTBD - Expense Ratio Comparison

Both PYLD and FTBD have an expense ratio of 0.55%.

Dividends

PYLD vs. FTBD - Dividend Comparison

PYLD's dividend yield for the trailing twelve months is around 6.27%, more than FTBD's 5.01% yield.

Position	TTM	2025	2024	2023
FTBD Fidelity Tactical Bond ETF	5.01%	5.04%	4.76%	4.69%
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	6.27%	6.21%	6.40%	2.72%

Frequently Asked Questions

Can I hold both PYLD and FTBD in my portfolio?

PYLD and FTBD have a correlation of 0.81, 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 FTBD?

FTBD has higher volatility (1.09%) compared to PYLD (1.07%). In terms of maximum drawdown, PYLD dropped -4.52% vs FTBD's -6.98%.

Which ETF is better, PYLD or FTBD?

On 3-year performance, PYLD leads with 8.06% vs 5.20% for FTBD. Both ETFs have the same 0.55% expense ratio. 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 FTBD?

Over the 3-year period, PYLD has performed better with a 8.06% return vs 5.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYLD or FTBD?

PYLD and FTBD have the same expense ratio: 0.55% per year.

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

PYLD has the higher dividend yield at 6.27%, compared with 5.01% for FTBD.

What is the main difference between PYLD and FTBD?

PYLD is categorized as Multisector Bonds, while FTBD is Nontraditional Bonds. They also come from different issuers: PIMCO and Fidelity.

Which has better risk-adjusted returns?

PYLD currently has the higher Sharpe Ratio (2.23 vs 1.35), 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.