PYLD vs. HYS

Last updated Jun 4, 2026

PYLD (PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both exchange-traded funds - PYLD is a Multisector Bonds fund actively managed by PIMCO, while HYS is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained (0-5 Y). PYLD is actively managed, while HYS is passively managed. Over the past year, PYLD returned 7.40% vs 7.07% for HYS. A 0.56 correlation means they provide meaningful diversification when combined. PYLD charges 0.55%/yr vs 0.56%/yr for HYS.

Performance

PYLD vs. HYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYLD achieves a 0.95% return, which is significantly lower than HYS's 1.33% return.

PYLD

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

HYS

• 1D: -0.09%
• 1M: 0.47%
• YTD: 1.33%
• 6M: 1.83%
• 1Y: 7.07%
• 3Y*: 8.58%
• 5Y*: 5.08%
• 10Y*: 5.35%

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

PYLD vs. HYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	0.95%	9.57%	7.69%	5.60%
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.33%	8.80%	8.42%	7.13%

Correlation

The correlation between PYLD and HYS is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	0.56

The correlation between PYLD and HYS has been stable across timeframes, ranging from 0.56 to 0.64 - a consistent structural relationship.

PYLD vs. HYS - Sectors Allocation Comparison

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

Return for Risk

PYLD vs. HYS — Risk / Return Rank

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

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

HYS

HYS Risk / Return Rank: 68
HYS Sharpe Ratio Rank: 59
HYS Sortino Ratio Rank: 68
HYS Omega Ratio Rank: 63
HYS Calmar Ratio Rank: 74
HYS Martin Ratio Rank: 78

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. HYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). 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	HYS	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.04	+0.37
Sortino ratio: Return per unit of downside risk	3.56	3.17	+0.39
Omega ratio: Gain probability vs. loss probability	1.48	1.39	+0.09
Calmar ratio: Return relative to maximum drawdown	2.29	3.77	-1.47
Martin ratio: Return relative to average drawdown	10.44	15.35	-4.91
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. HYS - Sharpe Ratio Comparison

The current PYLD Sharpe Ratio is 2.42, which is comparable to the HYS Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of PYLD and HYS, 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	HYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.04	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.04	0.81	+1.23

Drawdowns

PYLD vs. HYS - Drawdown Comparison

The maximum PYLD drawdown since its inception was -4.52%, smaller than the maximum HYS drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for PYLD and HYS.

Drawdown Indicators

	PYLD	HYS	Difference
Max Drawdown Largest peak-to-trough decline	-4.52%	-20.91%	+16.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.25%	-1.88%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.98%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.91%	—
Current Drawdown Current decline from peak	-0.44%	-0.14%	-0.30%
Average Drawdown Average peak-to-trough decline	-0.65%	-1.53%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.46%	+0.25%

Volatility

PYLD vs. HYS - Volatility Comparison

PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) have volatilities of 1.24% 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	HYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.23%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	2.74%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	3.08%	3.47%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	6.26%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	6.84%	-2.85%

PYLD vs. HYS - Expense Ratio Comparison

PYLD has a 0.55% expense ratio, which is lower than HYS's 0.56% expense ratio.

Dividends

PYLD vs. HYS - Dividend Comparison

PYLD's dividend yield for the trailing twelve months is around 6.30%, less than HYS's 7.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	7.36%	7.20%	7.43%	6.44%	5.01%	3.74%	4.52%	4.98%	4.64%	5.01%	5.13%	5.22%
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	6.30%	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 HYS in my portfolio?

PYLD and HYS have a correlation of 0.64, 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 HYS?

PYLD has higher volatility (1.24%) compared to HYS (1.23%). In terms of maximum drawdown, PYLD dropped -4.52% vs HYS's -20.91%.

Which ETF is better, PYLD or HYS?

On 1-year performance, PYLD leads with 7.40% vs 7.07% for HYS. On fees, PYLD is cheaper at 0.55% 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 HYS?

Over the 1-year period, PYLD has performed better with a 7.40% return vs 7.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYLD or HYS?

PYLD is cheaper with a 0.55% expense ratio, compared with 0.56% for HYS.

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

HYS has the higher dividend yield at 7.36%, compared with 6.30% for PYLD.

What is the main difference between PYLD and HYS?

PYLD is categorized as Multisector Bonds, while HYS is High Yield Bonds. Their fees differ too: 0.55% for PYLD and 0.56% for HYS.

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.