PYLD vs. OOSP

Last updated Aug 6, 2026

PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) and OOSP (Obra Opportunistic Structured Products ETF) are both Multisector Bonds funds. Both are actively managed. Over the past year, PYLD returned 5.34% vs 6.41% for OOSP. Their 0.15 correlation means their historical movements had little consistent relationship. PYLD charges 0.55%/yr vs 0.90%/yr for OOSP.

Performance

PYLD vs. OOSP - Performance Comparison

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

Returns By Period

In the year-to-date period, PYLD achieves a 1.60% return, which is significantly lower than OOSP's 3.41% return.

PYLD

• 1D: 0.04%
• 1M: -0.22%
• 6M: 1.03%
• YTD: 1.60%
• 1Y: 5.34%
• 3Y*: 8.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.81%

OOSP

• 1D: 0.07%
• 1M: 0.56%
• 6M: 2.44%
• YTD: 3.41%
• 1Y: 6.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.41%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OOSP Obra Opportunistic Structured Products ETF	$46.93K	$70.71K	$70.16K
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	$89.82M	$101.22M	$104.42M

PYLD vs. OOSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	1.60%	9.57%	6.22%
OOSP Obra Opportunistic Structured Products ETF	3.41%	7.41%	6.27%

Correlation

The correlation between PYLD and OOSP is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (All Time) Calculated using the full available price history since Apr 10, 2024	0.15

Return for Risk

PYLD vs. OOSP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PYLD

PYLD Risk / Return Rank: 58
PYLD Sharpe Ratio Rank: 64
PYLD Sortino Ratio Rank: 66
PYLD Omega Ratio Rank: 68
PYLD Calmar Ratio Rank: 41
PYLD Martin Ratio Rank: 53

OOSP

OOSP Risk / Return Rank: 78
OOSP Sharpe Ratio Rank: 63
OOSP Sortino Ratio Rank: 66
OOSP Omega Ratio Rank: 75
OOSP Calmar Ratio Rank: 93
OOSP Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PYLD vs. OOSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) and Obra Opportunistic Structured Products ETF (OOSP). 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	OOSP	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.71	+0.01
Sortino ratio: Return per unit of downside risk	2.49	2.48	0.00
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	1.65	4.91	-3.25
Martin ratio: Return relative to average drawdown	7.11	17.88	-10.77

PYLD vs. OOSP - Sharpe Ratio Comparison

The current PYLD Sharpe Ratio is 1.72, which is comparable to the OOSP Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of PYLD and OOSP, 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. OOSP - Drawdown Comparison

The maximum PYLD drawdown since its inception was -4.52%, which is greater than OOSP's maximum drawdown of -1.31%. Use the drawdown chart below to compare losses from any high point for PYLD and OOSP.

Drawdown Indicators

	PYLD	OOSP	Difference
Max Drawdown Largest peak-to-trough decline	-4.52%	-1.31%	-3.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.25%	-1.31%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-3.88%	—	—
Current Drawdown Current decline from peak	-0.37%	0.00%	-0.37%
Average Drawdown Average peak-to-trough decline	-0.64%	-0.20%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.36%	+0.39%

Volatility

PYLD vs. OOSP - Volatility Comparison

The current volatility for PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) is 1.03%, while Obra Opportunistic Structured Products ETF (OOSP) has a volatility of 1.22%. This indicates that PYLD experiences smaller price fluctuations and is considered to be less risky than OOSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYLD	OOSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.22%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	2.34%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	3.12%	3.79%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.97%	3.35%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	3.35%	+0.62%

PYLD vs. OOSP - Expense Ratio Comparison

PYLD has a 0.55% expense ratio, which is lower than OOSP's 0.90% expense ratio.

Dividends

PYLD vs. OOSP - Dividend Comparison

PYLD's dividend yield for the trailing twelve months is around 6.40%, which matches OOSP's 6.39% yield.

Position	TTM	2025	2024	2023
OOSP Obra Opportunistic Structured Products ETF	6.39%	6.71%	5.42%	0.00%
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund	6.40%	6.21%	6.40%	2.72%

Frequently Asked Questions

Can I hold both PYLD and OOSP in my portfolio?

PYLD and OOSP have a correlation of 0.06, 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 OOSP?

OOSP has higher volatility (1.22%) compared to PYLD (1.03%). In terms of maximum drawdown, PYLD dropped -4.52% vs OOSP's -1.31%.

Which ETF is better, PYLD or OOSP?

On 1-year performance, OOSP leads with 6.41% vs 5.34% for PYLD. On fees, PYLD is cheaper at 0.55% per year. On volatility, PYLD has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYLD or OOSP?

Over the 1-year period, OOSP has performed better with a 6.41% 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 OOSP?

PYLD is cheaper with a 0.55% expense ratio, compared with 0.90% for OOSP.

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

PYLD has the higher dividend yield at 6.40%, compared with 6.39% for OOSP.

What is the main difference between PYLD and OOSP?

They also come from different issuers: PIMCO and Obra. Their fees differ too: 0.55% for PYLD and 0.90% for OOSP.

Which has better risk-adjusted returns?

PYLD currently has the higher Sharpe Ratio (1.72 vs 1.71), 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.