PYLD vs. OOSP

Last updated Jun 4, 2026

PYLD (PIMCO ETF Trust - 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 7.40% vs 6.71% for OOSP. At a 0.15 correlation, their price movements are largely independent. 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 ETF Trust - 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 0.95% return, which is significantly lower than OOSP's 2.41% return.

PYLD

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

OOSP

• 1D: 0.00%
• 1M: 0.91%
• YTD: 2.41%
• 6M: 2.51%
• 1Y: 6.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PYLD vs. OOSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	0.95%	9.57%	7.10%
OOSP Obra Opportunistic Structured Products ETF	2.41%	7.41%	6.43%

Correlation

The correlation between PYLD and OOSP is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.15

Return for Risk

PYLD vs. OOSP — 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

OOSP

OOSP Risk / Return Rank: 68
OOSP Sharpe Ratio Rank: 52
OOSP Sortino Ratio Rank: 54
OOSP Omega Ratio Rank: 61
OOSP Calmar Ratio Rank: 88
OOSP Martin Ratio Rank: 87

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. OOSP - 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 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.

	PYLD	OOSP	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.82	+0.60
Sortino ratio: Return per unit of downside risk	3.56	2.64	+0.93
Omega ratio: Gain probability vs. loss probability	1.48	1.38	+0.10
Calmar ratio: Return relative to maximum drawdown	2.29	5.13	-2.84
Martin ratio: Return relative to average drawdown	10.44	19.01	-8.57
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. OOSP - Sharpe Ratio Comparison

The current PYLD Sharpe Ratio is 2.42, which is higher than the OOSP Sharpe Ratio of 1.82. 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.

Sharpe Ratios by Period

	PYLD	OOSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	1.82	+0.60
Sharpe Ratio (All Time) Calculated using the full available price history	2.04	2.29	-0.24

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%
Current Drawdown Current decline from peak	-0.44%	-0.18%	-0.26%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.20%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.35%	+0.36%

Volatility

PYLD vs. OOSP - Volatility Comparison

PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) and Obra Opportunistic Structured Products ETF (OOSP) 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	OOSP	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%	2.23%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	3.08%	3.71%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	3.35%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	3.35%	+0.64%

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 6.30%, less than OOSP's 6.47% yield.

Position	TTM	2025	2024	2023
OOSP Obra Opportunistic Structured Products ETF	6.47%	6.71%	5.42%	0.00%
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	6.30%	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 0.07, 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?

PYLD has higher volatility (1.24%) compared to OOSP (1.23%). 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, PYLD leads with 7.40% vs 6.71% for OOSP. 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 OOSP?

Over the 1-year period, PYLD has performed better with a 7.40% return vs 6.71%. 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?

OOSP has the higher dividend yield at 6.47%, compared with 6.30% for PYLD.

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 (2.42 vs 1.82), 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.