SJB vs. PYLD
SJB (ProShares Short High Yield) and PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while PYLD is a Multisector Bonds fund actively managed by PIMCO. SJB is passively managed, while PYLD is actively managed. Over the past 3 years, SJB returned -2.22%/yr vs 8.06%/yr for PYLD. At a correlation of -0.63, they often move in opposite directions. SJB charges 0.95%/yr vs 0.55%/yr for PYLD.
Performance
SJB vs. PYLD - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 0.74% return, which is significantly lower than PYLD's 1.41% return.
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
PYLD
- 1D
- 0.23%
- 1M
- 0.93%
- YTD
- 1.41%
- 6M
- 1.60%
- 1Y
- 6.83%
- 3Y*
- 8.06%
- 5Y*
- —
- 10Y*
- —
SJB vs. PYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -4.06% |
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | 1.41% | 9.57% | 7.69% | 5.46% |
Correlation
The correlation between SJB and PYLD is -0.68, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | -0.63 |
The correlation between SJB and PYLD has been stable across timeframes, ranging from -0.68 to -0.63 - a consistent structural relationship.
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Return for Risk
SJB vs. PYLD — Risk / Return Rank
SJB
PYLD
SJB vs. PYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). 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.
| SJB | PYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.25 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.44 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 2.11 | -2.14 |
| Martin ratioReturn relative to average drawdown | -0.05 | 9.56 | -9.61 |
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Drawdowns
SJB vs. PYLD - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than PYLD's maximum drawdown of -4.52%. Use the drawdown chart below to compare losses from any high point for SJB and PYLD.
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Drawdown Indicators
| SJB | PYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -4.52% | -53.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -3.25% | +0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -4.52% | -6.02% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | — | — |
Current DrawdownCurrent decline from peak | -57.40% | -0.30% | -57.10% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -0.64% | -41.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 0.72% | +0.58% |
Volatility
SJB vs. PYLD - Volatility Comparison
ProShares Short High Yield (SJB) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) have volatilities of 1.06% and 1.07%, 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.
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Volatility by Period
| SJB | PYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 1.07% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 2.62% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 3.08% | +0.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 3.99% | +3.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.50% | 3.99% | +4.51% |
SJB vs. PYLD - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than PYLD's 0.55% expense ratio.
Dividends
SJB vs. PYLD - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.43%, less than PYLD's 6.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | 6.27% | 6.21% | 6.40% | 2.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SJB ProShares Short High Yield | 3.43% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
Frequently Asked Questions
SJB and PYLD have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYLD has higher volatility (1.07%) compared to SJB (1.06%). In terms of maximum drawdown, SJB dropped -58.06% vs PYLD's -4.52%.
On 3-year performance, PYLD leads with 8.06% vs -2.22% for SJB. 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.
Over the 3-year period, PYLD has performed better with a 8.06% return vs -2.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PYLD is cheaper with a 0.55% expense ratio, compared with 0.95% for SJB.
PYLD has the higher dividend yield at 6.27%, compared with 3.43% for SJB.
SJB is categorized as Inverse Bonds, while PYLD is Multisector Bonds. They also come from different issuers: ProShares and PIMCO. Their fees differ too: 0.95% for SJB and 0.55% for PYLD.
PYLD currently has the higher Sharpe Ratio (2.23 vs -0.02), 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.
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