TCPB vs. BYLD

Last updated Jun 4, 2026

TCPB (Thrivent Core Plus Bond ETF) and BYLD (iShares Yield Optimized Bond ETF) are both Intermediate Core-Plus Bond funds. TCPB is actively managed, while BYLD is passively managed. Over the past year, TCPB returned 5.97% vs 7.01% for BYLD. A 0.75 correlation means they provide meaningful diversification when combined. TCPB charges 0.39%/yr vs 0.17%/yr for BYLD.

Performance

TCPB vs. BYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thrivent Core Plus Bond ETF (TCPB) and iShares Yield Optimized Bond ETF (BYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCPB achieves a 0.43% return, which is significantly lower than BYLD's 1.23% return.

TCPB

• 1D: -0.25%
• 1M: 0.36%
• YTD: 0.43%
• 6M: 0.31%
• 1Y: 5.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BYLD

• 1D: -0.18%
• 1M: 0.61%
• YTD: 1.23%
• 6M: 1.35%
• 1Y: 7.01%
• 3Y*: 6.49%
• 5Y*: 2.21%
• 10Y*: 3.01%

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

TCPB vs. BYLD - Yearly Performance Comparison

	2026 (YTD)	2025
TCPB Thrivent Core Plus Bond ETF	0.43%	6.30%
BYLD iShares Yield Optimized Bond ETF	1.23%	6.86%

Correlation

The correlation between TCPB and BYLD is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.75

The correlation between TCPB and BYLD has been stable across timeframes, ranging from 0.75 to 0.75 - a consistent structural relationship.

Return for Risk

TCPB vs. BYLD — Risk / Return Rank

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

TCPB

TCPB Risk / Return Rank: 43
TCPB Sharpe Ratio Rank: 42
TCPB Sortino Ratio Rank: 44
TCPB Omega Ratio Rank: 43
TCPB Calmar Ratio Rank: 45
TCPB Martin Ratio Rank: 42

BYLD

BYLD Risk / Return Rank: 55
BYLD Sharpe Ratio Rank: 53
BYLD Sortino Ratio Rank: 57
BYLD Omega Ratio Rank: 56
BYLD Calmar Ratio Rank: 52
BYLD Martin Ratio Rank: 59

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.

TCPB vs. BYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thrivent Core Plus Bond ETF (TCPB) and iShares Yield Optimized Bond ETF (BYLD). 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.

	TCPB	BYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.85	-0.38
Sortino ratio: Return per unit of downside risk	2.19	2.76	-0.57
Omega ratio: Gain probability vs. loss probability	1.27	1.35	-0.08
Calmar ratio: Return relative to maximum drawdown	2.19	2.60	-0.40
Martin ratio: Return relative to average drawdown	6.60	10.54	-3.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCPB vs. BYLD - Sharpe Ratio Comparison

The current TCPB Sharpe Ratio is 1.46, which is comparable to the BYLD Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of TCPB and BYLD, 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

	TCPB	BYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.85	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.57	+0.61

Drawdowns

TCPB vs. BYLD - Drawdown Comparison

The maximum TCPB drawdown since its inception was -2.74%, smaller than the maximum BYLD drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for TCPB and BYLD.

Drawdown Indicators

	TCPB	BYLD	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-14.75%	+12.01%
Max Drawdown (1Y) Largest decline over 1 year	-2.74%	-2.71%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.75%	—
Current Drawdown Current decline from peak	-1.34%	-0.34%	-1.00%
Average Drawdown Average peak-to-trough decline	-0.79%	-2.51%	+1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.67%	+0.24%

Volatility

TCPB vs. BYLD - Volatility Comparison

Thrivent Core Plus Bond ETF (TCPB) and iShares Yield Optimized Bond ETF (BYLD) have volatilities of 1.36% and 1.42%, 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

	TCPB	BYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.42%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	2.94%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	4.10%	3.82%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.45%	5.20%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	5.43%	-0.98%

TCPB vs. BYLD - Expense Ratio Comparison

TCPB has a 0.39% expense ratio, which is higher than BYLD's 0.17% expense ratio.

Dividends

TCPB vs. BYLD - Dividend Comparison

TCPB's dividend yield for the trailing twelve months is around 4.78%, less than BYLD's 5.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BYLD iShares Yield Optimized Bond ETF	5.36%	5.32%	5.31%	4.45%	3.39%	2.18%	3.41%	3.67%	4.22%	3.22%	3.14%	3.37%
TCPB Thrivent Core Plus Bond ETF	4.78%	3.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCPB and BYLD in my portfolio?

TCPB and BYLD have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCPB or BYLD?

BYLD has higher volatility (1.42%) compared to TCPB (1.36%). In terms of maximum drawdown, TCPB dropped -2.74% vs BYLD's -14.75%.

Which ETF is better, TCPB or BYLD?

On 1-year performance, BYLD leads with 7.01% vs 5.97% for TCPB. On fees, BYLD is cheaper at 0.17% 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, TCPB or BYLD?

Over the 1-year period, BYLD has performed better with a 7.01% return vs 5.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCPB or BYLD?

BYLD is cheaper with a 0.17% expense ratio, compared with 0.39% for TCPB.

Which ETF pays a higher dividend yield, TCPB or BYLD?

BYLD has the higher dividend yield at 5.36%, compared with 4.78% for TCPB.

What is the main difference between TCPB and BYLD?

They also come from different issuers: Thrivent and iShares. Their fees differ too: 0.39% for TCPB and 0.17% for BYLD.

Which has better risk-adjusted returns?

BYLD currently has the higher Sharpe Ratio (1.85 vs 1.46), 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.