THYF vs. PYLD

Last updated Apr 1, 2026

Compare and contrast key facts about T. Rowe Price U.S. High Yield ETF (THYF) and PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD).

THYF and PYLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. THYF is an actively managed fund by T. Rowe Price. It was launched on Oct 25, 2022. PYLD is an actively managed fund by PIMCO. It was launched on Jun 21, 2023.

Performance

THYF vs. PYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. High Yield ETF (THYF) and PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). The values are adjusted to include any dividend payments, if applicable.

THYF vs. PYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
THYF T. Rowe Price U.S. High Yield ETF	-0.78%	7.77%	8.51%	7.13%
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	-0.92%	9.57%	7.69%	5.60%

Returns By Period

In the year-to-date period, THYF achieves a -0.78% return, which is significantly higher than PYLD's -0.92% return.

THYF

• 1D: 0.88%
• 1M: -1.45%
• YTD: -0.78%
• 6M: 0.60%
• 1Y: 6.58%
• 3Y*: 7.79%
• 5Y*: —
• 10Y*: —

PYLD

• 1D: 0.50%
• 1M: -2.28%
• YTD: -0.92%
• 6M: 0.90%
• 1Y: 5.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THYF vs. PYLD - Expense Ratio Comparison

THYF has a 0.56% expense ratio, which is higher than PYLD's 0.55% expense ratio.

THYF

T. Rowe Price U.S. High Yield ETF

PYLD

PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund

Return for Risk

THYF vs. PYLD — Risk / Return Rank

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

THYF

THYF Risk / Return Rank: 70
THYF Sharpe Ratio Rank: 69
THYF Sortino Ratio Rank: 70
THYF Omega Ratio Rank: 77
THYF Calmar Ratio Rank: 65
THYF Martin Ratio Rank: 72

PYLD

PYLD Risk / Return Rank: 83
PYLD Sharpe Ratio Rank: 87
PYLD Sortino Ratio Rank: 89
PYLD Omega Ratio Rank: 87
PYLD Calmar Ratio Rank: 75
PYLD Martin Ratio Rank: 76

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.

THYF vs. PYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. High Yield ETF (THYF) and PIMCO ETF Trust - 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.

	THYF	PYLD	Difference
Sharpe ratio Return per unit of total volatility	1.20	1.72	-0.52
Sortino ratio Return per unit of downside risk	1.74	2.39	-0.65
Omega ratio Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio Return relative to maximum drawdown	1.62	1.84	-0.22
Martin ratio Return relative to average drawdown	7.37	7.60	-0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THYF vs. PYLD - Sharpe Ratio Comparison

The current THYF Sharpe Ratio is 1.20, which is lower than the PYLD Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of THYF and PYLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	THYF	PYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	1.72	-0.52
Sharpe Ratio (All Time) Calculated using the full available price history	1.41	1.99	-0.58

Correlation

The correlation between THYF and PYLD is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

THYF vs. PYLD - Dividend Comparison

THYF's dividend yield for the trailing twelve months is around 7.22%, more than PYLD's 6.36% yield.

	TTM	2025	2024	2023	2022
THYF T. Rowe Price U.S. High Yield ETF	7.22%	7.17%	7.30%	8.02%	1.50%
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	6.36%	6.21%	6.40%	2.72%	0.00%

Drawdowns

THYF vs. PYLD - Drawdown Comparison

The maximum THYF drawdown since its inception was -5.24%, which is greater than PYLD's maximum drawdown of -4.52%. Use the drawdown chart below to compare losses from any high point for THYF and PYLD.

Drawdown Indicators

	THYF	PYLD	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-4.52%	-0.72%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-3.25%	-0.80%
Current Drawdown Current decline from peak	-1.77%	-2.28%	+0.51%
Average Drawdown Average peak-to-trough decline	-0.84%	-0.64%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.79%	+0.10%

Volatility

THYF vs. PYLD - Volatility Comparison

T. Rowe Price U.S. High Yield ETF (THYF) has a higher volatility of 1.84% compared to PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) at 1.61%. This indicates that THYF's price experiences larger fluctuations and is considered to be riskier than PYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THYF	PYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	1.61%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	2.12%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	5.50%	3.43%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.90%	4.00%	+1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.90%	4.00%	+1.90%