USHY.MI vs. LONZ

Last updated Jun 5, 2026

USHY.MI (Amundi USD High Yield Corporate Bond ESG UCITS ETF Dist) and LONZ (PIMCO Senior Loan Active Exchange-Traded Fund) are both exchange-traded funds - USHY.MI is a Corporate Bonds fund tracking the Bloomberg MSCI US Corporate High Yield SRI Sustainable index, while LONZ is a Bank Loan fund actively managed by PIMCO. USHY.MI is passively managed, while LONZ is actively managed. Over the past 3 years, USHY.MI returned 5.14%/yr vs 5.37%/yr for LONZ. At a 0.41 correlation, their price movements are largely independent. USHY.MI charges 0.25%/yr vs 0.62%/yr for LONZ.

Performance

USHY.MI vs. LONZ - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Amundi USD High Yield Corporate Bond ESG UCITS ETF Dist (USHY.MI) and PIMCO Senior Loan Active Exchange-Traded Fund (LONZ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USHY.MI is traded in EUR, while LONZ is traded in USD. To make them comparable, the LONZ values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, USHY.MI achieves a 2.58% return, which is significantly lower than LONZ's 3.43% return.

USHY.MI

• 1D: -0.05%
• 1M: 1.19%
• YTD: 2.58%
• 6M: 1.09%
• 1Y: 4.14%
• 3Y*: 5.14%
• 5Y*: 3.99%
• 10Y*: —

LONZ

• 1D: 0.54%
• 1M: 1.90%
• YTD: 3.43%
• 6M: 2.25%
• 1Y: 4.56%
• 3Y*: 5.37%
• 5Y*: —
• 10Y*: —

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

USHY.MI vs. LONZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USHY.MI Amundi USD High Yield Corporate Bond ESG UCITS ETF Dist	2.58%	-4.75%	14.46%	7.63%	-2.77%
LONZ PIMCO Senior Loan Active Exchange-Traded Fund	3.43%	-7.41%	17.10%	9.19%	-0.04%

Correlation

The correlation between USHY.MI and LONZ is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 10, 2022	0.41

Return for Risk

USHY.MI vs. LONZ — Risk / Return Rank

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

USHY.MI

USHY.MI Risk / Return Rank: 28
USHY.MI Sharpe Ratio Rank: 24
USHY.MI Sortino Ratio Rank: 23
USHY.MI Omega Ratio Rank: 26
USHY.MI Calmar Ratio Rank: 35
USHY.MI Martin Ratio Rank: 32

LONZ

LONZ Risk / Return Rank: 72
LONZ Sharpe Ratio Rank: 76
LONZ Sortino Ratio Rank: 76
LONZ Omega Ratio Rank: 90
LONZ Calmar Ratio Rank: 55
LONZ Martin Ratio Rank: 63

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.

USHY.MI vs. LONZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi USD High Yield Corporate Bond ESG UCITS ETF Dist (USHY.MI) and PIMCO Senior Loan Active Exchange-Traded Fund (LONZ). 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.

	USHY.MI	LONZ	Difference
Sharpe ratio: Return per unit of total volatility	0.84	0.72	+0.12
Sortino ratio: Return per unit of downside risk	1.22	1.03	+0.19
Omega ratio: Gain probability vs. loss probability	1.17	1.13	+0.04
Calmar ratio: Return relative to maximum drawdown	1.70	1.25	+0.45
Martin ratio: Return relative to average drawdown	4.56	3.15	+1.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USHY.MI vs. LONZ - Sharpe Ratio Comparison

The current USHY.MI Sharpe Ratio is 0.84, which is comparable to the LONZ Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of USHY.MI and LONZ, 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

	USHY.MI	LONZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	0.72	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.66	-0.32

Drawdowns

USHY.MI vs. LONZ - Drawdown Comparison

The maximum USHY.MI drawdown since its inception was -22.33%, which is greater than LONZ's maximum drawdown of -12.58%. Use the drawdown chart below to compare losses from any high point for USHY.MI and LONZ.

Drawdown Indicators

	USHY.MI	LONZ	Difference
Max Drawdown Largest peak-to-trough decline	-22.33%	-12.58%	-9.75%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-3.67%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	-12.58%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-11.75%	—	—
Current Drawdown Current decline from peak	-4.41%	-5.29%	+0.88%
Average Drawdown Average peak-to-trough decline	-4.97%	-4.23%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.47%	1.45%	+5.02%

Volatility

USHY.MI vs. LONZ - Volatility Comparison

Amundi USD High Yield Corporate Bond ESG UCITS ETF Dist (USHY.MI) has a higher volatility of 1.11% compared to PIMCO Senior Loan Active Exchange-Traded Fund (LONZ) at 1.05%. This indicates that USHY.MI's price experiences larger fluctuations and is considered to be riskier than LONZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USHY.MI	LONZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	1.05%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	4.06%	4.37%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	6.38%	6.40%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.53%	7.88%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.02%	7.88%	+2.14%

USHY.MI vs. LONZ - Expense Ratio Comparison

USHY.MI has a 0.25% expense ratio, which is lower than LONZ's 0.62% expense ratio.

Dividends

USHY.MI vs. LONZ - Dividend Comparison

USHY.MI's dividend yield for the trailing twelve months is around 4.90%, less than LONZ's 8.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LONZ PIMCO Senior Loan Active Exchange-Traded Fund	8.16%	6.60%	8.16%	8.29%	3.33%	0.00%	0.00%	0.00%	0.00%	0.00%
USHY.MI Amundi USD High Yield Corporate Bond ESG UCITS ETF Dist	4.90%	5.03%	3.29%	5.61%	5.95%	5.86%	6.17%	5.53%	4.73%	3.61%

Frequently Asked Questions

Can I hold both USHY.MI and LONZ in my portfolio?

USHY.MI and LONZ have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USHY.MI or LONZ?

On fees, USHY.MI is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USHY.MI or LONZ?

USHY.MI is cheaper with a 0.25% expense ratio, compared with 0.62% for LONZ.

What is the main difference between USHY.MI and LONZ?

USHY.MI is categorized as Corporate Bonds, while LONZ is Bank Loan. They also come from different issuers: Amundi and PIMCO. Their fees differ too: 0.25% for USHY.MI and 0.62% for LONZ.