USHY vs. PYLD
USHY (iShares Broad USD High Yield Corporate Bond ETF) and PYLD (PIMCO Multisector Bond Active Exchange-Traded Fund) are both exchange-traded funds - USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index, while PYLD is a Multisector Bonds fund actively managed by PIMCO. USHY is passively managed, while PYLD is actively managed. Over the past year, USHY returned 7.19% vs 7.32% for PYLD. A 0.64 correlation means they provide meaningful diversification when combined. USHY charges 0.15%/yr vs 0.55%/yr for PYLD.
Performance
USHY vs. PYLD - Performance Comparison
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Returns By Period
In the year-to-date period, USHY achieves a 1.75% return, which is significantly higher than PYLD's 1.33% return.
USHY
- 1D
- 0.03%
- 1M
- 0.68%
- YTD
- 1.75%
- 6M
- 2.37%
- 1Y
- 7.19%
- 3Y*
- 8.94%
- 5Y*
- 4.21%
- 10Y*
- —
PYLD
- 1D
- 0.15%
- 1M
- 0.84%
- YTD
- 1.33%
- 6M
- 1.94%
- 1Y
- 7.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USHY vs. PYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.75% | 8.81% | 8.45% | 7.85% |
PYLD PIMCO Multisector Bond Active Exchange-Traded Fund | 1.33% | 9.57% | 7.69% | 5.46% |
Correlation
The correlation between USHY and PYLD is 0.69, 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 | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | 0.64 |
The correlation between USHY and PYLD has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.
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Return for Risk
USHY vs. PYLD — Risk / Return Rank
USHY
PYLD
USHY vs. PYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) 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.
| USHY | PYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.46 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 2.15 | +0.70 |
| Martin ratioReturn relative to average drawdown | 12.77 | 9.76 | +3.01 |
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Drawdowns
USHY vs. PYLD - Drawdown Comparison
The maximum USHY drawdown since its inception was -22.44%, which is greater than PYLD's maximum drawdown of -4.52%. Use the drawdown chart below to compare losses from any high point for USHY and PYLD.
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Drawdown Indicators
| USHY | PYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.44% | -4.52% | -17.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -3.25% | +0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.56% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.06% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -0.65% | -2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 0.71% | -0.17% |
Volatility
USHY vs. PYLD - Volatility Comparison
iShares Broad USD High Yield Corporate Bond ETF (USHY) and PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) have volatilities of 1.20% and 1.24%, 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
| USHY | PYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.24% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 2.54% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 3.04% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.35% | 3.98% | +3.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.24% | 3.98% | +4.26% |
USHY vs. PYLD - Expense Ratio Comparison
USHY has a 0.15% expense ratio, which is lower than PYLD's 0.55% expense ratio.
Dividends
USHY vs. PYLD - Dividend Comparison
USHY's dividend yield for the trailing twelve months is around 6.90%, more than PYLD's 6.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
USHY and PYLD have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PYLD has higher volatility (1.24%) compared to USHY (1.20%). In terms of maximum drawdown, USHY dropped -22.44% vs PYLD's -4.52%.
On 1-year performance, PYLD leads with 7.32% vs 7.19% for USHY. On fees, USHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PYLD has performed better with a 7.32% return vs 7.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.55% for PYLD.
USHY has the higher dividend yield at 6.90%, compared with 6.27% for PYLD.
USHY is categorized as High Yield Bonds, while PYLD is Multisector Bonds. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.15% for USHY and 0.55% for PYLD.
PYLD currently has the higher Sharpe Ratio (2.30 vs 1.88), 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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