VPLS vs. BYLD
VPLS (Vanguard Core-Plus Bond ETF) and BYLD (iShares Yield Optimized Bond ETF) are both Intermediate Core-Plus Bond funds. VPLS is actively managed, while BYLD is passively managed. Over the past year, VPLS returned 2.61% vs 3.72% for BYLD. Their correlation of 0.85 means they have usually moved in the same direction. VPLS charges 0.20%/yr vs 0.17%/yr for BYLD.
Performance
VPLS vs. BYLD - Performance Comparison
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Returns By Period
In the year-to-date period, VPLS achieves a -0.07% return, which is significantly lower than BYLD's 0.51% return.
VPLS
- 1D
- -0.18%
- 1M
- -1.09%
- 6M
- -0.51%
- YTD
- -0.07%
- 1Y
- 2.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.02%
BYLD
- 1D
- -0.18%
- 1M
- -1.20%
- 6M
- -0.09%
- YTD
- 0.51%
- 1Y
- 3.72%
- 3Y*
- 6.00%
- 5Y*
- 1.80%
- 10Y*
- 2.79%
- ALL TIME*
- 2.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $970.44K | $1.44M | $2.66M | |
| $18.40M | $16.50M | $14.10M |
VPLS vs. BYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VPLS Vanguard Core-Plus Bond ETF | -0.07% | 7.86% | 2.72% | 2.83% |
BYLD iShares Yield Optimized Bond ETF | 0.51% | 8.41% | 4.17% | 2.21% |
Correlation
The correlation between VPLS and BYLD is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2023 | 0.85 |
The correlation between VPLS and BYLD has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.
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Return for Risk
VPLS vs. BYLD — Risk / Return Rank
VPLS
BYLD
VPLS vs. BYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Core-Plus Bond ETF (VPLS) 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.
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.
| VPLS | BYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.20 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 1.56 | -0.30 |
| Martin ratioReturn relative to average drawdown | 3.57 | 5.90 | -2.33 |
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Drawdowns
VPLS vs. BYLD - Drawdown Comparison
The maximum VPLS drawdown since its inception was -4.17%, smaller than the maximum BYLD drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for VPLS and BYLD.
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Drawdown Indicators
| VPLS | BYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.17% | -14.75% | +10.58% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -2.71% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.54% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.65% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.75% | — |
Current DrawdownCurrent decline from peak | -1.91% | -1.37% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -2.49% | +1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.71% | +0.25% |
Volatility
VPLS vs. BYLD - Volatility Comparison
Vanguard Core-Plus Bond ETF (VPLS) has a higher volatility of 0.94% compared to iShares Yield Optimized Bond ETF (BYLD) at 0.87%. This indicates that VPLS's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VPLS | BYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.87% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 3.09% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.58% | 3.81% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 5.21% | -0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 5.42% | -0.87% |
VPLS vs. BYLD - Expense Ratio Comparison
VPLS has a 0.20% expense ratio, which is higher than BYLD's 0.17% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VPLS vs. BYLD - Dividend Comparison
VPLS's dividend yield for the trailing twelve months is around 4.81%, less than BYLD's 5.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.42% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
VPLS Vanguard Core-Plus Bond ETF | 4.40% | 4.78% | 4.52% | 0.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VPLS and BYLD have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VPLS has higher volatility (0.94%) compared to BYLD (0.87%). In terms of maximum drawdown, VPLS dropped -4.17% vs BYLD's -14.75%.
On 1-year performance, BYLD leads with 3.72% vs 2.61% for VPLS. 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.
Over the 1-year period, BYLD has performed better with a 3.72% return vs 2.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BYLD is cheaper with a 0.17% expense ratio, compared with 0.20% for VPLS.
BYLD has the higher dividend yield at 5.42%, compared with 4.40% for VPLS.
They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.20% for VPLS and 0.17% for BYLD.
BYLD currently has the higher Sharpe Ratio (1.11 vs 0.96), 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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