{"id":51413,"date":"2023-08-22T03:18:23","date_gmt":"2023-08-22T07:18:23","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/hys-expensive-short-term-high-yield-corporate-bond-few-reasons-to-buy-nysearcahys\/"},"modified":"2023-08-22T03:18:27","modified_gmt":"2023-08-22T07:18:27","slug":"hys-expensive-short-term-high-yield-corporate-bond-few-reasons-to-buy-nysearcahys","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51413","title":{"rendered":"HYS: Expensive Short-Term High-Yield Corporate Bond, Few Reasons To Buy (NYSEARCA:HYS)"},"content":{"rendered":"
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<\/picture>
<\/figcaption><\/figure>\n<\/p>\n

The PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund ETF (NYSEARCA:HYS<\/span>) is a simple short-term high-yield corporate bond index ETF.<\/p>\n

Although the fund sports a reasonably strong, growing 6.1% dividend yield, it is quite expensive for an index ETF, with a 0.55% expense ratio. Most of HYS’s peers are cheaper, with the SPDR Portfolio High Yield Bond ETF (<\/span>SPHY) sporting a particularly low 0.05% expense ratio, half a percentage point lower. I see no reason to overpay for a simple index ETF, so I would not invest in HYS.<\/span><\/p>\n

HYS – Overview and Analysis<\/h2>\n

HYS is a simple short-term high-yield corporate bond index ETF, with all the characteristics and implications that entails.<\/p>\n

High Credit Risk<\/h4>\n

Credit quality is low, with the fund focusing corporate bonds rated BB-B:<\/p>\n

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\"HYS<\/picture>
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HYS – Chart by Author<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

The credit ratings above are indicative of relatively risky issuers, with weak financials and balance sheets. Said issuers can almost always meet their current financial obligations <\/span>right now<\/em>, but might have difficulties doing so if economic or financial conditions deteriorate. Default rates are higher than those of investment-grade issuers, and these would almost certainly spike during any downturn or recession. Expect sizable losses during these, higher than average for a bond fund, but lower than those of most equity indexes. This was the case during 1Q2020, the onset of the coronavirus pandemic, as expected:<\/span><\/p>\n

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\"Data<\/picture>
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Data by YCharts<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Strong Dividends<\/h4>\n

Securities with high credit risk tend to sport strong yields, and HYS is no exception. The fund currently yields 6.1%, quite a bit higher than most bonds and bond sub-asset classes:<\/p>\n

\n

\"Chart\"
Data by YCharts<\/figcaption><\/figure>\n<\/p>\n

Although the fund’s yield might look low relative to where interest rates are right now, remember those are trailing twelve month<\/em>, or TTM, dividend yields, and yields were much lower twelve months ago. HYS’s SEC yield, which measures a fund’s underlying generation of income, is somewhat higher at 7.7%. Annualizing the fund’s latest monthly dividend payment nets me a 6.1% yield, equivalent to its annual dividend.<\/p>\n

Strong Dividend Growth<\/h4>\n

HYS has seen strong dividend growth these past few years, courtesy of Federal Reserve hikes. Dividends have increased over 76.92% since early 2022…<\/p>\n

\n

\"Chart\"
Data by YCharts<\/figcaption><\/figure>\n<\/p>\n

…and over 54.1% these past twelve months:<\/p>\n

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\"Seeking<\/span><\/picture>
\n

Seeking Alpha<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

HYS’s dividends should continue to see growth in the coming months, as the fund replaces its older, lower-yielding bonds from before Federal Reserve hikes, with newer, higher-yielding alternatives issued after the hikes. Much will depend on future fed policy, which is highly uncertain, however.<\/p>\n

Below-Average Interest Rate Risk<\/h4>\n

Investors are generally reluctant to extend long-term credit to risky issuers, so riskier bonds and loans tend to have shorter maturities than safer, investment-grade issues. HYS focuses on high-yield corporate bonds, and so its portfolio is of below-average maturity and duration.<\/p>\n

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\"Fund<\/picture>
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Fund Filings – Chart by Author<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Due to the above, the fund should see below-average losses when interest rates increase, as was the case in 2022:<\/p>\n

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\"Data<\/picture>
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Data by YCharts<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

HYS should<\/em> see comparatively weak gains when interest rates decrease, but this is complicated by the fact that the Fed tends to cut during recessions, which impacts high-yield bonds quite heavily. The fund did perform quite badly from early 2019 to mid-2020, during which the Fed cut rates quite significantly. The pandemic was responsible for a lot of the underperformance, however.<\/p>\n

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\"Data<\/picture>
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Data by YCharts<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

HYS – Peer Comparison<\/h2>\n

Similar Characteristics and Investment Thesis<\/h4>\n

HYS is quite similar to most other high-yield corporate bond ETFs in the market, including the benchmark iShares iBoxx $ High Yield Corporate Bond ETF (HYG).<\/p>\n

Credit quality is quite similar, if perhaps a tiny bit weaker for HYS. Compare said fund’s credit quality with that of HYG.<\/p>\n

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\"Fund<\/picture>
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Fund Filings – Chart by Author<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

As can be seen above, both HYS and HYG focus on non-investment grade bonds, with an average rating of BB. HYS holds a few more investment-grade bonds, however, as well as unrated bonds. The net effect seems to be a decrease in credit quality, but this remains broadly similar between the funds, and between most other high-yield corporate bond funds as well.<\/p>\n

Dividends are quite similar as well, with most high-yield corporate bond ETFs sporting comparatively strong TTM and SEC yields. HYS’s dividends seem a bit lower than those of its peers, however.<\/p>\n

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\"Fund<\/picture>
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Fund Filings – Chart by Author<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Performance is quite similar across the board as well, with HYS performing somewhat better than average across the 1Y and 3Y mark.<\/p>\n

\n

\"Seeking<\/picture>
\n

Seeking Alpha – Chart by Author<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

HYS does differ from most of its peers in two key ways.<\/p>\n

First, the fund focuses on somewhat shorter-term high-yield corporate bonds, which reduces the fund’s average maturity, duration, and interest rate risk. The fund iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) is quite similar to the in this regard, however.<\/p>\n

\n

\"Seeking<\/picture>
\n

Seeking Alpha – Chart by Author<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

Second, the fund’s 0.55% expense ratio is quite a bit higher than average:<\/p>\n

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\"Seeking<\/picture>
\n

Seeking Alpha – Chart by Author<\/p>\n<\/figcaption><\/figure>\n<\/p>\n

In my opinion, HYS does not provide sufficient advantages relative to its peers to warrant or merit a 0.55% expense ratio. An expensive actively-managed fund might generate more in alpha than it charges in fees. A niche, targeted index fund might provide exposure to a best-performing investment niche. A simple, broad-based index fund, however, will rarely significantly differ from the market, so expenses are rarely worth it. HYS is no exception, in my opinion at least.<\/p>\n

Of the funds above, the SPDR Portfolio High Yield Bond ETF (SPHY) sports the lowest 0.05% expense ratio, 0.50% lower than HYS. SPHY’s lower expenses directly increase the fund’s dividends and long-term total shareholder returns vis a vis HYS, as can be seen in the graphs above. In my opinion, SPHY is a broadly superior investment to HYS.<\/p>\n

For investors looking for short-term<\/em> high-yield corporate bonds, the SHYG seems like a better choice as well. SHYG is pricier than SPHY, but still cheaper than HYS, with a 0.30% expense ratio. Lower expenses mean (marginally) higher dividends and long-term total returns as well.<\/p>\n

Conclusion<\/h2>\n

HYS is a simple short-term high-yield corporate bond index ETF. Although the fund offers investors a good, growing 6.1% dividend yield, it is more expensive than almost all of its peers, and does not offer investors any compelling advantages or benefits relative to peers. I see no reason to overpay for a simple index ETF, so I would not invest in HYS.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund ETF (NYSEARCA:HYS) is a simple short-term high-yield corporate bond index ETF. Although the fund sports a reasonably strong, growing 6.1% dividend yield, it is quite expensive for an index ETF, with a 0.55% expense ratio. Most of HYS’s peers are cheaper, with the SPDR […]<\/p>\n","protected":false},"author":1,"featured_media":51414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-51413","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nHYS: Expensive Short-Term High-Yield Corporate Bond, Few Reasons To Buy (NYSEARCA:HYS) | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund ETF (NYSEARCA:HYS) is a simple short-term high-yield corporate bond index ETF.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=51413\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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