ETF Evaluator:
TCW High Yield Bond ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in High Yield Bond Over the Last Year
| 7.6% | Fidelity Sustainable High Yield ETF (FSYD) |
| 7.4% | Horizon Flexible Income ETF (FLXN) |
| 6.7% | iShares Interest Rate Hdg Hi Yld Bd ETF (HYGH) |
| 6.6% | Fidelity Enhanced High Yield ETF (FDHY) |
| 6.3% | Harbor Ares Systematic High-Yield ETF (SIHY) |
Risk
Index
Risk
Index
ETF Details
TCW High Yield Bond ETF Overview
TCW High Yield Bond ETF (HYBX) is an actively managed Taxable Bond High Yield Bond exchange-traded fund (ETF). TCW launched the ETF in 1993.
The investment seeks income and achieve above average total return consistent with reasonable risk over a full market cycle.
The fund will invest, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in high yield/below investment grade bonds (commonly known as “junk bonds”).
About TCW High Yield Bond ETF (HYBX)
There are 3 members of the management team with an average tenure of 5.36 years: Steven Purdy (2019), Jerry Cudzil (2019) and Brian Gelfand (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and Bloomberg US Corp HY 2% Isr Cap TR USD index with a weighting of 100%. TCW High Yield Bond ETF has 266 securities in its portfolio. The top 10 holdings constitute 19.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
TCW High Yield Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. TCW High Yield Bond ETF has 9.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.5% There is 0.0% allocated to foreign stock, and 2.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 91.3% (81.4% domestic bond, 9.9% foreign bond and 0.0% convertible bond). TCW High Yield Bond ETF has 5.7% of the portfolio in cash.
Assets Under Management
The fund has $31 million in total assets, which is below the $1 billion average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HYBX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The TCW High Yield Bond ETF expense ratio is average compared to funds in the High Yield Bond category. TCW High Yield Bond ETF has an expense ratio of 0.50%, which is 25% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. TCW High Yield Bond ETF has a portfolio turnover rate of 111%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the High Yield Bond category.
Recently, in the month of July 2026, TCW High Yield Bond ETF returned -0.3%, which earned it a grade of D, as the High Yield Bond category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
TCW High Yield Bond ETF has a trailing yield of 7.83%, which is above the 6.77% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
TCW High Yield Bond ETF Grades
Year to date, the ETF has returned 1.9%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 4.1% over the past year (grade of F), 7.1% over the past three years (grade of F) and 3.4% per year over the past five years (grade of D) and 5.1% per year over the past 10 years (grade of C).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about TCW High Yield Bond ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
HYBX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HYBX Return (NAV) | -0.3% | 0.6% | 4.1% | 7.1% | 3.4% | 5.1% |
| HYBX Return (Price) | 0.4% | 0.5% | 4.7% | 7.0% | 3.4% | 5.1% |
| NAV +/- Price Return | -0.707% | 0.076% | -0.651% | 0.018% | 0.011% | 0.005% |
| High Yield Bond Avg | -0.2% | 0.5% | 5.0% | 7.8% | 3.8% | 5.0% |
| HYBX Grade (NAV) | D | B | F | F | D | C |
| +/- Category (NAV) | -0.0% | 0.0% | -0.9% | -0.8% | -0.4% | 0.1% |
| HYBX Tax-Cost Ratio | na | na | 3.1% | 2.7% | 2.6% | 2.2% |
HYBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HYBX Return (NAV) | 1.9% | 7.1% | 6.3% | 10.6% | -8.8% | 3.5% | 10.0% | 13.0% | 0.0% | 6.3% | 8.1% |
| HYBX Return (Price) | 2.8% | 6.4% | 6.1% | 10.6% | -8.8% | 3.5% | 10.0% | 13.0% | 0.0% | 6.3% | 8.1% |
| NAV +/- Price Ret | 0.440% | -0.097% | -0.042% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| High Yield Bond Avg | 1.7% | 8.4% | 7.5% | 12.4% | -10.1% | 4.2% | 6.1% | 13.4% | -2.3% | 7.1% | 13.0% |
| HYBX Grade (NAV) | B | F | D | F | B | D | A | D | A | C | F |
| +/- Category | 0.3% | -1.3% | -1.2% | -1.8% | 1.3% | -0.8% | 3.9% | -0.4% | 2.3% | -0.8% | -5.0% |
| Risk Measures | |
| Beta: | 0.56 |
| R-Squared: | 69% |
| Standard Deviation: | 3.9% |
| Category Risk Index: | 0.90 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.32 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 7.8% |
| Total Assets: | $ 31 Mil |
| Share Class Assets: | $ 31 Mil |
| Turnover: | 111.0% |
| Expense Ratio: | 0.50% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Universal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 6.6 years | |||
| Average Tenure: 5.4 years | |||
| Managers (Year): Purdy Steven (2019), Cudzil Jerry (2019), Gelfand Brian (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 266 |
| % in Top 10 Holdings: | 19.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.5% |
| Domestic Bond: | 81.4% |
| Foreign Bond: | 9.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | TCW |
| Phone Number: | 866-364-1383 |
| Website: | |
| Inception Date: | February 26, 1993 |
Expenses and Fees
| Expense Ratio (%): | 0.50% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.40% |
