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PGIM Muni High Income Fund (PRHAX) Sharpe Ratio: 0.60

PRHAX's Sharpe Ratio of 0.60 indicates that for each unit of volatility, it generates 0.60 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Apr 1, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets.

PRHAX Sharpe Ratio Rank

PRHAX Sharpe Ratio Rank: 22.723
Below Average

PRHAX ranks above 22.7% of all investments in our database based on Sharpe Ratio over the past 12 months, indicating below-average returns relative to volatility. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

  • Strong returns with low total volatility → Higher rank
  • High volatility (both upside and downside) → Lower rank
  • Consistent returns → Higher rank than volatile returns of same magnitude
  • Sharp drawdowns increase volatility → Lower rank

What you can do with this information

  • Returns may not adequately compensate for volatility taken
  • Consider smaller allocation given below-average risk-adjusted profile
  • Explore higher-ranked investments with better consistency
  • Assess whether the volatility profile aligns with your portfolio goals

PRHAX Sharpe Ratio Market Positioning

The chart shows PRHAX's Sharpe Ratio relative to all mutual funds on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

  • Red zone (bottom 25%): 0.65 or lower
  • Yellow zone (middle 50%): 0.65 to 1.36
  • Green zone (top 25%): 1.36 or higher
  • Top 1%: 3.58+
  • Median: 1.00 — half of all investments score higher

How it compares to other similar mutual funds

The table compares PGIM Muni High Income Fund's Sharpe Ratio with other mutual funds in the High Yield Muni category across multiple time periods, showing how PRHAX's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Apr 1, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
TMNIXCounterpoint Tactical Municipal Fund1.71
PRFHXT. Rowe Price Tax Free High Yield Fund1.36
SDHIXLord Abbett Short Duration High Income Municipal Bond Fund1.26
ISHYXInvesco Short Duration High Yield Municipal Fund1.09
MISHXAB Municipal Income Shares0.89
AHMFXAmerican High-Income Municipal Bond Fund Class F-20.81
FVCAXFranklin California High Yield Municipal Fund Advisor Class0.79
CNRNXCity National Rochdale Municipal High Income Fund0.78
FRHIXFranklin High Yield Tax Free Income Fund0.77
AMHIXAmerican High-Income Municipal Bond Fund0.77
PRHAXPGIM Muni High Income Fund0.60

S&P 500 Index

How to choose period

Historical Sharpe Ratio

The chart shows PRHAX's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when PRHAX consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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Explore PRHAX risk-adjusted metrics in detail

Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.

PRHAX Sortino Ratio