ACWX vs. PBHAX
ACWX (iShares MSCI ACWI ex U.S. ETF) and PBHAX (PGIM High Yield Fund) are both funds - ACWX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, while PBHAX is a High Yield Bonds fund managed by PGIM. Over the past 10 years, ACWX returned 10.05%/yr vs 5.18%/yr for PBHAX. At a 0.40 correlation, their price movements are largely independent. ACWX charges 0.32%/yr vs 0.75%/yr for PBHAX.
Performance
ACWX vs. PBHAX - Performance Comparison
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Returns By Period
In the year-to-date period, ACWX achieves a 13.90% return, which is significantly higher than PBHAX's 1.48% return. Over the past 10 years, ACWX has outperformed PBHAX with an annualized return of 10.05%, while PBHAX has yielded a comparatively lower 5.18% annualized return.
ACWX
- 1D
- 0.42%
- 1M
- 1.39%
- YTD
- 13.90%
- 6M
- 15.65%
- 1Y
- 30.35%
- 3Y*
- 18.44%
- 5Y*
- 8.26%
- 10Y*
- 10.05%
PBHAX
- 1D
- 0.42%
- 1M
- 0.36%
- YTD
- 1.48%
- 6M
- 2.37%
- 1Y
- 6.93%
- 3Y*
- 7.95%
- 5Y*
- 3.17%
- 10Y*
- 5.18%
ACWX vs. PBHAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACWX iShares MSCI ACWI ex U.S. ETF | 13.90% | 32.59% | 5.17% | 15.63% | -16.07% | 7.67% | 10.29% | 21.05% | -13.99% | 27.20% |
PBHAX PGIM High Yield Fund | 1.48% | 8.79% | 6.89% | 10.75% | -12.51% | 5.63% | 4.87% | 15.86% | -1.53% | 7.50% |
Correlation
The correlation between ACWX and PBHAX is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008 | 0.40 |
The correlation between ACWX and PBHAX shifts across timeframes, from 0.40 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ACWX vs. PBHAX — Risk / Return Rank
ACWX
PBHAX
ACWX vs. PBHAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) and PGIM High Yield Fund (PBHAX). 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.
| ACWX | PBHAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.47 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 2.81 | -0.28 |
| Martin ratioReturn relative to average drawdown | 9.66 | 13.97 | -4.31 |
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Drawdowns
ACWX vs. PBHAX - Drawdown Comparison
The maximum ACWX drawdown since its inception was -60.40%, which is greater than PBHAX's maximum drawdown of -28.80%. Use the drawdown chart below to compare losses from any high point for ACWX and PBHAX.
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Drawdown Indicators
| ACWX | PBHAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.40% | -28.80% | -31.60% |
Max Drawdown (1Y)Largest decline over 1 year | -11.42% | -2.48% | -8.94% |
Max Drawdown (3Y)Largest decline over 3 years | -13.84% | -4.06% | -9.78% |
Max Drawdown (5Y)Largest decline over 5 years | -30.01% | -16.22% | -13.79% |
Max Drawdown (10Y)Largest decline over 10 years | -35.38% | -21.14% | -14.24% |
Current DrawdownCurrent decline from peak | -1.41% | -0.21% | -1.20% |
Average DrawdownAverage peak-to-trough decline | -13.32% | -2.87% | -10.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 0.50% | +2.48% |
Volatility
ACWX vs. PBHAX - Volatility Comparison
iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 6.97% compared to PGIM High Yield Fund (PBHAX) at 1.23%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier than PBHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACWX | PBHAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.97% | 1.23% | +5.74% |
Volatility (6M)Calculated over the trailing 6-month period | 14.32% | 2.76% | +11.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.43% | 3.61% | +12.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.46% | 5.07% | +11.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.43% | 5.49% | +11.94% |
ACWX vs. PBHAX - Expense Ratio Comparison
ACWX has a 0.32% expense ratio, which is lower than PBHAX's 0.75% expense ratio.
Dividends
ACWX vs. PBHAX - Dividend Comparison
ACWX's dividend yield for the trailing twelve months is around 2.48%, less than PBHAX's 6.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWX iShares MSCI ACWI ex U.S. ETF | 2.48% | 2.82% | 2.97% | 2.96% | 2.68% | 2.74% | 1.88% | 3.22% | 2.60% | 2.40% | 2.77% | 2.51% |
PBHAX PGIM High Yield Fund | 6.74% | 6.71% | 6.01% | 5.73% | 5.94% | 5.88% | 5.70% | 5.96% | 6.26% | 5.98% | 4.61% | 6.64% |
Frequently Asked Questions
ACWX and PBHAX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACWX has higher volatility (6.97%) compared to PBHAX (1.23%). In terms of maximum drawdown, ACWX dropped -60.40% vs PBHAX's -28.80%.
PBHAX currently has the higher Sharpe Ratio (1.93 vs 1.75), 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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