CPHYX vs. CPMPX
CPHYX (Principal High Yield Fund) and CPMPX (Changing Parameters Fund) are both High Yield Bonds funds. Over the past 10 years, CPHYX returned 4.74%/yr vs 4.05%/yr for CPMPX. Their 0.48 correlation means their historical movements had little consistent relationship. CPHYX charges 0.91%/yr vs 2.90%/yr for CPMPX.
Performance
CPHYX vs. CPMPX - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with CPHYX having a 0.87% return and CPMPX slightly lower at 0.85%. Over the past 10 years, CPHYX has outperformed CPMPX with an annualized return of 4.74%, while CPMPX has yielded a comparatively lower 4.05% annualized return.
CPHYX
- 1D
- 0.15%
- 1M
- -0.90%
- 6M
- 0.31%
- YTD
- 0.87%
- 1Y
- 3.53%
- 3Y*
- 6.45%
- 5Y*
- 3.28%
- 10Y*
- 4.74%
- ALL TIME*
- 6.04%
CPMPX
- 1D
- 0.09%
- 1M
- -0.28%
- 6M
- 0.47%
- YTD
- 0.85%
- 1Y
- 3.83%
- 3Y*
- 2.84%
- 5Y*
- 2.22%
- 10Y*
- 4.05%
- ALL TIME*
- 3.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
CPHYX vs. CPMPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPHYX Principal High Yield Fund | 0.87% | 6.68% | 7.09% | 11.27% | -9.32% | 5.41% | 6.11% | 13.24% | -4.76% | 7.78% |
CPMPX Changing Parameters Fund | 0.85% | 6.65% | -3.47% | 8.13% | -0.22% | 3.86% | 13.43% | 6.82% | -1.19% | 5.29% |
Correlation
The correlation between CPHYX and CPMPX is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.54 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.52 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | 0.48 |
The correlation between CPHYX and CPMPX has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CPHYX vs. CPMPX — Risk / Return Rank
CPHYX
CPMPX
CPHYX vs. CPMPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal High Yield Fund (CPHYX) and Changing Parameters Fund (CPMPX). 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.
| CPHYX | CPMPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.45 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 2.87 | -1.42 |
| Martin ratioReturn relative to average drawdown | 6.85 | 7.80 | -0.95 |
Loading charts...
Drawdowns
CPHYX vs. CPMPX - Drawdown Comparison
The maximum CPHYX drawdown since its inception was -27.79%, which is greater than CPMPX's maximum drawdown of -8.87%. Use the drawdown chart below to compare losses from any high point for CPHYX and CPMPX.
Loading charts...
Drawdown Indicators
| CPHYX | CPMPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.79% | -8.87% | -18.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -1.31% | -1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -4.48% | -8.13% | +3.65% |
Max Drawdown (5Y)Largest decline over 5 years | -14.33% | -8.13% | -6.20% |
Max Drawdown (10Y)Largest decline over 10 years | -20.68% | -8.13% | -12.55% |
Current DrawdownCurrent decline from peak | -1.05% | -1.09% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -2.60% | -1.86% | -0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 0.48% | +0.08% |
Volatility
CPHYX vs. CPMPX - Volatility Comparison
Principal High Yield Fund (CPHYX) has a higher volatility of 0.54% compared to Changing Parameters Fund (CPMPX) at 0.48%. This indicates that CPHYX's price experiences larger fluctuations and is considered to be riskier than CPMPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CPHYX | CPMPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 0.48% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 2.58% | 1.32% | +1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.21% | 1.85% | +1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.77% | 3.84% | +0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.32% | 3.11% | +2.21% |
CPHYX vs. CPMPX - Expense Ratio Comparison
CPHYX has a 0.91% expense ratio, which is lower than CPMPX's 2.90% expense ratio.
Dividends
CPHYX vs. CPMPX - Dividend Comparison
CPHYX's dividend yield for the trailing twelve months is around 6.11%, more than CPMPX's 3.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPHYX Principal High Yield Fund | 6.11% | 6.46% | 6.23% | 4.70% | 4.56% | 4.72% | 4.82% | 5.50% | 6.18% | 4.90% | 5.62% | 6.24% |
CPMPX Changing Parameters Fund | 3.80% | 3.83% | 0.00% | 4.26% | 5.03% | 4.24% | 6.94% | 2.85% | 1.71% | 3.32% | 2.25% | 1.51% |
Frequently Asked Questions
CPHYX and CPMPX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CPHYX has higher volatility (0.54%) compared to CPMPX (0.48%). In terms of maximum drawdown, CPHYX dropped -27.79% vs CPMPX's -8.87%.
CPMPX currently has the higher Sharpe Ratio (2.03 vs 1.19), 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.
Find the right allocation for CPHYX and CPMPX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer