DFCFX vs. PSHYX

Last updated Jul 14, 2026

DFCFX (DFA Two-Year Fixed Income Portfolio) and PSHYX (Pioneer Short Term Income Fund) are both Short-Term Bond funds. Over the past 10 years, DFCFX returned 2.51%/yr vs 2.54%/yr for PSHYX. At a 0.29 correlation, their price movements are largely independent. DFCFX charges 0.21%/yr vs 0.46%/yr for PSHYX.

Performance

DFCFX vs. PSHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Two-Year Fixed Income Portfolio (DFCFX) and Pioneer Short Term Income Fund (PSHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFCFX achieves a 1.82% return, which is significantly higher than PSHYX's 0.94% return. Both investments have delivered pretty close results over the past 10 years, with DFCFX having a 2.51% annualized return and PSHYX not far ahead at 2.54%.

DFCFX

• 1D: 0.00%
• 1M: 0.19%
• 6M: 1.71%
• YTD: 1.82%
• 1Y: 3.82%
• 3Y*: 4.01%
• 5Y*: 3.87%
• 10Y*: 2.51%

PSHYX

• 1D: -0.11%
• 1M: 0.16%
• 6M: 0.94%
• YTD: 0.94%
• 1Y: 2.89%
• 3Y*: 4.58%
• 5Y*: 2.56%
• 10Y*: 2.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFCFX vs. PSHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFCFX DFA Two-Year Fixed Income Portfolio	1.82%	2.28%	5.33%	4.92%	-3.28%	8.60%	0.57%	2.65%	1.78%	0.92%
PSHYX Pioneer Short Term Income Fund	0.94%	4.96%	4.93%	5.64%	-3.42%	1.83%	1.79%	4.74%	1.77%	1.72%

Correlation

The correlation between DFCFX and PSHYX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jul 12, 2004	0.29

The correlation between DFCFX and PSHYX shifts across timeframes, from 0.03 (3 years) to 0.33 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DFCFX vs. PSHYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFCFX

DFCFX Risk / Return Rank: 100
DFCFX Sharpe Ratio Rank: 100
DFCFX Sortino Ratio Rank: 100
DFCFX Omega Ratio Rank: 100
DFCFX Calmar Ratio Rank: 100
DFCFX Martin Ratio Rank: 100

PSHYX

PSHYX Risk / Return Rank: 61
PSHYX Sharpe Ratio Rank: 43
PSHYX Sortino Ratio Rank: 72
PSHYX Omega Ratio Rank: 71
PSHYX Calmar Ratio Rank: 69
PSHYX Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFCFX vs. PSHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Two-Year Fixed Income Portfolio (DFCFX) and Pioneer Short Term Income Fund (PSHYX). 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.

	DFCFX	PSHYX	Difference
Sharpe ratio: Return per unit of total volatility	5.75	1.45	+4.29
Sortino ratio: Return per unit of downside risk	13.86	2.68	+11.18
Omega ratio: Gain probability vs. loss probability	7.54	1.35	+6.19
Calmar ratio: Return relative to maximum drawdown	19.30	2.57	+16.74
Martin ratio: Return relative to average drawdown	147.75	8.01	+139.74

DFCFX vs. PSHYX - Sharpe Ratio Comparison

The current DFCFX Sharpe Ratio is 5.75, which is higher than the PSHYX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of DFCFX and PSHYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFCFX vs. PSHYX - Drawdown Comparison

The maximum DFCFX drawdown since its inception was -4.27%, smaller than the maximum PSHYX drawdown of -12.98%. Use the drawdown chart below to compare losses from any high point for DFCFX and PSHYX.

Drawdown Indicators

	DFCFX	PSHYX	Difference
Max Drawdown Largest peak-to-trough decline	-4.27%	-12.98%	+8.71%
Max Drawdown (1Y) Largest decline over 1 year	-0.21%	-1.13%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-1.33%	-1.13%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	-4.27%	-5.88%	+1.61%
Max Drawdown (10Y) Largest decline over 10 years	-4.27%	-12.98%	+8.71%
Current Drawdown Current decline from peak	-0.10%	-0.23%	+0.13%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.63%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.36%	-0.33%

Volatility

DFCFX vs. PSHYX - Volatility Comparison

The current volatility for DFA Two-Year Fixed Income Portfolio (DFCFX) is 0.38%, while Pioneer Short Term Income Fund (PSHYX) has a volatility of 0.53%. This indicates that DFCFX experiences smaller price fluctuations and is considered to be less risky than PSHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFCFX	PSHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	0.53%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	0.53%	1.44%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	0.69%	2.00%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.39%	2.27%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.13%	2.49%	+0.64%

DFCFX vs. PSHYX - Expense Ratio Comparison

DFCFX has a 0.21% expense ratio, which is lower than PSHYX's 0.46% expense ratio.

Dividends

DFCFX vs. PSHYX - Dividend Comparison

DFCFX's dividend yield for the trailing twelve months is around 3.86%, less than PSHYX's 5.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCFX DFA Two-Year Fixed Income Portfolio	3.86%	2.16%	4.90%	3.43%	1.32%	8.29%	0.67%	2.22%	1.87%	1.22%	0.79%	0.53%
PSHYX Pioneer Short Term Income Fund	5.07%	5.20%	4.23%	3.96%	3.46%	2.47%	2.77%	3.35%	2.71%	2.24%	2.04%	1.85%

Frequently Asked Questions

Can I hold both DFCFX and PSHYX in my portfolio?

DFCFX and PSHYX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFCFX or PSHYX?

PSHYX has higher volatility (0.53%) compared to DFCFX (0.38%). In terms of maximum drawdown, DFCFX dropped -4.27% vs PSHYX's -12.98%.

Which has better risk-adjusted returns?

DFCFX currently has the higher Sharpe Ratio (5.75 vs 1.45), 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.