DHF vs. ISD

Last updated Jun 4, 2026

DHF (Dimensional High Yield Fund) and ISD (PGIM High Yield Bond Fund) are both High Yield Bonds funds. Over the past 10 years, DHF returned 5.97%/yr vs 7.09%/yr for ISD. At a 0.42 correlation, their price movements are largely independent. DHF charges 0.04%/yr vs 0.02%/yr for ISD.

Performance

DHF vs. ISD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional High Yield Fund (DHF) and PGIM High Yield Bond Fund (ISD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHF achieves a 0.86% return, which is significantly higher than ISD's -8.15% return. Over the past 10 years, DHF has underperformed ISD with an annualized return of 5.97%, while ISD has yielded a comparatively higher 7.09% annualized return.

DHF

• 1D: -0.41%
• 1M: 1.14%
• YTD: 0.86%
• 6M: -0.53%
• 1Y: 4.84%
• 3Y*: 12.71%
• 5Y*: 2.85%
• 10Y*: 5.97%

ISD

• 1D: -0.77%
• 1M: -3.54%
• YTD: -8.15%
• 6M: -7.89%
• 1Y: 2.43%
• 3Y*: 11.85%
• 5Y*: 4.73%
• 10Y*: 7.09%

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

DHF vs. ISD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHF Dimensional High Yield Fund	0.86%	5.67%	21.12%	15.00%	-22.70%	10.35%	6.46%	24.68%	-11.11%	8.43%
ISD PGIM High Yield Bond Fund	-8.15%	15.63%	22.05%	15.05%	-18.42%	15.72%	6.66%	28.41%	-5.03%	3.59%

Correlation

The correlation between DHF and ISD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Apr 30, 2012	0.42

The correlation between DHF and ISD has been stable across timeframes, ranging from 0.40 to 0.50 - a consistent structural relationship.

Return for Risk

DHF vs. ISD — Risk / Return Rank

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

DHF

DHF Risk / Return Rank: 6
DHF Sharpe Ratio Rank: 5
DHF Sortino Ratio Rank: 6
DHF Omega Ratio Rank: 5
DHF Calmar Ratio Rank: 6
DHF Martin Ratio Rank: 6

ISD

ISD Risk / Return Rank: 4
ISD Sharpe Ratio Rank: 4
ISD Sortino Ratio Rank: 4
ISD Omega Ratio Rank: 4
ISD Calmar Ratio Rank: 3
ISD Martin Ratio Rank: 4

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.

DHF vs. ISD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional High Yield Fund (DHF) and PGIM High Yield Bond Fund (ISD). 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.

	DHF	ISD	Difference
Sharpe ratio: Return per unit of total volatility	0.41	0.22	+0.19
Sortino ratio: Return per unit of downside risk	0.71	0.37	+0.33
Omega ratio: Gain probability vs. loss probability	1.08	1.05	+0.03
Calmar ratio: Return relative to maximum drawdown	0.56	0.18	+0.38
Martin ratio: Return relative to average drawdown	1.60	0.55	+1.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DHF vs. ISD - Sharpe Ratio Comparison

The current DHF Sharpe Ratio is 0.41, which is higher than the ISD Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of DHF and ISD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DHF	ISD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	0.22	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.36	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.49	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.42	-0.28

Drawdowns

DHF vs. ISD - Drawdown Comparison

The maximum DHF drawdown since its inception was -71.32%, which is greater than ISD's maximum drawdown of -38.88%. Use the drawdown chart below to compare losses from any high point for DHF and ISD.

Drawdown Indicators

	DHF	ISD	Difference
Max Drawdown Largest peak-to-trough decline	-71.32%	-38.88%	-32.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.66%	-13.52%	+4.86%
Max Drawdown (3Y) Largest decline over 3 years	-11.81%	-13.94%	+2.13%
Max Drawdown (5Y) Largest decline over 5 years	-37.82%	-25.45%	-12.37%
Max Drawdown (10Y) Largest decline over 10 years	-42.94%	-38.88%	-4.06%
Current Drawdown Current decline from peak	-3.35%	-10.10%	+6.75%
Average Drawdown Average peak-to-trough decline	-23.03%	-5.60%	-17.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	4.40%	-1.36%

Volatility

DHF vs. ISD - Volatility Comparison

Dimensional High Yield Fund (DHF) has a higher volatility of 3.21% compared to PGIM High Yield Bond Fund (ISD) at 2.93%. This indicates that DHF's price experiences larger fluctuations and is considered to be riskier than ISD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHF	ISD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	2.93%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	9.55%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.98%	11.25%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	13.35%	+2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.78%	14.58%	+3.20%

DHF vs. ISD - Expense Ratio Comparison

DHF has a 0.04% expense ratio, which is higher than ISD's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DHF vs. ISD - Dividend Comparison

DHF's dividend yield for the trailing twelve months is around 8.64%, less than ISD's 9.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHF Dimensional High Yield Fund	8.64%	8.47%	8.14%	7.86%	10.12%	8.24%	8.60%	8.52%	10.41%	8.98%	9.76%	11.30%
ISD PGIM High Yield Bond Fund	9.78%	8.71%	9.21%	10.23%	10.61%	7.85%	8.40%	7.86%	7.89%	8.46%	8.28%	9.64%

Frequently Asked Questions

Can I hold both DHF and ISD in my portfolio?

DHF and ISD have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHF or ISD?

DHF has higher volatility (3.21%) compared to ISD (2.93%). In terms of maximum drawdown, DHF dropped -71.32% vs ISD's -38.88%.

Which has better risk-adjusted returns?

DHF currently has the higher Sharpe Ratio (0.41 vs 0.22), 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.