DLHYX vs. VWEAX

Last updated Jun 4, 2026

DLHYX (MassMutual High Yield Fund) and VWEAX (Vanguard High-Yield Corporate Fund Admiral Shares) are both High Yield Bonds funds. Over the past 10 years, DLHYX returned 5.18%/yr vs 5.26%/yr for VWEAX. A 0.73 correlation means they provide meaningful diversification when combined. DLHYX charges 0.74%/yr vs 0.13%/yr for VWEAX.

Performance

DLHYX vs. VWEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual High Yield Fund (DLHYX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLHYX achieves a 2.26% return, which is significantly higher than VWEAX's 1.20% return. Both investments have delivered pretty close results over the past 10 years, with DLHYX having a 5.18% annualized return and VWEAX not far ahead at 5.26%.

DLHYX

• 1D: 0.12%
• 1M: 0.77%
• YTD: 2.26%
• 6M: 2.99%
• 1Y: 8.07%
• 3Y*: 7.93%
• 5Y*: 3.51%
• 10Y*: 5.18%

VWEAX

• 1D: 0.00%
• 1M: 0.54%
• YTD: 1.20%
• 6M: 1.91%
• 1Y: 7.12%
• 3Y*: 8.28%
• 5Y*: 4.19%
• 10Y*: 5.26%

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

DLHYX vs. VWEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLHYX MassMutual High Yield Fund	2.26%	8.61%	6.37%	11.16%	-12.43%	7.29%	4.66%	13.34%	-3.00%	7.46%
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares	1.20%	9.49%	6.42%	11.79%	-8.95%	3.04%	5.41%	15.92%	-2.80%	7.17%

Correlation

The correlation between DLHYX and VWEAX is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001	0.73

The correlation between DLHYX and VWEAX shifts across timeframes, from 0.73 (all time) to 0.83 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DLHYX vs. VWEAX — Risk / Return Rank

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

DLHYX

DLHYX Risk / Return Rank: 80
DLHYX Sharpe Ratio Rank: 67
DLHYX Sortino Ratio Rank: 87
DLHYX Omega Ratio Rank: 83
DLHYX Calmar Ratio Rank: 74
DLHYX Martin Ratio Rank: 87

VWEAX

VWEAX Risk / Return Rank: 70
VWEAX Sharpe Ratio Rank: 56
VWEAX Sortino Ratio Rank: 81
VWEAX Omega Ratio Rank: 83
VWEAX Calmar Ratio Rank: 55
VWEAX Martin Ratio Rank: 77

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.

DLHYX vs. VWEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual High Yield Fund (DLHYX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). 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.

	DLHYX	VWEAX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.20	+0.20
Sortino ratio: Return per unit of downside risk	4.19	3.81	+0.38
Omega ratio: Gain probability vs. loss probability	1.56	1.55	0.00
Calmar ratio: Return relative to maximum drawdown	3.39	2.83	+0.55
Martin ratio: Return relative to average drawdown	17.06	14.47	+2.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DLHYX vs. VWEAX - Sharpe Ratio Comparison

The current DLHYX Sharpe Ratio is 2.40, which is comparable to the VWEAX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of DLHYX and VWEAX, 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

	DLHYX	VWEAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.20	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.86	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	1.00	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	1.23	+0.06

Drawdowns

DLHYX vs. VWEAX - Drawdown Comparison

The maximum DLHYX drawdown since its inception was -27.28%, smaller than the maximum VWEAX drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for DLHYX and VWEAX.

Drawdown Indicators

	DLHYX	VWEAX	Difference
Max Drawdown Largest peak-to-trough decline	-27.28%	-30.05%	+2.77%
Max Drawdown (1Y) Largest decline over 1 year	-2.43%	-2.52%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-4.31%	-3.32%	-0.99%
Max Drawdown (5Y) Largest decline over 5 years	-16.45%	-13.77%	-2.68%
Max Drawdown (10Y) Largest decline over 10 years	-22.28%	-19.68%	-2.60%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.43%	-2.12%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.49%	-0.01%

Volatility

DLHYX vs. VWEAX - Volatility Comparison

MassMutual High Yield Fund (DLHYX) has a higher volatility of 1.06% compared to Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) at 0.98%. This indicates that DLHYX's price experiences larger fluctuations and is considered to be riskier than VWEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLHYX	VWEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	0.98%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	2.56%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	3.25%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	4.91%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.50%	5.28%	+0.22%

DLHYX vs. VWEAX - Expense Ratio Comparison

DLHYX has a 0.74% expense ratio, which is higher than VWEAX's 0.13% expense ratio.

Dividends

DLHYX vs. VWEAX - Dividend Comparison

DLHYX's dividend yield for the trailing twelve months is around 6.65%, more than VWEAX's 6.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLHYX MassMutual High Yield Fund	6.65%	6.72%	4.14%	4.59%	4.64%	5.80%	5.20%	6.14%	6.02%	6.40%	6.14%	6.89%
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares	6.36%	6.25%	6.20%	5.79%	5.21%	3.49%	4.71%	5.33%	6.07%	5.39%	5.51%	6.53%

Frequently Asked Questions

Can I hold both DLHYX and VWEAX in my portfolio?

DLHYX and VWEAX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLHYX or VWEAX?

DLHYX has higher volatility (1.06%) compared to VWEAX (0.98%). In terms of maximum drawdown, DLHYX dropped -27.28% vs VWEAX's -30.05%.

Which has better risk-adjusted returns?

DLHYX currently has the higher Sharpe Ratio (2.40 vs 2.20), 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.