ECHIX vs. PSHNX

Last updated Jun 3, 2026

ECHIX (Eaton Vance High Income Opportunities Fund) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. Over the past 5 years, ECHIX returned 3.70%/yr vs 4.84%/yr for PSHNX. A 0.71 correlation means they provide meaningful diversification when combined. ECHIX charges 1.65%/yr vs 1.01%/yr for PSHNX.

Performance

ECHIX vs. PSHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Income Opportunities Fund (ECHIX) and Penn Capital Short Duration High Income Fund (PSHNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECHIX achieves a 0.84% return, which is significantly lower than PSHNX's 1.63% return.

ECHIX

• 1D: 0.00%
• 1M: 0.22%
• YTD: 0.84%
• 6M: 1.52%
• 1Y: 5.55%
• 3Y*: 6.72%
• 5Y*: 3.70%
• 10Y*: 5.49%

PSHNX

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.63%
• 6M: 2.37%
• 1Y: 6.56%
• 3Y*: 7.32%
• 5Y*: 4.84%
• 10Y*: —

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

ECHIX vs. PSHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ECHIX Eaton Vance High Income Opportunities Fund	0.84%	7.33%	6.12%	9.85%	-8.06%	6.43%	3.83%	24.14%	-4.02%	1.18%
PSHNX Penn Capital Short Duration High Income Fund	1.63%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	0.61%	0.65%

Correlation

The correlation between ECHIX and PSHNX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jul 21, 2017	0.71

The correlation between ECHIX and PSHNX has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

Return for Risk

ECHIX vs. PSHNX — Risk / Return Rank

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

ECHIX

ECHIX Risk / Return Rank: 50
ECHIX Sharpe Ratio Rank: 37
ECHIX Sortino Ratio Rank: 47
ECHIX Omega Ratio Rank: 67
ECHIX Calmar Ratio Rank: 37
ECHIX Martin Ratio Rank: 60

PSHNX

PSHNX Risk / Return Rank: 96
PSHNX Sharpe Ratio Rank: 96
PSHNX Sortino Ratio Rank: 97
PSHNX Omega Ratio Rank: 96
PSHNX Calmar Ratio Rank: 95
PSHNX Martin Ratio Rank: 98

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.

ECHIX vs. PSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Income Opportunities Fund (ECHIX) and Penn Capital Short Duration High Income Fund (PSHNX). 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.

	ECHIX	PSHNX	Difference
Sharpe ratio Return per unit of total volatility	1.78	3.48	-1.69
Sortino ratio Return per unit of downside risk	2.88	5.67	-2.79
Omega ratio Gain probability vs. loss probability	1.46	1.83	-0.37
Calmar ratio Return relative to maximum drawdown	2.35	5.74	-3.39
Martin ratio Return relative to average drawdown	11.97	29.31	-17.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ECHIX vs. PSHNX - Sharpe Ratio Comparison

The current ECHIX Sharpe Ratio is 1.78, which is lower than the PSHNX Sharpe Ratio of 3.48. The chart below compares the historical Sharpe Ratios of ECHIX and PSHNX, 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

	ECHIX	PSHNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	3.48	-1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	1.83	-1.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	1.27	-0.45

Drawdowns

ECHIX vs. PSHNX - Drawdown Comparison

The maximum ECHIX drawdown since its inception was -43.51%, which is greater than PSHNX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for ECHIX and PSHNX.

Drawdown Indicators

	ECHIX	PSHNX	Difference
Max Drawdown Largest peak-to-trough decline	-43.51%	-14.53%	-28.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-1.14%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-3.78%	-2.83%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-12.47%	-6.02%	-6.45%
Max Drawdown (10Y) Largest decline over 10 years	-22.88%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.53%	-0.89%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.22%	+0.28%

Volatility

ECHIX vs. PSHNX - Volatility Comparison

Eaton Vance High Income Opportunities Fund (ECHIX) has a higher volatility of 1.05% compared to Penn Capital Short Duration High Income Fund (PSHNX) at 0.70%. This indicates that ECHIX's price experiences larger fluctuations and is considered to be riskier than PSHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECHIX	PSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	0.70%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	1.48%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.13%	1.90%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.92%	2.65%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.39%	3.16%	+3.23%

ECHIX vs. PSHNX - Expense Ratio Comparison

ECHIX has a 1.65% expense ratio, which is higher than PSHNX's 1.01% expense ratio.

Dividends

ECHIX vs. PSHNX - Dividend Comparison

ECHIX's dividend yield for the trailing twelve months is around 5.44%, less than PSHNX's 6.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ECHIX Eaton Vance High Income Opportunities Fund	5.44%	5.37%	4.96%	4.11%	4.71%	4.18%	4.61%	13.45%	4.91%	4.51%	4.76%	5.51%
PSHNX Penn Capital Short Duration High Income Fund	6.07%	6.27%	6.43%	4.95%	3.47%	3.17%	3.95%	3.65%	3.13%	1.46%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ECHIX and PSHNX in my portfolio?

ECHIX and PSHNX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECHIX or PSHNX?

ECHIX has higher volatility (1.05%) compared to PSHNX (0.70%). In terms of maximum drawdown, ECHIX dropped -43.51% vs PSHNX's -14.53%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.48 vs 1.78), 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.