EMNT vs. PAXHX

Last updated Jun 4, 2026

EMNT (PIMCO Enhanced Short Maturity Active ESG ETF) and PAXHX (Pax High Yield Bond Fund) are both funds - EMNT is a Ultrashort Bond fund actively managed by PIMCO, while PAXHX is a High Yield Bonds fund managed by Pax World. Over the past 5 years, EMNT returned 3.43%/yr vs 3.05%/yr for PAXHX. At a 0.19 correlation, their price movements are largely independent. EMNT charges 0.24%/yr vs 0.93%/yr for PAXHX.

Performance

EMNT vs. PAXHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Enhanced Short Maturity Active ESG ETF (EMNT) and Pax High Yield Bond Fund (PAXHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EMNT having a 1.64% return and PAXHX slightly higher at 1.72%.

EMNT

• 1D: -0.02%
• 1M: 0.39%
• YTD: 1.64%
• 6M: 1.97%
• 1Y: 4.38%
• 3Y*: 5.24%
• 5Y*: 3.43%
• 10Y*: —

PAXHX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 1.72%
• 6M: 2.43%
• 1Y: 7.21%
• 3Y*: 8.04%
• 5Y*: 3.05%
• 10Y*: 4.95%

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

EMNT vs. PAXHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EMNT PIMCO Enhanced Short Maturity Active ESG ETF	1.64%	4.74%	5.79%	5.84%	-0.57%	0.11%	2.08%	0.09%
PAXHX Pax High Yield Bond Fund	1.72%	8.75%	6.08%	12.20%	-13.52%	2.55%	7.83%	0.99%

Correlation

The correlation between EMNT and PAXHX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Dec 13, 2019	0.19

The correlation between EMNT and PAXHX shifts across timeframes, from 0.18 (3 years) to 0.34 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EMNT vs. PAXHX — Risk / Return Rank

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

EMNT

EMNT Risk / Return Rank: 99
EMNT Sharpe Ratio Rank: 99
EMNT Sortino Ratio Rank: 99
EMNT Omega Ratio Rank: 99
EMNT Calmar Ratio Rank: 99
EMNT Martin Ratio Rank: 99

PAXHX

PAXHX Risk / Return Rank: 72
PAXHX Sharpe Ratio Rank: 59
PAXHX Sortino Ratio Rank: 84
PAXHX Omega Ratio Rank: 79
PAXHX Calmar Ratio Rank: 61
PAXHX Martin Ratio Rank: 79

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.

EMNT vs. PAXHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Enhanced Short Maturity Active ESG ETF (EMNT) and Pax High Yield Bond Fund (PAXHX). 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.

	EMNT	PAXHX	Difference
Sharpe ratio: Return per unit of total volatility	10.63	2.26	+8.37
Sortino ratio: Return per unit of downside risk	21.17	3.98	+17.18
Omega ratio: Gain probability vs. loss probability	5.63	1.52	+4.11
Calmar ratio: Return relative to maximum drawdown	33.45	3.03	+30.42
Martin ratio: Return relative to average drawdown	235.99	14.74	+221.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMNT vs. PAXHX - Sharpe Ratio Comparison

The current EMNT Sharpe Ratio is 10.63, which is higher than the PAXHX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of EMNT and PAXHX, 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

	EMNT	PAXHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.63	2.26	+8.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	4.18	0.59	+3.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.51	0.84	+2.67

Drawdowns

EMNT vs. PAXHX - Drawdown Comparison

The maximum EMNT drawdown since its inception was -2.28%, smaller than the maximum PAXHX drawdown of -25.81%. Use the drawdown chart below to compare losses from any high point for EMNT and PAXHX.

Drawdown Indicators

	EMNT	PAXHX	Difference
Max Drawdown Largest peak-to-trough decline	-2.28%	-25.81%	+23.53%
Max Drawdown (1Y) Largest decline over 1 year	-0.13%	-2.45%	+2.32%
Max Drawdown (3Y) Largest decline over 3 years	-0.73%	-3.85%	+3.12%
Max Drawdown (5Y) Largest decline over 5 years	-1.70%	-17.38%	+15.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.15%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.23%	-4.69%	+4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.50%	-0.48%

Volatility

EMNT vs. PAXHX - Volatility Comparison

The current volatility for PIMCO Enhanced Short Maturity Active ESG ETF (EMNT) is 0.14%, while Pax High Yield Bond Fund (PAXHX) has a volatility of 1.05%. This indicates that EMNT experiences smaller price fluctuations and is considered to be less risky than PAXHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMNT	PAXHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	1.05%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	0.34%	2.58%	-2.24%
Volatility (1Y) Calculated over the trailing 1-year period	0.41%	3.28%	-2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.83%	5.21%	-4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.86%	5.26%	-4.40%

EMNT vs. PAXHX - Expense Ratio Comparison

EMNT has a 0.24% expense ratio, which is lower than PAXHX's 0.93% expense ratio.

Dividends

EMNT vs. PAXHX - Dividend Comparison

EMNT's dividend yield for the trailing twelve months is around 4.00%, less than PAXHX's 5.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMNT PIMCO Enhanced Short Maturity Active ESG ETF	4.00%	4.46%	5.14%	4.62%	2.79%	0.66%	1.44%	0.00%	0.00%	0.00%	0.00%	0.00%
PAXHX Pax High Yield Bond Fund	5.98%	5.86%	5.53%	6.33%	4.26%	3.53%	4.67%	5.23%	5.29%	5.18%	5.12%	6.39%

Frequently Asked Questions

Can I hold both EMNT and PAXHX in my portfolio?

EMNT and PAXHX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMNT or PAXHX?

PAXHX has higher volatility (1.05%) compared to EMNT (0.14%). In terms of maximum drawdown, EMNT dropped -2.28% vs PAXHX's -25.81%.

Which has better risk-adjusted returns?

EMNT currently has the higher Sharpe Ratio (10.63 vs 2.26), 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.