FEHIX vs. PSHNX

Last updated Jun 24, 2026

FEHIX (First Eagle High Income Fund) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. Over the past 5 years, FEHIX returned 2.92%/yr vs 4.82%/yr for PSHNX. A 0.60 correlation means they provide meaningful diversification when combined. FEHIX charges 0.80%/yr vs 1.01%/yr for PSHNX.

Performance

FEHIX vs. PSHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle High Income Fund (FEHIX) 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, FEHIX achieves a 3.15% return, which is significantly higher than PSHNX's 1.84% return.

FEHIX

• 1D: -0.12%
• 1M: 2.81%
• YTD: 3.15%
• 6M: 3.94%
• 1Y: 4.18%
• 3Y*: 6.31%
• 5Y*: 2.92%
• 10Y*: 4.50%

PSHNX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 1.84%
• 6M: 2.05%
• 1Y: 5.89%
• 3Y*: 7.32%
• 5Y*: 4.82%
• 10Y*: —

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

FEHIX vs. PSHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEHIX First Eagle High Income Fund	3.15%	-0.69%	11.47%	8.46%	-8.46%	3.50%	7.33%	8.61%	-0.40%	1.56%
PSHNX Penn Capital Short Duration High Income Fund	1.84%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	0.61%	0.65%

Correlation

The correlation between FEHIX and PSHNX 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	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017	0.60

Over the past year, the correlation between FEHIX and PSHNX has dropped to 0.34 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

Return for Risk

FEHIX vs. PSHNX — Risk / Return Rank

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

FEHIX

FEHIX Risk / Return Rank: 12
FEHIX Sharpe Ratio Rank: 12
FEHIX Sortino Ratio Rank: 12
FEHIX Omega Ratio Rank: 16
FEHIX Calmar Ratio Rank: 9
FEHIX Martin Ratio Rank: 9

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.

FEHIX vs. PSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle High Income Fund (FEHIX) 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.

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.

	FEHIX	PSHNX	Difference
Sharpe ratio: Return per unit of total volatility	0.89	3.25	-2.36
Sortino ratio: Return per unit of downside risk	1.28	5.30	-4.02
Omega ratio: Gain probability vs. loss probability	1.19	1.77	-0.58
Calmar ratio: Return relative to maximum drawdown	0.83	5.36	-4.53
Martin ratio: Return relative to average drawdown	2.55	27.21	-24.66

FEHIX vs. PSHNX - Sharpe Ratio Comparison

The current FEHIX Sharpe Ratio is 0.89, which is lower than the PSHNX Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of FEHIX 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.

Drawdowns

FEHIX vs. PSHNX - Drawdown Comparison

The maximum FEHIX drawdown since its inception was -29.59%, which is greater than PSHNX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for FEHIX and PSHNX.

Drawdown Indicators

	FEHIX	PSHNX	Difference
Max Drawdown Largest peak-to-trough decline	-29.59%	-14.53%	-15.06%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-1.14%	-4.08%
Max Drawdown (3Y) Largest decline over 3 years	-9.09%	-2.83%	-6.26%
Max Drawdown (5Y) Largest decline over 5 years	-12.56%	-6.02%	-6.54%
Max Drawdown (10Y) Largest decline over 10 years	-16.14%	—	—
Current Drawdown Current decline from peak	-0.30%	0.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-4.14%	-0.88%	-3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	0.23%	+1.46%

Volatility

FEHIX vs. PSHNX - Volatility Comparison

First Eagle High Income Fund (FEHIX) has a higher volatility of 1.11% compared to Penn Capital Short Duration High Income Fund (PSHNX) at 0.44%. This indicates that FEHIX'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

	FEHIX	PSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	0.44%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	3.06%	1.48%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	4.86%	1.89%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.41%	2.65%	+2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.97%	3.15%	+1.82%

FEHIX vs. PSHNX - Expense Ratio Comparison

FEHIX has a 0.80% expense ratio, which is lower than PSHNX's 1.01% expense ratio.

Dividends

FEHIX vs. PSHNX - Dividend Comparison

FEHIX's dividend yield for the trailing twelve months is around 6.12%, which matches PSHNX's 6.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEHIX First Eagle High Income Fund	6.12%	5.92%	5.17%	4.40%	5.00%	3.87%	4.32%	4.40%	5.56%	5.22%	6.09%	7.53%
PSHNX Penn Capital Short Duration High Income Fund	6.06%	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 FEHIX and PSHNX in my portfolio?

FEHIX and PSHNX 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, FEHIX or PSHNX?

FEHIX has higher volatility (1.11%) compared to PSHNX (0.44%). In terms of maximum drawdown, FEHIX dropped -29.59% vs PSHNX's -14.53%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.25 vs 0.89), 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.