FSHNX vs. PHYZX
FSHNX (Fidelity Series High Income Fund) and PHYZX (PGIM High Yield Fund Class Z) are both High Yield Bonds funds. Over the past 10 years, FSHNX returned 6.26%/yr vs 6.05%/yr for PHYZX. Their correlation of 0.83 suggests significant overlap in exposure. FSHNX charges 0.00%/yr vs 0.51%/yr for PHYZX.
Performance
FSHNX vs. PHYZX - Performance Comparison
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Returns By Period
In the year-to-date period, FSHNX achieves a 3.22% return, which is significantly higher than PHYZX's 1.59% return. Both investments have delivered pretty close results over the past 10 years, with FSHNX having a 6.26% annualized return and PHYZX not far behind at 6.05%.
FSHNX
- 1D
- 0.00%
- 1M
- 0.77%
- YTD
- 3.22%
- 6M
- 3.90%
- 1Y
- 10.12%
- 3Y*
- 10.22%
- 5Y*
- 4.88%
- 10Y*
- 6.26%
PHYZX
- 1D
- -0.21%
- 1M
- 0.59%
- YTD
- 1.59%
- 6M
- 2.37%
- 1Y
- 6.74%
- 3Y*
- 9.17%
- 5Y*
- 3.91%
- 10Y*
- 6.05%
FSHNX vs. PHYZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSHNX Fidelity Series High Income Fund | 3.22% | 11.17% | 8.75% | 11.25% | -11.52% | 6.05% | 4.57% | 15.20% | -2.14% | 9.40% |
PHYZX PGIM High Yield Fund Class Z | 1.59% | 9.04% | 8.37% | 12.23% | -12.31% | 5.83% | 7.73% | 16.14% | -1.25% | 7.79% |
Correlation
The correlation between FSHNX and PHYZX is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2011 | 0.83 |
The correlation between FSHNX and PHYZX has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.
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Return for Risk
FSHNX vs. PHYZX — Risk / Return Rank
FSHNX
PHYZX
FSHNX vs. PHYZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Series High Income Fund (FSHNX) and PGIM High Yield Fund Class Z (PHYZX). 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.
| FSHNX | PHYZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 1.47 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 2.83 | +2.01 |
| Martin ratioReturn relative to average drawdown | 25.04 | 12.27 | +12.78 |
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Drawdowns
FSHNX vs. PHYZX - Drawdown Comparison
The maximum FSHNX drawdown since its inception was -21.98%, smaller than the maximum PHYZX drawdown of -28.57%. Use the drawdown chart below to compare losses from any high point for FSHNX and PHYZX.
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Drawdown Indicators
| FSHNX | PHYZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.98% | -28.57% | +6.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.13% | -2.47% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -4.05% | -3.76% | -0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -15.32% | -16.09% | +0.77% |
Max Drawdown (10Y)Largest decline over 10 years | -21.98% | -21.09% | -0.89% |
Current DrawdownCurrent decline from peak | -0.22% | -0.41% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -2.41% | -2.76% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.57% | -0.16% |
Volatility
FSHNX vs. PHYZX - Volatility Comparison
The current volatility for Fidelity Series High Income Fund (FSHNX) is 0.84%, while PGIM High Yield Fund Class Z (PHYZX) has a volatility of 1.13%. This indicates that FSHNX experiences smaller price fluctuations and is considered to be less risky than PHYZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSHNX | PHYZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 1.13% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 2.84% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.36% | 3.60% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.31% | 5.10% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.82% | 5.53% | +0.29% |
FSHNX vs. PHYZX - Expense Ratio Comparison
FSHNX has a 0.00% expense ratio, which is lower than PHYZX's 0.51% expense ratio.
Dividends
FSHNX vs. PHYZX - Dividend Comparison
FSHNX's dividend yield for the trailing twelve months is around 6.97%, which matches PHYZX's 6.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSHNX Fidelity Series High Income Fund | 6.97% | 7.04% | 5.97% | 6.21% | 4.90% | 5.01% | 5.57% | 6.35% | 6.95% | 6.03% | 6.24% | 5.79% |
PHYZX PGIM High Yield Fund Class Z | 6.99% | 6.95% | 7.37% | 7.00% | 6.15% | 6.08% | 8.35% | 6.21% | 6.55% | 6.25% | 6.36% | 6.93% |
Frequently Asked Questions
FSHNX and PHYZX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHYZX has higher volatility (1.13%) compared to FSHNX (0.84%). In terms of maximum drawdown, FSHNX dropped -21.98% vs PHYZX's -28.57%.
FSHNX currently has the higher Sharpe Ratio (3.07 vs 1.94), 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.
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