GHY vs. FAGIX
GHY (PGIM Global High Yield Fund) and FAGIX (Fidelity Capital & Income Fund) are both High Yield Bonds funds. Over the past 10 years, GHY returned 7.03%/yr vs 7.70%/yr for FAGIX. At a 0.49 correlation, their price movements are largely independent. GHY charges 0.03%/yr vs 0.67%/yr for FAGIX.
Performance
GHY vs. FAGIX - Performance Comparison
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Returns By Period
In the year-to-date period, GHY achieves a 1.61% return, which is significantly lower than FAGIX's 6.80% return. Over the past 10 years, GHY has underperformed FAGIX with an annualized return of 7.03%, while FAGIX has yielded a comparatively higher 7.70% annualized return.
GHY
- 1D
- 0.76%
- 1M
- 1.74%
- 6M
- -0.88%
- YTD
- 1.61%
- 1Y
- -2.10%
- 3Y*
- 13.18%
- 5Y*
- 5.02%
- 10Y*
- 7.03%
FAGIX
- 1D
- -0.62%
- 1M
- -0.64%
- 6M
- 5.25%
- YTD
- 6.80%
- 1Y
- 13.34%
- 3Y*
- 11.95%
- 5Y*
- 6.48%
- 10Y*
- 7.70%
GHY vs. FAGIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHY PGIM Global High Yield Fund | 1.61% | 10.46% | 20.25% | 17.29% | -20.04% | 12.73% | 6.33% | 26.51% | -3.54% | 4.38% |
FAGIX Fidelity Capital & Income Fund | 6.80% | 12.38% | 10.69% | 13.02% | -11.50% | 11.13% | 9.95% | 18.96% | -7.17% | 11.66% |
Correlation
The correlation between GHY and FAGIX is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012 | 0.49 |
The correlation between GHY and FAGIX has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.
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Return for Risk
GHY vs. FAGIX — Risk / Return Rank
GHY
FAGIX
GHY vs. FAGIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Global High Yield Fund (GHY) and Fidelity Capital & Income Fund (FAGIX). 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.
| GHY | FAGIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.37 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 3.87 | -4.05 |
| Martin ratioReturn relative to average drawdown | -0.46 | 14.84 | -15.29 |
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Drawdowns
GHY vs. FAGIX - Drawdown Comparison
The maximum GHY drawdown since its inception was -41.35%, which is greater than FAGIX's maximum drawdown of -37.97%. Use the drawdown chart below to compare losses from any high point for GHY and FAGIX.
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Drawdown Indicators
| GHY | FAGIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.35% | -37.97% | -3.38% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -3.49% | -8.45% |
Max Drawdown (3Y)Largest decline over 3 years | -16.36% | -7.26% | -9.10% |
Max Drawdown (5Y)Largest decline over 5 years | -29.50% | -15.42% | -14.08% |
Max Drawdown (10Y)Largest decline over 10 years | -41.35% | -28.45% | -12.90% |
Current DrawdownCurrent decline from peak | -3.66% | -1.85% | -1.81% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -6.97% | +0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.62% | 0.91% | +3.71% |
Volatility
GHY vs. FAGIX - Volatility Comparison
PGIM Global High Yield Fund (GHY) has a higher volatility of 3.35% compared to Fidelity Capital & Income Fund (FAGIX) at 2.99%. This indicates that GHY's price experiences larger fluctuations and is considered to be riskier than FAGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHY | FAGIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.35% | 2.99% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 8.66% | 5.75% | +2.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.04% | 6.85% | +4.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.28% | 6.76% | +7.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.34% | 7.82% | +7.52% |
GHY vs. FAGIX - Expense Ratio Comparison
GHY has a 0.03% expense ratio, which is lower than FAGIX's 0.67% expense ratio.
Dividends
GHY vs. FAGIX - Dividend Comparison
GHY's dividend yield for the trailing twelve months is around 10.59%, more than FAGIX's 5.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FAGIX Fidelity Capital & Income Fund | 5.33% | 4.74% | 5.02% | 5.28% | 10.25% | 6.08% | 4.59% | 5.00% | 5.67% | 5.05% | 4.57% | 4.51% |
GHY PGIM Global High Yield Fund | 10.59% | 10.21% | 10.23% | 11.09% | 11.62% | 8.35% | 8.67% | 8.04% | 7.72% | 7.77% | 8.53% | 10.07% |
Frequently Asked Questions
GHY and FAGIX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHY has higher volatility (3.35%) compared to FAGIX (2.99%). In terms of maximum drawdown, GHY dropped -41.35% vs FAGIX's -37.97%.
FAGIX currently has the higher Sharpe Ratio (1.98 vs -0.19), 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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