GHY vs. PBSMX
GHY (PGIM Global High Yield Fund) and PBSMX (PGIM Short-Term Corporate Bond Fund) are both mutual funds - GHY is a High Yield Bonds fund managed by PGIM, while PBSMX is a Short-Term Bond fund managed by PGIM. Over the past 10 years, GHY returned 6.78%/yr vs 2.14%/yr for PBSMX. Their 0.18 correlation means their historical movements had little consistent relationship. GHY charges 0.03%/yr vs 0.71%/yr for PBSMX.
Performance
GHY vs. PBSMX - Performance Comparison
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Returns By Period
In the year-to-date period, GHY achieves a -0.52% return, which is significantly lower than PBSMX's 0.25% return. Over the past 10 years, GHY has outperformed PBSMX with an annualized return of 6.78%, while PBSMX has yielded a comparatively lower 2.14% annualized return.
GHY
- 1D
- -0.09%
- 1M
- -2.38%
- 6M
- -4.54%
- YTD
- -0.52%
- 1Y
- -1.07%
- 3Y*
- 11.98%
- 5Y*
- 4.42%
- 10Y*
- 6.78%
- ALL TIME*
- 5.38%
PBSMX
- 1D
- -0.09%
- 1M
- -0.47%
- 6M
- 0.01%
- YTD
- 0.25%
- 1Y
- 2.43%
- 3Y*
- 4.75%
- 5Y*
- 1.66%
- 10Y*
- 2.14%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.61M | $1.64M | $1.60M | |
| $0.00 | $0.00 | $0.00 |
GHY vs. PBSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GHY PGIM Global High Yield Fund | -0.52% | 10.46% | 20.25% | 17.29% | -20.04% | 12.73% | 6.33% | 26.51% | -3.54% | 4.38% |
PBSMX PGIM Short-Term Corporate Bond Fund | 0.25% | 6.41% | 4.25% | 5.98% | -7.06% | -0.71% | 5.16% | 6.47% | 0.35% | 1.86% |
Correlation
The correlation between GHY and PBSMX is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.29 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012 | 0.18 |
Over the past year, GHY and PBSMX have become more correlated (0.40) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
GHY vs. PBSMX — Risk / Return Rank
GHY
PBSMX
GHY vs. PBSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Global High Yield Fund (GHY) and PGIM Short-Term Corporate Bond Fund (PBSMX). 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 | PBSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.52 | ||
| Sortino ratioReturn per unit of downside risk | -2.36 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.28 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 1.77 | -1.86 |
| Martin ratioReturn relative to average drawdown | -0.23 | 5.74 | -5.97 |
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Drawdowns
GHY vs. PBSMX - Drawdown Comparison
The maximum GHY drawdown since its inception was -41.35%, which is greater than PBSMX's maximum drawdown of -10.70%. Use the drawdown chart below to compare losses from any high point for GHY and PBSMX.
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Drawdown Indicators
| GHY | PBSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.35% | -10.70% | -30.65% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -1.65% | -10.29% |
Max Drawdown (3Y)Largest decline over 3 years | -16.36% | -1.65% | -14.71% |
Max Drawdown (5Y)Largest decline over 5 years | -29.50% | -10.60% | -18.90% |
Max Drawdown (10Y)Largest decline over 10 years | -41.35% | -10.70% | -30.65% |
Current DrawdownCurrent decline from peak | -5.69% | -0.74% | -4.95% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -0.88% | -5.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.68% | 0.51% | +4.17% |
Volatility
GHY vs. PBSMX - Volatility Comparison
PGIM Global High Yield Fund (GHY) has a higher volatility of 3.04% compared to PGIM Short-Term Corporate Bond Fund (PBSMX) at 0.54%. This indicates that GHY's price experiences larger fluctuations and is considered to be riskier than PBSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GHY | PBSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.04% | 0.54% | +2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 8.67% | 1.65% | +7.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.72% | 2.09% | +8.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.24% | 2.91% | +11.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.35% | 2.64% | +12.71% |
GHY vs. PBSMX - Expense Ratio Comparison
GHY has a 0.03% expense ratio, which is lower than PBSMX's 0.71% expense ratio.
Dividends
GHY vs. PBSMX - Dividend Comparison
GHY's dividend yield for the trailing twelve months is around 10.82%, more than PBSMX's 3.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GHY PGIM Global High Yield Fund | 10.82% | 10.21% | 10.23% | 11.09% | 11.62% | 8.35% | 8.67% | 8.04% | 7.72% | 7.77% | 8.53% | 10.07% |
PBSMX PGIM Short-Term Corporate Bond Fund | 3.56% | 3.74% | 3.00% | 2.65% | 2.02% | 1.79% | 2.22% | 2.57% | 2.57% | 2.40% | 2.40% | 2.56% |
Frequently Asked Questions
GHY and PBSMX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHY has higher volatility (3.04%) compared to PBSMX (0.54%). In terms of maximum drawdown, GHY dropped -41.35% vs PBSMX's -10.70%.
PBSMX currently has the higher Sharpe Ratio (1.42 vs -0.10), 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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