HYI vs. PSHNX
HYI (Western Asset High Yield Opportunity Fund Inc) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. Over the past 5 years, HYI returned 1.70%/yr vs 4.79%/yr for PSHNX. At a 0.35 correlation, their price movements are largely independent. HYI charges 0.01%/yr vs 1.01%/yr for PSHNX.
Performance
HYI vs. PSHNX - Performance Comparison
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Returns By Period
In the year-to-date period, HYI achieves a -0.93% return, which is significantly lower than PSHNX's 1.84% return.
HYI
- 1D
- 0.00%
- 1M
- 0.43%
- YTD
- -0.93%
- 6M
- -0.30%
- 1Y
- -1.72%
- 3Y*
- 6.21%
- 5Y*
- 1.70%
- 10Y*
- 5.17%
PSHNX
- 1D
- 0.00%
- 1M
- 0.68%
- YTD
- 1.84%
- 6M
- 2.05%
- 1Y
- 5.78%
- 3Y*
- 7.32%
- 5Y*
- 4.79%
- 10Y*
- —
HYI vs. PSHNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYI Western Asset High Yield Opportunity Fund Inc | -0.93% | 4.09% | 7.58% | 6.72% | -13.48% | 10.04% | 6.78% | 27.90% | -6.36% | 0.04% |
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 HYI and PSHNX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017 | 0.35 |
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Return for Risk
HYI vs. PSHNX — Risk / Return Rank
HYI
PSHNX
HYI vs. PSHNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Yield Opportunity Fund Inc (HYI) 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.
| HYI | PSHNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.40 | ||
| Sortino ratioReturn per unit of downside risk | -5.41 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.75 | -0.78 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 5.17 | -5.38 |
| Martin ratioReturn relative to average drawdown | -0.40 | 26.23 | -26.63 |
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Drawdowns
HYI vs. PSHNX - Drawdown Comparison
The maximum HYI drawdown since its inception was -36.06%, which is greater than PSHNX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for HYI and PSHNX.
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Drawdown Indicators
| HYI | PSHNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.06% | -14.53% | -21.53% |
Max Drawdown (1Y)Largest decline over 1 year | -8.19% | -1.14% | -7.05% |
Max Drawdown (3Y)Largest decline over 3 years | -8.19% | -2.83% | -5.36% |
Max Drawdown (5Y)Largest decline over 5 years | -26.35% | -6.02% | -20.33% |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | — | — |
Current DrawdownCurrent decline from peak | -5.43% | 0.00% | -5.43% |
Average DrawdownAverage peak-to-trough decline | -5.80% | -0.88% | -4.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.27% | 0.23% | +4.04% |
Volatility
HYI vs. PSHNX - Volatility Comparison
Western Asset High Yield Opportunity Fund Inc (HYI) has a higher volatility of 1.12% compared to Penn Capital Short Duration High Income Fund (PSHNX) at 0.43%. This indicates that HYI'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.
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Volatility by Period
| HYI | PSHNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 0.43% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 5.33% | 1.47% | +3.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.92% | 1.89% | +5.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.27% | 2.65% | +8.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.93% | 3.15% | +9.78% |
HYI vs. PSHNX - Expense Ratio Comparison
HYI has a 0.02% expense ratio, which is lower than PSHNX's 1.01% expense ratio.
Dividends
HYI vs. PSHNX - Dividend Comparison
HYI's dividend yield for the trailing twelve months is around 10.87%, more than PSHNX's 6.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYI Western Asset High Yield Opportunity Fund Inc | 10.87% | 10.22% | 9.64% | 9.40% | 9.09% | 7.19% | 7.35% | 6.87% | 8.10% | 7.81% | 8.73% | 9.36% |
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
HYI and PSHNX 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.
HYI has higher volatility (1.12%) compared to PSHNX (0.43%). In terms of maximum drawdown, HYI dropped -36.06% vs PSHNX's -14.53%.
PSHNX currently has the higher Sharpe Ratio (3.15 vs -0.25), 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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