HYI vs. RPHIX

Last updated Jun 25, 2026

HYI (Western Asset High Yield Opportunity Fund Inc) and RPHIX (RiverPark Short Term High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, HYI returned 5.17%/yr vs 3.51%/yr for RPHIX. At a 0.14 correlation, their price movements are largely independent. HYI charges 0.01%/yr vs 0.89%/yr for RPHIX.

Performance

HYI vs. RPHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset High Yield Opportunity Fund Inc (HYI) and RiverPark Short Term High Yield Fund (RPHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYI achieves a -0.93% return, which is significantly lower than RPHIX's 1.76% return. Over the past 10 years, HYI has outperformed RPHIX with an annualized return of 5.17%, while RPHIX has yielded a comparatively lower 3.51% annualized 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%

RPHIX

• 1D: -0.10%
• 1M: 0.22%
• YTD: 1.76%
• 6M: 1.89%
• 1Y: 4.18%
• 3Y*: 5.57%
• 5Y*: 4.59%
• 10Y*: 3.51%

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

HYI vs. RPHIX - 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%	8.57%
RPHIX RiverPark Short Term High Yield Fund	1.76%	4.76%	6.71%	5.87%	2.97%	2.05%	1.95%	2.77%	2.44%	2.50%

Correlation

The correlation between HYI and RPHIX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.14

The correlation between HYI and RPHIX shifts across timeframes, from 0.03 (3 years) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HYI vs. RPHIX — Risk / Return Rank

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

HYI

HYI Risk / Return Rank: 2
HYI Sharpe Ratio Rank: 2
HYI Sortino Ratio Rank: 2
HYI Omega Ratio Rank: 2
HYI Calmar Ratio Rank: 2
HYI Martin Ratio Rank: 2

RPHIX

RPHIX Risk / Return Rank: 99
RPHIX Sharpe Ratio Rank: 99
RPHIX Sortino Ratio Rank: 99
RPHIX Omega Ratio Rank: 99
RPHIX Calmar Ratio Rank: 100
RPHIX Martin Ratio Rank: 100

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.

HYI vs. RPHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset High Yield Opportunity Fund Inc (HYI) and RiverPark Short Term High Yield Fund (RPHIX). 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	RPHIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.25	4.90	-5.15
Sortino ratio: Return per unit of downside risk	-0.29	10.15	-10.44
Omega ratio: Gain probability vs. loss probability	0.96	3.46	-2.50
Calmar ratio: Return relative to maximum drawdown	-0.21	41.59	-41.80
Martin ratio: Return relative to average drawdown	-0.40	104.45	-104.85

HYI vs. RPHIX - Sharpe Ratio Comparison

The current HYI Sharpe Ratio is -0.25, which is lower than the RPHIX Sharpe Ratio of 4.90. The chart below compares the historical Sharpe Ratios of HYI and RPHIX, 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

HYI vs. RPHIX - Drawdown Comparison

The maximum HYI drawdown since its inception was -36.06%, which is greater than RPHIX's maximum drawdown of -3.16%. Use the drawdown chart below to compare losses from any high point for HYI and RPHIX.

Drawdown Indicators

	HYI	RPHIX	Difference
Max Drawdown Largest peak-to-trough decline	-36.06%	-3.16%	-32.90%
Max Drawdown (1Y) Largest decline over 1 year	-8.19%	-0.10%	-8.09%
Max Drawdown (3Y) Largest decline over 3 years	-8.19%	-0.72%	-7.47%
Max Drawdown (5Y) Largest decline over 5 years	-26.35%	-0.92%	-25.43%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	-3.16%	-32.90%
Current Drawdown Current decline from peak	-5.43%	-0.10%	-5.33%
Average Drawdown Average peak-to-trough decline	-5.80%	-0.09%	-5.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	0.04%	+4.23%

Volatility

HYI vs. RPHIX - Volatility Comparison

Western Asset High Yield Opportunity Fund Inc (HYI) has a higher volatility of 1.12% compared to RiverPark Short Term High Yield Fund (RPHIX) at 0.25%. This indicates that HYI's price experiences larger fluctuations and is considered to be riskier than RPHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYI	RPHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	0.25%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	5.33%	0.61%	+4.72%
Volatility (1Y) Calculated over the trailing 1-year period	6.92%	0.88%	+6.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.27%	1.27%	+10.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.93%	1.20%	+11.73%

HYI vs. RPHIX - Expense Ratio Comparison

HYI has a 0.02% expense ratio, which is lower than RPHIX's 0.89% expense ratio.

Dividends

HYI vs. RPHIX - Dividend Comparison

HYI's dividend yield for the trailing twelve months is around 10.87%, more than RPHIX's 4.08% 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%
RPHIX RiverPark Short Term High Yield Fund	4.08%	4.76%	6.40%	5.08%	3.46%	2.03%	2.44%	2.85%	2.83%	2.68%	2.63%	3.19%

Frequently Asked Questions

Can I hold both HYI and RPHIX in my portfolio?

HYI and RPHIX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYI or RPHIX?

HYI has higher volatility (1.12%) compared to RPHIX (0.25%). In terms of maximum drawdown, HYI dropped -36.06% vs RPHIX's -3.16%.

Which has better risk-adjusted returns?

RPHIX currently has the higher Sharpe Ratio (4.90 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.