HYI vs. SDHY

Last updated Jun 25, 2026

HYI (Western Asset High Yield Opportunity Fund Inc) and SDHY (PGIM Short Duration High Yield Opportunities Fund) are both High Yield Bonds funds. Over the past 5 years, HYI returned 1.70%/yr vs 4.97%/yr for SDHY. At a 0.40 correlation, their price movements are largely independent. HYI charges 0.01%/yr vs 0.70%/yr for SDHY.

Performance

HYI vs. SDHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset High Yield Opportunity Fund Inc (HYI) and PGIM Short Duration High Yield Opportunities Fund (SDHY). 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 SDHY's 1.82% 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%

SDHY

• 1D: 0.19%
• 1M: 2.51%
• YTD: 1.82%
• 6M: 1.87%
• 1Y: 5.96%
• 3Y*: 11.68%
• 5Y*: 4.97%
• 10Y*: —

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

HYI vs. SDHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HYI Western Asset High Yield Opportunity Fund Inc	-0.93%	4.09%	7.58%	6.72%	-13.48%	10.04%	1.75%
SDHY PGIM Short Duration High Yield Opportunities Fund	1.82%	10.37%	16.68%	11.40%	-13.33%	-3.05%	2.35%

Correlation

The correlation between HYI and SDHY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Nov 25, 2020	0.40

Return for Risk

HYI vs. SDHY — 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

SDHY

SDHY Risk / Return Rank: 12
SDHY Sharpe Ratio Rank: 13
SDHY Sortino Ratio Rank: 13
SDHY Omega Ratio Rank: 13
SDHY Calmar Ratio Rank: 12
SDHY Martin Ratio Rank: 11

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. SDHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset High Yield Opportunity Fund Inc (HYI) and PGIM Short Duration High Yield Opportunities Fund (SDHY). 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	SDHY	Difference
Sharpe ratio: Return per unit of total volatility	-0.25	0.82	-1.07
Sortino ratio: Return per unit of downside risk	-0.29	1.22	-1.51
Omega ratio: Gain probability vs. loss probability	0.96	1.16	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.21	0.95	-1.16
Martin ratio: Return relative to average drawdown	-0.40	2.70	-3.10

HYI vs. SDHY - Sharpe Ratio Comparison

The current HYI Sharpe Ratio is -0.25, which is lower than the SDHY Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of HYI and SDHY, 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. SDHY - Drawdown Comparison

The maximum HYI drawdown since its inception was -36.06%, which is greater than SDHY's maximum drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for HYI and SDHY.

Drawdown Indicators

	HYI	SDHY	Difference
Max Drawdown Largest peak-to-trough decline	-36.06%	-22.65%	-13.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.19%	-6.29%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-8.19%	-9.24%	+1.05%
Max Drawdown (5Y) Largest decline over 5 years	-26.35%	-22.28%	-4.07%
Max Drawdown (10Y) Largest decline over 10 years	-36.06%	—	—
Current Drawdown Current decline from peak	-5.43%	-0.76%	-4.67%
Average Drawdown Average peak-to-trough decline	-5.80%	-6.65%	+0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	2.22%	+2.05%

Volatility

HYI vs. SDHY - Volatility Comparison

The current volatility for Western Asset High Yield Opportunity Fund Inc (HYI) is 1.12%, while PGIM Short Duration High Yield Opportunities Fund (SDHY) has a volatility of 1.88%. This indicates that HYI experiences smaller price fluctuations and is considered to be less risky than SDHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYI	SDHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.88%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	5.33%	5.82%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	6.92%	7.34%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.27%	10.52%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.93%	10.98%	+1.95%

HYI vs. SDHY - Expense Ratio Comparison

HYI has a 0.02% expense ratio, which is lower than SDHY's 0.70% expense ratio.

Dividends

HYI vs. SDHY - Dividend Comparison

HYI's dividend yield for the trailing twelve months is around 10.87%, more than SDHY's 8.00% 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%
SDHY PGIM Short Duration High Yield Opportunities Fund	8.00%	7.88%	8.04%	8.64%	8.82%	7.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYI and SDHY in my portfolio?

HYI and SDHY have a correlation of 0.38, 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 SDHY?

SDHY has higher volatility (1.88%) compared to HYI (1.12%). In terms of maximum drawdown, HYI dropped -36.06% vs SDHY's -22.65%.

Which has better risk-adjusted returns?

SDHY currently has the higher Sharpe Ratio (0.82 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.