HYLS vs. PSH

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Tactical High Yield ETF (HYLS) and PGIM Short Duration High Yield ETF (PSH).

HYLS and PSH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HYLS is an actively managed fund by First Trust. It was launched on Feb 27, 2013. PSH is an actively managed fund by PGIM. It was launched on Dec 14, 2023.

Performance

HYLS vs. PSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Tactical High Yield ETF (HYLS) and PGIM Short Duration High Yield ETF (PSH). The values are adjusted to include any dividend payments, if applicable.

HYLS vs. PSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HYLS First Trust Tactical High Yield ETF	-1.46%	8.00%	5.85%	0.82%
PSH PGIM Short Duration High Yield ETF	0.41%	7.34%	7.96%	0.38%

Returns By Period

In the year-to-date period, HYLS achieves a -1.46% return, which is significantly lower than PSH's 0.41% return.

HYLS

• 1D: 1.20%
• 1M: -0.72%
• YTD: -1.46%
• 6M: -0.32%
• 1Y: 5.53%
• 3Y*: 7.27%
• 5Y*: 2.66%
• 10Y*: 4.38%

PSH

• 1D: 1.05%
• 1M: 0.01%
• YTD: 0.41%
• 6M: 1.51%
• 1Y: 6.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYLS vs. PSH - Expense Ratio Comparison

HYLS has a 1.01% expense ratio, which is higher than PSH's 0.45% expense ratio.

HYLS

First Trust Tactical High Yield ETF

PSH

PGIM Short Duration High Yield ETF

Return for Risk

HYLS vs. PSH — Risk / Return Rank

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

HYLS

HYLS Risk / Return Rank: 68
HYLS Sharpe Ratio Rank: 67
HYLS Sortino Ratio Rank: 69
HYLS Omega Ratio Rank: 69
HYLS Calmar Ratio Rank: 66
HYLS Martin Ratio Rank: 69

PSH

PSH Risk / Return Rank: 86
PSH Sharpe Ratio Rank: 83
PSH Sortino Ratio Rank: 88
PSH Omega Ratio Rank: 90
PSH Calmar Ratio Rank: 81
PSH Martin Ratio Rank: 87

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.

HYLS vs. PSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Tactical High Yield ETF (HYLS) and PGIM Short Duration High Yield ETF (PSH). 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.

	HYLS	PSH	Difference
Sharpe ratio Return per unit of total volatility	1.17	1.61	-0.44
Sortino ratio Return per unit of downside risk	1.74	2.42	-0.68
Omega ratio Gain probability vs. loss probability	1.25	1.38	-0.13
Calmar ratio Return relative to maximum drawdown	1.68	2.26	-0.58
Martin ratio Return relative to average drawdown	6.97	10.56	-3.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYLS vs. PSH - Sharpe Ratio Comparison

The current HYLS Sharpe Ratio is 1.17, which is comparable to the PSH Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of HYLS and PSH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HYLS	PSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	1.61	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	2.16	-1.49

Correlation

The correlation between HYLS and PSH is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HYLS vs. PSH - Dividend Comparison

HYLS's dividend yield for the trailing twelve months is around 6.69%, less than PSH's 7.61% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYLS First Trust Tactical High Yield ETF	6.69%	6.38%	6.25%	5.98%	7.38%	5.48%	5.09%	5.17%	5.81%	5.53%	5.37%	6.11%
PSH PGIM Short Duration High Yield ETF	7.61%	6.62%	8.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HYLS vs. PSH - Drawdown Comparison

The maximum HYLS drawdown since its inception was -22.99%, which is greater than PSH's maximum drawdown of -3.06%. Use the drawdown chart below to compare losses from any high point for HYLS and PSH.

Drawdown Indicators

	HYLS	PSH	Difference
Max Drawdown Largest peak-to-trough decline	-22.99%	-3.06%	-19.93%
Max Drawdown (1Y) Largest decline over 1 year	-3.33%	-2.84%	-0.49%
Max Drawdown (5Y) Largest decline over 5 years	-15.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.99%	—	—
Current Drawdown Current decline from peak	-1.93%	-0.30%	-1.63%
Average Drawdown Average peak-to-trough decline	-2.17%	-0.27%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.61%	+0.19%

Volatility

HYLS vs. PSH - Volatility Comparison

First Trust Tactical High Yield ETF (HYLS) has a higher volatility of 2.11% compared to PGIM Short Duration High Yield ETF (PSH) at 1.55%. This indicates that HYLS's price experiences larger fluctuations and is considered to be riskier than PSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYLS	PSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	1.55%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	1.98%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	4.75%	3.93%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.59%	3.30%	+3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.70%	3.30%	+3.40%