HYS vs. HYSZX

Last updated Jun 12, 2026

HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) and HYSZX (PGIM Short Duration High Yield Income Fund) are both High Yield Bonds funds. Over the past 10 years, HYS returned 5.40%/yr vs 4.85%/yr for HYSZX. A 0.54 correlation means they provide meaningful diversification when combined. HYS charges 0.56%/yr vs 0.75%/yr for HYSZX.

Performance

HYS vs. HYSZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and PGIM Short Duration High Yield Income Fund (HYSZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYS achieves a 1.53% return, which is significantly higher than HYSZX's 1.13% return. Over the past 10 years, HYS has outperformed HYSZX with an annualized return of 5.40%, while HYSZX has yielded a comparatively lower 4.85% annualized return.

HYS

• 1D: 0.40%
• 1M: 0.70%
• YTD: 1.53%
• 6M: 2.01%
• 1Y: 7.04%
• 3Y*: 8.56%
• 5Y*: 5.05%
• 10Y*: 5.40%

HYSZX

• 1D: 0.00%
• 1M: 0.18%
• YTD: 1.13%
• 6M: 1.90%
• 1Y: 5.41%
• 3Y*: 7.21%
• 5Y*: 3.93%
• 10Y*: 4.85%

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

HYS vs. HYSZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.53%	8.80%	8.42%	11.38%	-5.42%	4.77%	3.27%	10.22%	-1.05%	5.75%
HYSZX PGIM Short Duration High Yield Income Fund	1.13%	7.84%	6.49%	9.57%	-6.46%	5.48%	4.19%	11.78%	1.20%	4.80%

Correlation

The correlation between HYS and HYSZX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.54

The correlation between HYS and HYSZX shifts across timeframes, from 0.54 (all time) to 0.67 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HYS vs. HYSZX — Risk / Return Rank

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

HYS

HYS Risk / Return Rank: 81
HYS Sharpe Ratio Rank: 76
HYS Sortino Ratio Rank: 84
HYS Omega Ratio Rank: 78
HYS Calmar Ratio Rank: 83
HYS Martin Ratio Rank: 86

HYSZX

HYSZX Risk / Return Rank: 76
HYSZX Sharpe Ratio Rank: 62
HYSZX Sortino Ratio Rank: 83
HYSZX Omega Ratio Rank: 80
HYSZX Calmar Ratio Rank: 70
HYSZX Martin Ratio Rank: 84

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.

HYS vs. HYSZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and PGIM Short Duration High Yield Income Fund (HYSZX). 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.

	HYS	HYSZX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.93	+0.09
Sortino ratio: Return per unit of downside risk	3.14	3.50	-0.36
Omega ratio: Gain probability vs. loss probability	1.38	1.45	-0.07
Calmar ratio: Return relative to maximum drawdown	3.75	2.76	+0.99
Martin ratio: Return relative to average drawdown	15.24	13.22	+2.02

HYS vs. HYSZX - Sharpe Ratio Comparison

The current HYS Sharpe Ratio is 2.02, which is comparable to the HYSZX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of HYS and HYSZX, 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

HYS vs. HYSZX - Drawdown Comparison

The maximum HYS drawdown since its inception was -20.91%, which is greater than HYSZX's maximum drawdown of -18.31%. Use the drawdown chart below to compare losses from any high point for HYS and HYSZX.

Drawdown Indicators

	HYS	HYSZX	Difference
Max Drawdown Largest peak-to-trough decline	-20.91%	-18.31%	-2.60%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	-2.01%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	-2.82%	-2.16%
Max Drawdown (5Y) Largest decline over 5 years	-10.61%	-9.77%	-0.84%
Max Drawdown (10Y) Largest decline over 10 years	-20.91%	-18.31%	-2.60%
Current Drawdown Current decline from peak	0.00%	-0.48%	+0.48%
Average Drawdown Average peak-to-trough decline	-1.53%	-1.18%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.42%	+0.04%

Volatility

HYS vs. HYSZX - Volatility Comparison

PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) and PGIM Short Duration High Yield Income Fund (HYSZX) have volatilities of 1.03% and 0.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYS	HYSZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.99%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	2.22%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.50%	2.88%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.26%	3.88%	+2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.84%	4.23%	+2.61%

HYS vs. HYSZX - Expense Ratio Comparison

HYS has a 0.56% expense ratio, which is lower than HYSZX's 0.75% expense ratio.

Dividends

HYS vs. HYSZX - Dividend Comparison

HYS's dividend yield for the trailing twelve months is around 7.35%, more than HYSZX's 6.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	7.35%	7.20%	7.43%	6.44%	5.01%	3.74%	4.52%	4.98%	4.64%	5.01%	5.13%	5.22%
HYSZX PGIM Short Duration High Yield Income Fund	6.41%	6.45%	6.27%	4.84%	5.01%	4.56%	5.00%	5.60%	5.94%	5.73%	6.33%	6.76%

Frequently Asked Questions

Can I hold both HYS and HYSZX in my portfolio?

HYS and HYSZX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYS or HYSZX?

HYS has higher volatility (1.03%) compared to HYSZX (0.99%). In terms of maximum drawdown, HYS dropped -20.91% vs HYSZX's -18.31%.

Which has better risk-adjusted returns?

HYS currently has the higher Sharpe Ratio (2.02 vs 1.93), 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.