HYSZX vs. HYS

Last updated Jun 24, 2026

HYSZX (PGIM Short Duration High Yield Income Fund) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both High Yield Bonds funds. Over the past 10 years, HYSZX returned 4.94%/yr vs 5.38%/yr for HYS. A 0.54 correlation means they provide meaningful diversification when combined. HYSZX charges 0.75%/yr vs 0.56%/yr for HYS.

Performance

HYSZX vs. HYS - Performance Comparison

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

Returns By Period

In the year-to-date period, HYSZX achieves a 1.37% return, which is significantly lower than HYS's 1.56% return. Over the past 10 years, HYSZX has underperformed HYS with an annualized return of 4.94%, while HYS has yielded a comparatively higher 5.38% annualized return.

HYSZX

• 1D: 0.00%
• 1M: 0.66%
• YTD: 1.37%
• 6M: 2.02%
• 1Y: 5.41%
• 3Y*: 7.43%
• 5Y*: 4.05%
• 10Y*: 4.94%

HYS

• 1D: 0.01%
• 1M: 0.62%
• YTD: 1.56%
• 6M: 1.72%
• 1Y: 6.52%
• 3Y*: 8.76%
• 5Y*: 5.02%
• 10Y*: 5.38%

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

HYSZX vs. HYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYSZX PGIM Short Duration High Yield Income Fund	1.37%	7.84%	6.49%	9.57%	-6.46%	5.48%	4.19%	11.78%	1.20%	4.80%
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.56%	8.80%	8.42%	11.38%	-5.42%	4.77%	3.27%	10.22%	-1.05%	5.75%

Correlation

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

Return for Risk

HYSZX vs. HYS — Risk / Return Rank

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

HYSZX

HYSZX Risk / Return Rank: 68
HYSZX Sharpe Ratio Rank: 50
HYSZX Sortino Ratio Rank: 81
HYSZX Omega Ratio Rank: 78
HYSZX Calmar Ratio Rank: 56
HYSZX Martin Ratio Rank: 74

HYS

HYS Risk / Return Rank: 68
HYS Sharpe Ratio Rank: 59
HYS Sortino Ratio Rank: 68
HYS Omega Ratio Rank: 62
HYS Calmar Ratio Rank: 72
HYS Martin Ratio Rank: 77

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.

HYSZX vs. HYS - Risk-Adjusted Trends Comparison

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

	HYSZX	HYS	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.89	+0.05
Sortino ratio: Return per unit of downside risk	3.51	2.94	+0.58
Omega ratio: Gain probability vs. loss probability	1.46	1.36	+0.10
Calmar ratio: Return relative to maximum drawdown	2.76	3.48	-0.71
Martin ratio: Return relative to average drawdown	13.19	14.11	-0.93

HYSZX vs. HYS - Sharpe Ratio Comparison

The current HYSZX Sharpe Ratio is 1.94, which is comparable to the HYS Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of HYSZX and HYS, 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

HYSZX vs. HYS - Drawdown Comparison

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

Drawdown Indicators

	HYSZX	HYS	Difference
Max Drawdown Largest peak-to-trough decline	-18.31%	-20.91%	+2.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.01%	-1.88%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-2.82%	-4.98%	+2.16%
Max Drawdown (5Y) Largest decline over 5 years	-9.77%	-10.61%	+0.84%
Max Drawdown (10Y) Largest decline over 10 years	-18.31%	-20.91%	+2.60%
Current Drawdown Current decline from peak	-0.24%	-0.14%	-0.10%
Average Drawdown Average peak-to-trough decline	-1.18%	-1.53%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	0.46%	-0.04%

Volatility

HYSZX vs. HYS - Volatility Comparison

PGIM Short Duration High Yield Income Fund (HYSZX) has a higher volatility of 0.87% compared to PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) at 0.79%. This indicates that HYSZX's price experiences larger fluctuations and is considered to be riskier than HYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYSZX	HYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	0.79%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	2.75%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	2.88%	3.48%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	6.27%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.23%	6.83%	-2.60%

HYSZX vs. HYS - Expense Ratio Comparison

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

Dividends

HYSZX vs. HYS - Dividend Comparison

HYSZX's dividend yield for the trailing twelve months is around 6.39%, less than HYS's 7.34% 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	7.34%	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	6.39%	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 HYSZX and HYS in my portfolio?

HYSZX and HYS 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, HYSZX or HYS?

HYSZX has higher volatility (0.87%) compared to HYS (0.79%). In terms of maximum drawdown, HYSZX dropped -18.31% vs HYS's -20.91%.

Which has better risk-adjusted returns?

HYSZX currently has the higher Sharpe Ratio (1.94 vs 1.89), 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.