HYSZX vs. HYS

Last updated Aug 1, 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 4.69%/yr vs 5.19%/yr for HYS. Their 0.54 correlation means they have sometimes moved together and sometimes differently. 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 1.05% return, which is significantly lower than HYS's 1.42% return. Over the past 10 years, HYSZX has underperformed HYS with an annualized return of 4.69%, while HYS has yielded a comparatively higher 5.19% annualized return.

HYSZX

• 1D: 0.12%
• 1M: -0.84%
• 6M: 0.65%
• YTD: 1.05%
• 1Y: 3.46%
• 3Y*: 6.46%
• 5Y*: 3.81%
• 10Y*: 4.69%
• ALL TIME*: 4.45%

HYS

• 1D: 0.06%
• 1M: -0.28%
• 6M: 1.03%
• YTD: 1.42%
• 1Y: 5.05%
• 3Y*: 8.13%
• 5Y*: 5.03%
• 10Y*: 5.19%
• ALL TIME*: 4.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	$8.07M	$9.33M	$11.19M
HYSZX PGIM Short Duration High Yield Income Fund	$0.00	$0.00	$0.00

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	1.05%	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	1.42%	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 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (10Y) Provides a long-term view across more market conditions.	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 0.66 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HYSZX vs. HYS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HYSZX

HYSZX Risk / Return Rank: 67
HYSZX Sharpe Ratio Rank: 57
HYSZX Sortino Ratio Rank: 74
HYSZX Omega Ratio Rank: 72
HYSZX Calmar Ratio Rank: 59
HYSZX Martin Ratio Rank: 75

HYS

HYS Risk / Return Rank: 74
HYS Sharpe Ratio Rank: 67
HYS Sortino Ratio Rank: 75
HYS Omega Ratio Rank: 69
HYS Calmar Ratio Rank: 78
HYS Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	1.40	1.53	-0.13
Sortino ratio: Return per unit of downside risk	2.48	2.40	+0.08
Omega ratio: Gain probability vs. loss probability	1.31	1.29	+0.02
Calmar ratio: Return relative to maximum drawdown	2.01	2.76	-0.75
Martin ratio: Return relative to average drawdown	8.99	10.85	-1.86

HYSZX vs. HYS - Sharpe Ratio Comparison

The current HYSZX Sharpe Ratio is 1.40, which is comparable to the HYS Sharpe Ratio of 1.53. 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	-0.84%	-0.53%	-0.31%
Average Drawdown Average peak-to-trough decline	-1.18%	-1.52%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	0.48%	-0.03%

Volatility

HYSZX vs. HYS - Volatility Comparison

The current volatility for PGIM Short Duration High Yield Income Fund (HYSZX) is 0.61%, while PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) has a volatility of 0.76%. This indicates that HYSZX experiences smaller price fluctuations and is considered to be less risky 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	0.61%	0.76%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.30%	2.80%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	2.88%	3.39%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.89%	6.26%	-2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.22%	6.78%	-2.56%

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 5.87%, less than HYS's 7.48% 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	6.87%	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	5.87%	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 0.65, 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?

HYS has higher volatility (0.76%) compared to HYSZX (0.61%). In terms of maximum drawdown, HYSZX dropped -18.31% vs HYS's -20.91%.

Which has better risk-adjusted returns?

HYS currently has the higher Sharpe Ratio (1.53 vs 1.40), 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.