ISD vs. HYI
ISD (PGIM High Yield Bond Fund) and HYI (Western Asset High Yield Opportunity Fund Inc) are both High Yield Bonds funds. Over the past 10 years, ISD returned 6.60%/yr vs 5.12%/yr for HYI. Their 0.44 correlation means their historical movements had little consistent relationship. ISD charges 0.02%/yr vs 0.01%/yr for HYI.
Performance
ISD vs. HYI - Performance Comparison
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Returns By Period
In the year-to-date period, ISD achieves a -9.89% return, which is significantly lower than HYI's -0.98% return. Over the past 10 years, ISD has outperformed HYI with an annualized return of 6.60%, while HYI has yielded a comparatively lower 5.12% annualized return.
ISD
- 1D
- -0.08%
- 1M
- -3.37%
- 6M
- -10.69%
- YTD
- -9.89%
- 1Y
- -4.69%
- 3Y*
- 10.30%
- 5Y*
- 4.23%
- 10Y*
- 6.60%
- ALL TIME*
- 5.58%
HYI
- 1D
- -0.10%
- 1M
- -1.18%
- 6M
- -1.64%
- YTD
- -0.98%
- 1Y
- -2.96%
- 3Y*
- 5.58%
- 5Y*
- 1.16%
- 10Y*
- 5.12%
- ALL TIME*
- 4.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $738.90K | $713.52K | $693.84K | |
| $1.80M | $1.56M | $1.41M |
ISD vs. HYI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISD PGIM High Yield Bond Fund | -9.89% | 15.63% | 22.05% | 15.05% | -18.42% | 15.72% | 6.66% | 28.41% | -5.03% | 3.59% |
HYI Western Asset High Yield Opportunity Fund Inc | -0.98% | 4.09% | 7.58% | 6.72% | -13.48% | 10.04% | 6.78% | 27.90% | -6.36% | 8.57% |
Correlation
The correlation between ISD and HYI is 0.56, 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. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.49 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2012 | 0.44 |
The correlation between ISD and HYI shifts across timeframes, from 0.44 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ISD vs. HYI — Risk / Return Rank
ISD
HYI
ISD vs. HYI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Bond Fund (ISD) and Western Asset High Yield Opportunity Fund Inc (HYI). 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.
| ISD | HYI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.94 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | -0.34 | -0.03 |
| Martin ratioReturn relative to average drawdown | -0.84 | -0.62 | -0.23 |
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Drawdowns
ISD vs. HYI - Drawdown Comparison
The maximum ISD drawdown since its inception was -38.88%, which is greater than HYI's maximum drawdown of -36.06%. Use the drawdown chart below to compare losses from any high point for ISD and HYI.
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Drawdown Indicators
| ISD | HYI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.88% | -36.06% | -2.82% |
Max Drawdown (1Y)Largest decline over 1 year | -13.52% | -8.19% | -5.33% |
Max Drawdown (3Y)Largest decline over 3 years | -13.94% | -8.19% | -5.75% |
Max Drawdown (5Y)Largest decline over 5 years | -25.45% | -26.35% | +0.90% |
Max Drawdown (10Y)Largest decline over 10 years | -38.88% | -36.06% | -2.82% |
Current DrawdownCurrent decline from peak | -11.81% | -5.48% | -6.33% |
Average DrawdownAverage peak-to-trough decline | -5.65% | -5.79% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.96% | 4.54% | +1.42% |
Volatility
ISD vs. HYI - Volatility Comparison
PGIM High Yield Bond Fund (ISD) has a higher volatility of 3.08% compared to Western Asset High Yield Opportunity Fund Inc (HYI) at 1.80%. This indicates that ISD's price experiences larger fluctuations and is considered to be riskier than HYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISD | HYI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 1.80% | +1.28% |
Volatility (6M)Calculated over the trailing 6-month period | 9.94% | 5.52% | +4.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.41% | 7.11% | +4.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.36% | 11.25% | +2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.59% | 12.90% | +1.69% |
ISD vs. HYI - Expense Ratio Comparison
ISD has a 0.02% expense ratio, which is higher than HYI's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ISD vs. HYI - Dividend Comparison
ISD's dividend yield for the trailing twelve months is around 10.13%, less than HYI's 10.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYI Western Asset High Yield Opportunity Fund Inc | 10.97% | 10.22% | 9.64% | 9.40% | 9.09% | 7.19% | 7.35% | 6.87% | 8.10% | 7.81% | 8.73% | 9.36% |
ISD PGIM High Yield Bond Fund | 10.13% | 8.71% | 9.21% | 10.23% | 10.61% | 7.85% | 8.40% | 7.86% | 7.89% | 8.46% | 8.28% | 9.64% |
Frequently Asked Questions
ISD and HYI have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISD has higher volatility (3.08%) compared to HYI (1.80%). In terms of maximum drawdown, ISD dropped -38.88% vs HYI's -36.06%.
HYI currently has the higher Sharpe Ratio (-0.39 vs -0.44), 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.
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