ISD vs. SDHY

Last updated Jul 18, 2026

ISD (PGIM High Yield Bond Fund) and SDHY (PGIM Short Duration High Yield Opportunities Fund) are both High Yield Bonds funds from PGIM. Over the past 5 years, ISD returned 4.59%/yr vs 4.47%/yr for SDHY. A 0.52 correlation means they provide meaningful diversification when combined. ISD charges 0.02%/yr vs 0.70%/yr for SDHY.

Performance

ISD vs. SDHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM High Yield Bond Fund (ISD) and PGIM Short Duration High Yield Opportunities Fund (SDHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISD achieves a -8.36% return, which is significantly lower than SDHY's 0.61% return.

ISD

• 1D: -0.71%
• 1M: 0.27%
• 6M: -8.24%
• YTD: -8.36%
• 1Y: -1.42%
• 3Y*: 10.47%
• 5Y*: 4.59%
• 10Y*: 6.76%

SDHY

• 1D: -0.50%
• 1M: 0.11%
• 6M: 0.31%
• YTD: 0.61%
• 1Y: 3.40%
• 3Y*: 9.97%
• 5Y*: 4.47%
• 10Y*: —

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

ISD vs. SDHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ISD PGIM High Yield Bond Fund	-8.36%	15.63%	22.05%	15.05%	-18.42%	15.72%	4.33%
SDHY PGIM Short Duration High Yield Opportunities Fund	0.61%	10.37%	16.68%	11.40%	-13.33%	-3.05%	2.35%

Correlation

The correlation between ISD and SDHY is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Nov 25, 2020	0.52

The correlation between ISD and SDHY has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

Return for Risk

ISD vs. SDHY — Risk / Return Rank

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

ISD

ISD Risk / Return Rank: 2
ISD Sharpe Ratio Rank: 2
ISD Sortino Ratio Rank: 2
ISD Omega Ratio Rank: 2
ISD Calmar Ratio Rank: 2
ISD Martin Ratio Rank: 2

SDHY

SDHY Risk / Return Rank: 8
SDHY Sharpe Ratio Rank: 8
SDHY Sortino Ratio Rank: 7
SDHY Omega Ratio Rank: 7
SDHY Calmar Ratio Rank: 8
SDHY Martin Ratio Rank: 8

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.

ISD vs. SDHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Bond Fund (ISD) and PGIM Short Duration High Yield Opportunities Fund (SDHY). 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	SDHY	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	0.47	-0.59
Sortino ratio: Return per unit of downside risk	-0.10	0.73	-0.83
Omega ratio: Gain probability vs. loss probability	0.99	1.09	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.11	0.54	-0.65
Martin ratio: Return relative to average drawdown	-0.26	1.53	-1.79

ISD vs. SDHY - Sharpe Ratio Comparison

The current ISD Sharpe Ratio is -0.13, which is lower than the SDHY Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of ISD and SDHY, 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

ISD vs. SDHY - Drawdown Comparison

The maximum ISD drawdown since its inception was -38.88%, which is greater than SDHY's maximum drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for ISD and SDHY.

Drawdown Indicators

	ISD	SDHY	Difference
Max Drawdown Largest peak-to-trough decline	-38.88%	-22.65%	-16.23%
Max Drawdown (1Y) Largest decline over 1 year	-13.52%	-6.29%	-7.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.94%	-9.24%	-4.70%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-21.21%	-4.24%
Max Drawdown (10Y) Largest decline over 10 years	-38.88%	—	—
Current Drawdown Current decline from peak	-10.32%	-2.34%	-7.98%
Average Drawdown Average peak-to-trough decline	-5.63%	-6.59%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.54%	2.23%	+3.31%

Volatility

ISD vs. SDHY - Volatility Comparison

PGIM High Yield Bond Fund (ISD) has a higher volatility of 2.97% compared to PGIM Short Duration High Yield Opportunities Fund (SDHY) at 1.96%. This indicates that ISD's price experiences larger fluctuations and is considered to be riskier than SDHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISD	SDHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	1.96%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	9.78%	5.83%	+3.95%
Volatility (1Y) Calculated over the trailing 1-year period	11.27%	7.31%	+3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.36%	10.30%	+3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.58%	10.93%	+3.65%

ISD vs. SDHY - Expense Ratio Comparison

ISD has a 0.02% expense ratio, which is lower than SDHY's 0.70% expense ratio.

Dividends

ISD vs. SDHY - Dividend Comparison

ISD's dividend yield for the trailing twelve months is around 9.96%, more than SDHY's 8.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISD PGIM High Yield Bond Fund	9.96%	8.71%	9.21%	10.23%	10.61%	7.85%	8.40%	7.86%	7.89%	8.46%	8.28%	9.64%
SDHY PGIM Short Duration High Yield Opportunities Fund	8.15%	7.88%	8.04%	8.64%	8.82%	7.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISD and SDHY in my portfolio?

ISD and SDHY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISD or SDHY?

ISD has higher volatility (2.97%) compared to SDHY (1.96%). In terms of maximum drawdown, ISD dropped -38.88% vs SDHY's -22.65%.

Which has better risk-adjusted returns?

SDHY currently has the higher Sharpe Ratio (0.47 vs -0.13), 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.