MSYIX vs. PSHNX

Last updated Jun 5, 2026

MSYIX (Morgan Stanley Institutional Fund Trust High Yield Portfolio) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. A 0.73 correlation means they provide meaningful diversification when combined. MSYIX charges 0.65%/yr vs 1.01%/yr for PSHNX.

Performance

MSYIX vs. PSHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund Trust High Yield Portfolio (MSYIX) and Penn Capital Short Duration High Income Fund (PSHNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MSYIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PSHNX

• 1D: -0.10%
• 1M: 0.37%
• YTD: 1.52%
• 6M: 2.26%
• 1Y: 6.22%
• 3Y*: 7.29%
• 5Y*: 4.81%
• 10Y*: —

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

MSYIX vs. PSHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSYIX Morgan Stanley Institutional Fund Trust High Yield Portfolio	0.47%	7.94%	8.78%	13.52%	-11.56%	5.57%	3.26%	13.77%	-2.75%	1.82%
PSHNX Penn Capital Short Duration High Income Fund	1.52%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	0.61%	0.65%

Correlation

The correlation between MSYIX and PSHNX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jul 21, 2017	0.73

Over the past year, the correlation between MSYIX and PSHNX has dropped to 0.50 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

MSYIX vs. PSHNX — Risk / Return Rank

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

PSHNX

PSHNX Risk / Return Rank: 96
PSHNX Sharpe Ratio Rank: 95
PSHNX Sortino Ratio Rank: 96
PSHNX Omega Ratio Rank: 95
PSHNX Calmar Ratio Rank: 95
PSHNX Martin Ratio Rank: 97

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.

MSYIX vs. PSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund Trust High Yield Portfolio (MSYIX) and Penn Capital Short Duration High Income Fund (PSHNX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MSYIX	PSHNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.35	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.26	—

Drawdowns

Drawdown Indicators

	MSYIX	PSHNX	Difference
Max Drawdown Largest peak-to-trough decline	—	-14.53%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.14%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-2.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-6.02%	—
Current Drawdown Current decline from peak	—	-0.10%	—
Average Drawdown Average peak-to-trough decline	—	-0.89%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.22%	—

Volatility

Volatility by Period

	MSYIX	PSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.69%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.90%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	2.65%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.16%	—

MSYIX vs. PSHNX - Expense Ratio Comparison

MSYIX has a 0.65% expense ratio, which is lower than PSHNX's 1.01% expense ratio.

Dividends

MSYIX vs. PSHNX - Dividend Comparison

MSYIX's dividend yield for the trailing twelve months is around 4.18%, less than PSHNX's 6.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSYIX Morgan Stanley Institutional Fund Trust High Yield Portfolio	4.18%	7.03%	7.25%	6.71%	6.29%	5.57%	5.90%	6.20%	6.27%	5.75%	6.22%	6.77%
PSHNX Penn Capital Short Duration High Income Fund	6.08%	6.27%	6.43%	4.95%	3.47%	3.17%	3.95%	3.65%	3.13%	1.46%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSYIX and PSHNX in my portfolio?

MSYIX and PSHNX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.