MZCSX vs. MZHSX

Last updated Jun 24, 2026

MZCSX (Muzinich Credit Opportunities Fund) and MZHSX (Muzinich U.S. High Yield Credit Fund) are both mutual funds - MZCSX is a Multisector Bonds fund managed by Muzinich, while MZHSX is a High Yield Bonds fund managed by Muzinich. Over the past 5 years, MZCSX returned 2.14%/yr vs 3.22%/yr for MZHSX. A 0.53 correlation means they provide meaningful diversification when combined. MZCSX charges 0.60%/yr vs 0.58%/yr for MZHSX.

Performance

MZCSX vs. MZHSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Muzinich Credit Opportunities Fund (MZCSX) and Muzinich U.S. High Yield Credit Fund (MZHSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MZCSX achieves a 1.08% return, which is significantly lower than MZHSX's 1.85% return.

MZCSX

• 1D: -0.10%
• 1M: 0.73%
• YTD: 1.08%
• 6M: 1.29%
• 1Y: 4.96%
• 3Y*: 5.72%
• 5Y*: 2.14%
• 10Y*: 3.45%

MZHSX

• 1D: 0.00%
• 1M: 0.75%
• YTD: 1.85%
• 6M: 2.08%
• 1Y: 6.61%
• 3Y*: 7.95%
• 5Y*: 3.22%
• 10Y*: —

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

MZCSX vs. MZHSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MZCSX Muzinich Credit Opportunities Fund	1.08%	6.74%	4.27%	7.48%	-8.41%	1.11%	5.63%	10.77%	0.22%	4.70%
MZHSX Muzinich U.S. High Yield Credit Fund	1.85%	8.27%	7.65%	9.99%	-11.62%	4.43%	6.82%	13.71%	-2.58%	6.00%

Correlation

The correlation between MZCSX and MZHSX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.53

The correlation between MZCSX and MZHSX shifts across timeframes, from 0.53 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MZCSX vs. MZHSX — Risk / Return Rank

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

MZCSX

MZCSX Risk / Return Rank: 55
MZCSX Sharpe Ratio Rank: 58
MZCSX Sortino Ratio Rank: 70
MZCSX Omega Ratio Rank: 67
MZCSX Calmar Ratio Rank: 36
MZCSX Martin Ratio Rank: 46

MZHSX

MZHSX Risk / Return Rank: 87
MZHSX Sharpe Ratio Rank: 88
MZHSX Sortino Ratio Rank: 90
MZHSX Omega Ratio Rank: 89
MZHSX Calmar Ratio Rank: 78
MZHSX Martin Ratio Rank: 91

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.

MZCSX vs. MZHSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Muzinich Credit Opportunities Fund (MZCSX) and Muzinich U.S. High Yield Credit Fund (MZHSX). 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.

	MZCSX	MZHSX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.67	-0.61
Sortino ratio: Return per unit of downside risk	3.18	4.10	-0.93
Omega ratio: Gain probability vs. loss probability	1.41	1.60	-0.18
Calmar ratio: Return relative to maximum drawdown	2.14	3.35	-1.22
Martin ratio: Return relative to average drawdown	9.08	17.28	-8.20

MZCSX vs. MZHSX - Sharpe Ratio Comparison

The current MZCSX Sharpe Ratio is 2.06, which is comparable to the MZHSX Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of MZCSX and MZHSX, 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

MZCSX vs. MZHSX - Drawdown Comparison

The maximum MZCSX drawdown since its inception was -12.56%, smaller than the maximum MZHSX drawdown of -19.40%. Use the drawdown chart below to compare losses from any high point for MZCSX and MZHSX.

Drawdown Indicators

	MZCSX	MZHSX	Difference
Max Drawdown Largest peak-to-trough decline	-12.56%	-19.40%	+6.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.43%	-2.02%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-3.26%	-3.83%	+0.57%
Max Drawdown (5Y) Largest decline over 5 years	-12.05%	-15.10%	+3.05%
Max Drawdown (10Y) Largest decline over 10 years	-12.56%	—	—
Current Drawdown Current decline from peak	-0.21%	-0.25%	+0.04%
Average Drawdown Average peak-to-trough decline	-1.60%	-2.47%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.39%	+0.18%

Volatility

MZCSX vs. MZHSX - Volatility Comparison

Muzinich Credit Opportunities Fund (MZCSX) and Muzinich U.S. High Yield Credit Fund (MZHSX) have volatilities of 0.66% and 0.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MZCSX	MZHSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	0.69%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.01%	2.07%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	2.53%	2.54%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.42%	4.37%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	4.88%	-1.53%

MZCSX vs. MZHSX - Expense Ratio Comparison

MZCSX has a 0.60% expense ratio, which is higher than MZHSX's 0.58% expense ratio.

Dividends

MZCSX vs. MZHSX - Dividend Comparison

MZCSX's dividend yield for the trailing twelve months is around 6.57%, more than MZHSX's 6.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MZCSX Muzinich Credit Opportunities Fund	6.57%	5.96%	5.19%	4.10%	1.35%	8.02%	2.41%	6.52%	2.11%	2.80%	3.99%	2.56%
MZHSX Muzinich U.S. High Yield Credit Fund	6.30%	6.53%	7.00%	6.45%	5.77%	13.18%	5.03%	5.16%	5.45%	12.68%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MZCSX and MZHSX in my portfolio?

MZCSX and MZHSX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MZCSX or MZHSX?

MZHSX has higher volatility (0.69%) compared to MZCSX (0.66%). In terms of maximum drawdown, MZCSX dropped -12.56% vs MZHSX's -19.40%.

Which has better risk-adjusted returns?

MZHSX currently has the higher Sharpe Ratio (2.67 vs 2.06), 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.