MZHSX vs. CRDOX

Last updated Jun 3, 2026

MZHSX (Muzinich U.S. High Yield Credit Fund) and CRDOX (Six Circles Credit Opportunities Fund) are both High Yield Bonds funds. Over the past 5 years, MZHSX returned 3.30%/yr vs 3.25%/yr for CRDOX. A 0.80 correlation means they provide meaningful diversification when combined. MZHSX charges 0.58%/yr vs 0.29%/yr for CRDOX.

Performance

MZHSX vs. CRDOX - Performance Comparison

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

Returns By Period

In the year-to-date period, MZHSX achieves a 1.72% return, which is significantly lower than CRDOX's 1.92% return.

MZHSX

• 1D: 0.00%
• 1M: 0.50%
• YTD: 1.72%
• 6M: 2.46%
• 1Y: 7.56%
• 3Y*: 7.95%
• 5Y*: 3.30%
• 10Y*: —

CRDOX

• 1D: 0.00%
• 1M: 0.60%
• YTD: 1.92%
• 6M: 2.60%
• 1Y: 8.26%
• 3Y*: 8.16%
• 5Y*: 3.25%
• 10Y*: —

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

MZHSX vs. CRDOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MZHSX Muzinich U.S. High Yield Credit Fund	1.72%	8.27%	7.65%	9.99%	-11.62%	4.43%	2.09%
CRDOX Six Circles Credit Opportunities Fund	1.92%	7.48%	8.69%	8.06%	-10.62%	2.66%	1.71%

Correlation

The correlation between MZHSX and CRDOX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Nov 24, 2020	0.80

The correlation between MZHSX and CRDOX has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

Return for Risk

MZHSX vs. CRDOX — Risk / Return Rank

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

MZHSX

MZHSX Risk / Return Rank: 90
MZHSX Sharpe Ratio Rank: 91
MZHSX Sortino Ratio Rank: 93
MZHSX Omega Ratio Rank: 92
MZHSX Calmar Ratio Rank: 82
MZHSX Martin Ratio Rank: 92

CRDOX

CRDOX Risk / Return Rank: 83
CRDOX Sharpe Ratio Rank: 89
CRDOX Sortino Ratio Rank: 93
CRDOX Omega Ratio Rank: 94
CRDOX Calmar Ratio Rank: 67
CRDOX Martin Ratio Rank: 73

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.

MZHSX vs. CRDOX - Risk-Adjusted Trends Comparison

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

	MZHSX	CRDOX	Difference
Sharpe ratio Return per unit of total volatility	3.02	2.94	+0.08
Sortino ratio Return per unit of downside risk	4.65	4.74	-0.09
Omega ratio Gain probability vs. loss probability	1.69	1.73	-0.04
Calmar ratio Return relative to maximum drawdown	3.77	3.15	+0.62
Martin ratio Return relative to average drawdown	19.61	14.03	+5.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MZHSX vs. CRDOX - Sharpe Ratio Comparison

The current MZHSX Sharpe Ratio is 3.02, which is comparable to the CRDOX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of MZHSX and CRDOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MZHSX	CRDOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	2.94	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.79	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.85	+0.06

Drawdowns

MZHSX vs. CRDOX - Drawdown Comparison

The maximum MZHSX drawdown since its inception was -19.40%, which is greater than CRDOX's maximum drawdown of -15.92%. Use the drawdown chart below to compare losses from any high point for MZHSX and CRDOX.

Drawdown Indicators

	MZHSX	CRDOX	Difference
Max Drawdown Largest peak-to-trough decline	-19.40%	-15.92%	-3.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-2.70%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-3.83%	-4.66%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-15.10%	-15.92%	+0.82%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.48%	-3.53%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.61%	-0.22%

Volatility

MZHSX vs. CRDOX - Volatility Comparison

Muzinich U.S. High Yield Credit Fund (MZHSX) and Six Circles Credit Opportunities Fund (CRDOX) have volatilities of 0.91% and 0.88%, 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

	MZHSX	CRDOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.88%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	2.46%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	2.52%	2.83%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.36%	4.15%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.89%	4.03%	+0.86%

MZHSX vs. CRDOX - Expense Ratio Comparison

MZHSX has a 0.58% expense ratio, which is higher than CRDOX's 0.29% expense ratio.

Dividends

MZHSX vs. CRDOX - Dividend Comparison

MZHSX's dividend yield for the trailing twelve months is around 6.31%, less than CRDOX's 6.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRDOX Six Circles Credit Opportunities Fund	6.62%	5.18%	6.96%	6.86%	5.82%	2.73%	0.33%	0.00%	0.00%	0.00%
MZHSX Muzinich U.S. High Yield Credit Fund	6.31%	6.53%	7.00%	6.45%	5.77%	13.18%	5.03%	5.16%	5.45%	12.68%

Frequently Asked Questions

Can I hold both MZHSX and CRDOX in my portfolio?

MZHSX and CRDOX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MZHSX or CRDOX?

MZHSX has higher volatility (0.91%) compared to CRDOX (0.88%). In terms of maximum drawdown, MZHSX dropped -19.40% vs CRDOX's -15.92%.

Which has better risk-adjusted returns?

MZHSX currently has the higher Sharpe Ratio (3.02 vs 2.94), 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.