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MZHSX vs. FOCIX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

MZHSX vs. FOCIX

Last updated Apr 1, 2026

Compare and contrast key facts about Muzinich U.S. High Yield Credit Fund (MZHSX) and Fairholme Focused Income Fund (FOCIX).

MZHSX is managed by Muzinich. It was launched on Mar 31, 2016. FOCIX is managed by Fairholme. It was launched on Dec 31, 2009.

Performance

MZHSX vs. FOCIX - Performance Comparison

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

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MZHSX vs. FOCIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MZHSX
Muzinich U.S. High Yield Credit Fund		-1.04%8.27%7.65%9.99%-11.62%4.43%6.82%13.71%-2.58%6.00%
FOCIX
Fairholme Focused Income Fund		6.93%6.17%14.67%12.58%6.00%6.73%0.99%7.44%-6.88%-0.71%

Returns By Period

In the year-to-date period, MZHSX achieves a -1.04% return, which is significantly lower than FOCIX's 6.93% return.

MZHSX

1D
0.25%
1M
-1.50%
YTD
-1.04%
6M
0.68%
1Y
6.37%
3Y*
7.21%
5Y*
3.02%
10Y*
—

FOCIX

1D
0.19%
1M
1.18%
YTD
6.93%
6M
6.35%
1Y
9.02%
3Y*
11.77%
5Y*
10.04%
10Y*
8.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Muzinich U.S. High Yield Credit Fund

Fairholme Focused Income Fund

Often compared with MZHSX:
MZHSX vs. MZCSXMZHSX vs. MZLSXMZHSX vs. CCLFXMZHSX vs. PIAMXMZHSX vs. CRDOXMZHSX vs. FHYSXMZHSX vs. RSIIX
Often compared with FOCIX:
FOCIX vs. FMSDXFOCIX vs. BAICXFOCIX vs. FQIFXFOCIX vs. VOOFOCIX vs. FFRHXFOCIX vs. SPYFOCIX vs. ARCC

MZHSX vs. FOCIX - Expense Ratio Comparison

MZHSX has a 0.58% expense ratio, which is lower than FOCIX's 1.00% expense ratio.

FOCIX
Fairholme Focused Income Fund
MZHSX
Muzinich U.S. High Yield Credit Fund

Return for Risk

MZHSX vs. FOCIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MZHSX
MZHSX Risk / Return Rank: 8888
Overall Rank
MZHSX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
MZHSX Sortino Ratio Rank: 8989
Sortino Ratio Rank
MZHSX Omega Ratio Rank: 9292
Omega Ratio Rank
MZHSX Calmar Ratio Rank: 8080
Calmar Ratio Rank
MZHSX Martin Ratio Rank: 8989
Martin Ratio Rank
FOCIX
FOCIX Risk / Return Rank: 4949
Overall Rank
FOCIX Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
FOCIX Sortino Ratio Rank: 4949
Sortino Ratio Rank
FOCIX Omega Ratio Rank: 4646
Omega Ratio Rank
FOCIX Calmar Ratio Rank: 4848
Calmar Ratio Rank
FOCIX Martin Ratio Rank: 4949
Martin Ratio Rank
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. FOCIX - Risk-Adjusted Trends Comparison

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

MZHSXFOCIXDifference

Sharpe ratio

Return per unit of total volatility

1.90

0.98

+0.92

Sortino ratio

Return per unit of downside risk

2.53

1.38

+1.15

Omega ratio

Gain probability vs. loss probability

1.44

1.19

+0.25

Calmar ratio

Return relative to maximum drawdown

1.94

1.18

+0.76

Martin ratio

Return relative to average drawdown

9.79

4.79

+5.00

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. FOCIX - Sharpe Ratio Comparison

The current MZHSX Sharpe Ratio is 1.90, which is higher than the FOCIX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of MZHSX and FOCIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

MZHSXFOCIXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.90

0.98

+0.92

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.70

1.04

-0.34

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.90

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.87

0.80

+0.07

Correlation

The correlation between MZHSX and FOCIX is 0.32, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MZHSX vs. FOCIX - Dividend Comparison

MZHSX's dividend yield for the trailing twelve months is around 5.89%, more than FOCIX's 1.23% yield.

TTM20252024202320222021202020192018201720162015
MZHSX
Muzinich U.S. High Yield Credit Fund		5.89%6.53%7.00%6.45%5.77%13.18%5.03%5.16%5.45%12.68%0.00%0.00%
FOCIX
Fairholme Focused Income Fund		1.23%1.31%2.46%2.82%2.24%1.12%0.65%2.75%4.57%9.83%5.16%5.51%

Drawdowns

MZHSX vs. FOCIX - Drawdown Comparison

The maximum MZHSX drawdown since its inception was -19.40%, roughly equal to the maximum FOCIX drawdown of -18.78%. Use the drawdown chart below to compare losses from any high point for MZHSX and FOCIX.

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Drawdown Indicators

MZHSXFOCIXDifference

Max Drawdown

Largest peak-to-trough decline

-19.40%

-18.78%

-0.62%

Max Drawdown (1Y)

Largest decline over 1 year

-3.04%

-7.45%

+4.41%

Max Drawdown (5Y)

Largest decline over 5 years

-15.10%

-12.36%

-2.74%

Max Drawdown (10Y)

Largest decline over 10 years

—

-18.61%

—

Current Drawdown

Current decline from peak

-1.77%

-0.58%

-1.19%

Average Drawdown

Average peak-to-trough decline

-2.52%

-4.81%

+2.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.60%

1.84%

-1.24%

Volatility

MZHSX vs. FOCIX - Volatility Comparison

The current volatility for Muzinich U.S. High Yield Credit Fund (MZHSX) is 1.22%, while Fairholme Focused Income Fund (FOCIX) has a volatility of 2.49%. This indicates that MZHSX experiences smaller price fluctuations and is considered to be less risky than FOCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MZHSXFOCIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.22%

2.49%

-1.27%

Volatility (6M)

Calculated over the trailing 6-month period

1.81%

5.63%

-3.82%

Volatility (1Y)

Calculated over the trailing 1-year period

3.27%

9.26%

-5.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.33%

9.73%

-5.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.91%

9.18%

-4.27%