MZHSX vs. MZCSX

Last updated Apr 1, 2026

Compare and contrast key facts about Muzinich U.S. High Yield Credit Fund (MZHSX) and Muzinich Credit Opportunities Fund (MZCSX).

MZHSX is managed by Muzinich. It was launched on Mar 31, 2016. MZCSX is managed by Muzinich. It was launched on Jan 2, 2013.

Performance

MZHSX vs. MZCSX - Performance Comparison

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

MZHSX vs. MZCSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MZCSX Muzinich Credit Opportunities Fund	-1.13%	6.74%	4.27%	7.48%	-8.41%	1.11%	5.63%	10.77%	0.22%	4.61%

Returns By Period

In the year-to-date period, MZHSX achieves a -1.04% return, which is significantly higher than MZCSX's -1.13% return.

MZHSX

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

MZCSX

• 1D: 0.31%
• 1M: -2.13%
• YTD: -1.13%
• 6M: -0.23%
• 1Y: 4.26%
• 3Y*: 4.91%
• 5Y*: 1.94%
• 10Y*: 3.36%

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

MZHSX vs. MZCSX - Expense Ratio Comparison

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

MZCSX

Muzinich Credit Opportunities Fund

MZHSX

Muzinich U.S. High Yield Credit Fund

Return for Risk

MZHSX vs. MZCSX — Risk / Return Rank

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

MZHSX

MZHSX Risk / Return Rank: 88
MZHSX Sharpe Ratio Rank: 90
MZHSX Sortino Ratio Rank: 89
MZHSX Omega Ratio Rank: 92
MZHSX Calmar Ratio Rank: 80
MZHSX Martin Ratio Rank: 89

MZCSX

MZCSX Risk / Return Rank: 79
MZCSX Sharpe Ratio Rank: 82
MZCSX Sortino Ratio Rank: 82
MZCSX Omega Ratio Rank: 79
MZCSX Calmar Ratio Rank: 76
MZCSX Martin Ratio Rank: 77

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. MZCSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Muzinich U.S. High Yield Credit Fund (MZHSX) and Muzinich Credit Opportunities Fund (MZCSX). 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	MZCSX	Difference
Sharpe ratio Return per unit of total volatility	1.90	1.55	+0.35
Sortino ratio Return per unit of downside risk	2.53	2.12	+0.41
Omega ratio Gain probability vs. loss probability	1.44	1.30	+0.13
Calmar ratio Return relative to maximum drawdown	1.94	1.79	+0.15
Martin ratio Return relative to average drawdown	9.79	7.42	+2.37
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. MZCSX - Sharpe Ratio Comparison

The current MZHSX Sharpe Ratio is 1.90, which is comparable to the MZCSX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of MZHSX and MZCSX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MZHSX	MZCSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.55	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.58	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.09	-0.22

Correlation

The correlation between MZHSX and MZCSX is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MZHSX vs. MZCSX - Dividend Comparison

MZHSX's dividend yield for the trailing twelve months is around 5.89%, more than MZCSX's 4.28% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MZCSX Muzinich Credit Opportunities Fund	4.28%	5.96%	5.19%	4.10%	1.35%	8.02%	2.41%	6.52%	2.11%	2.80%	3.99%	2.56%

Drawdowns

MZHSX vs. MZCSX - Drawdown Comparison

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

Drawdown Indicators

	MZHSX	MZCSX	Difference
Max Drawdown Largest peak-to-trough decline	-19.40%	-12.56%	-6.84%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-2.43%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-15.10%	-12.05%	-3.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-12.56%	—
Current Drawdown Current decline from peak	-1.77%	-2.13%	+0.36%
Average Drawdown Average peak-to-trough decline	-2.52%	-1.62%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	0.59%	+0.01%

Volatility

MZHSX vs. MZCSX - Volatility Comparison

Muzinich U.S. High Yield Credit Fund (MZHSX) has a higher volatility of 1.22% compared to Muzinich Credit Opportunities Fund (MZCSX) at 1.15%. This indicates that MZHSX's price experiences larger fluctuations and is considered to be riskier than MZCSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MZHSX	MZCSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	1.15%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.81%	1.66%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	3.27%	2.76%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.33%	3.37%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.91%	3.33%	+1.58%