MZHSX vs. MZLSX

Last updated Jun 4, 2026

MZHSX (Muzinich U.S. High Yield Credit Fund) and MZLSX (Muzinich Low Duration Fund) are both mutual funds - MZHSX is a High Yield Bonds fund managed by Muzinich, while MZLSX is a Multisector Bonds fund managed by Muzinich. Over the past 5 years, MZHSX returned 3.32%/yr vs 3.73%/yr for MZLSX. A 0.53 correlation means they provide meaningful diversification when combined. MZHSX charges 0.58%/yr vs 0.50%/yr for MZLSX.

Performance

MZHSX vs. MZLSX - 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 Low Duration Fund (MZLSX). 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 higher than MZLSX's 1.32% return.

MZHSX

• 1D: 0.00%
• 1M: 0.63%
• YTD: 1.72%
• 6M: 2.34%
• 1Y: 7.42%
• 3Y*: 7.95%
• 5Y*: 3.32%
• 10Y*: —

MZLSX

• 1D: 0.11%
• 1M: 0.73%
• YTD: 1.32%
• 6M: 1.70%
• 1Y: 5.11%
• 3Y*: 6.41%
• 5Y*: 3.73%
• 10Y*: —

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

MZHSX vs. MZLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MZHSX Muzinich U.S. High Yield Credit Fund	1.72%	8.27%	7.65%	9.99%	-11.62%	4.43%	6.82%	13.71%	-2.58%	6.00%
MZLSX Muzinich Low Duration Fund	1.32%	6.38%	6.30%	7.63%	-3.41%	2.50%	2.64%	7.86%	0.80%	4.15%

Correlation

The correlation between MZHSX and MZLSX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.53

The correlation between MZHSX and MZLSX shifts across timeframes, from 0.53 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MZHSX vs. MZLSX — Risk / Return Rank

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

MZHSX

MZHSX Risk / Return Rank: 89
MZHSX Sharpe Ratio Rank: 90
MZHSX Sortino Ratio Rank: 92
MZHSX Omega Ratio Rank: 91
MZHSX Calmar Ratio Rank: 81
MZHSX Martin Ratio Rank: 92

MZLSX

MZLSX Risk / Return Rank: 89
MZLSX Sharpe Ratio Rank: 94
MZLSX Sortino Ratio Rank: 96
MZLSX Omega Ratio Rank: 96
MZLSX Calmar Ratio Rank: 75
MZLSX Martin Ratio Rank: 82

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. MZLSX - 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 Low Duration Fund (MZLSX). 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	MZLSX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	3.32	-0.30
Sortino ratio: Return per unit of downside risk	4.65	5.38	-0.74
Omega ratio: Gain probability vs. loss probability	1.69	1.88	-0.19
Calmar ratio: Return relative to maximum drawdown	3.76	3.41	+0.35
Martin ratio: Return relative to average drawdown	19.50	15.45	+4.05
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. MZLSX - Sharpe Ratio Comparison

The current MZHSX Sharpe Ratio is 3.02, which is comparable to the MZLSX Sharpe Ratio of 3.32. The chart below compares the historical Sharpe Ratios of MZHSX and MZLSX, 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	MZLSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	3.32	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	2.31	-1.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	1.75	-0.83

Drawdowns

MZHSX vs. MZLSX - Drawdown Comparison

The maximum MZHSX drawdown since its inception was -19.40%, which is greater than MZLSX's maximum drawdown of -12.66%. Use the drawdown chart below to compare losses from any high point for MZHSX and MZLSX.

Drawdown Indicators

	MZHSX	MZLSX	Difference
Max Drawdown Largest peak-to-trough decline	-19.40%	-12.66%	-6.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-1.50%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-3.83%	-1.50%	-2.33%
Max Drawdown (5Y) Largest decline over 5 years	-15.10%	-6.09%	-9.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.48%	-0.85%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.33%	+0.06%

Volatility

MZHSX vs. MZLSX - Volatility Comparison

Muzinich U.S. High Yield Credit Fund (MZHSX) has a higher volatility of 0.90% compared to Muzinich Low Duration Fund (MZLSX) at 0.58%. This indicates that MZHSX's price experiences larger fluctuations and is considered to be riskier than MZLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MZHSX	MZLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.58%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	1.35%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	1.55%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.36%	1.62%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.89%	2.13%	+2.76%

MZHSX vs. MZLSX - Expense Ratio Comparison

MZHSX has a 0.58% expense ratio, which is higher than MZLSX's 0.50% expense ratio.

Dividends

MZHSX vs. MZLSX - Dividend Comparison

MZHSX's dividend yield for the trailing twelve months is around 6.31%, less than MZLSX's 7.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%
MZLSX Muzinich Low Duration Fund	7.23%	7.03%	4.77%	4.88%	3.85%	6.36%	2.08%	2.24%	8.62%	1.86%	0.79%

Frequently Asked Questions

Can I hold both MZHSX and MZLSX in my portfolio?

MZHSX and MZLSX have a correlation of 0.66, 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 MZLSX?

MZHSX has higher volatility (0.90%) compared to MZLSX (0.58%). In terms of maximum drawdown, MZHSX dropped -19.40% vs MZLSX's -12.66%.

Which has better risk-adjusted returns?

MZLSX currently has the higher Sharpe Ratio (3.32 vs 3.02), 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.