MZHSX vs. PIAMX

Last updated Aug 1, 2026

MZHSX (Muzinich U.S. High Yield Credit Fund) and PIAMX (PIA High Yield (MACS) Fund) are both High Yield Bonds funds. Over the past 5 years, MZHSX returned 3.16%/yr vs 3.94%/yr for PIAMX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. MZHSX charges 0.58%/yr vs 0.20%/yr for PIAMX.

Performance

MZHSX vs. PIAMX - Performance Comparison

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

Returns By Period

In the year-to-date period, MZHSX achieves a 2.03% return, which is significantly higher than PIAMX's 1.27% return.

MZHSX

• 1D: 0.13%
• 1M: 0.00%
• 6M: 1.78%
• YTD: 2.03%
• 1Y: 5.68%
• 3Y*: 7.31%
• 5Y*: 3.16%
• 10Y*: —
• ALL TIME*: 4.43%

PIAMX

• 1D: 0.13%
• 1M: 0.23%
• 6M: 0.50%
• YTD: 1.27%
• 1Y: 2.29%
• 3Y*: 6.65%
• 5Y*: 3.94%
• 10Y*: —
• ALL TIME*: 5.12%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MZHSX Muzinich U.S. High Yield Credit Fund	$0.00	$0.00	$0.00
PIAMX PIA High Yield (MACS) Fund	$0.00	$0.00	$0.00

MZHSX vs. PIAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MZHSX Muzinich U.S. High Yield Credit Fund	2.03%	8.27%	7.65%	9.99%	-11.62%	4.43%	6.82%	13.71%	-3.27%
PIAMX PIA High Yield (MACS) Fund	1.27%	2.34%	11.23%	16.38%	-10.93%	7.82%	9.05%	11.77%	-2.63%

Correlation

The correlation between MZHSX and PIAMX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (All Time) Calculated using the full available price history since Jan 29, 2018	0.76

The correlation between MZHSX and PIAMX has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

Return for Risk

MZHSX vs. PIAMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MZHSX

MZHSX Risk / Return Rank: 88
MZHSX Sharpe Ratio Rank: 87
MZHSX Sortino Ratio Rank: 88
MZHSX Omega Ratio Rank: 89
MZHSX Calmar Ratio Rank: 81
MZHSX Martin Ratio Rank: 93

PIAMX

PIAMX Risk / Return Rank: 12
PIAMX Sharpe Ratio Rank: 14
PIAMX Sortino Ratio Rank: 12
PIAMX Omega Ratio Rank: 14
PIAMX Calmar Ratio Rank: 11
PIAMX Martin Ratio Rank: 11

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MZHSX vs. PIAMX - Risk-Adjusted Trends Comparison

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

	MZHSX	PIAMX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	0.53	+1.65
Sortino ratio: Return per unit of downside risk	3.32	0.72	+2.60
Omega ratio: Gain probability vs. loss probability	1.47	1.10	+0.36
Calmar ratio: Return relative to maximum drawdown	2.74	0.45	+2.29
Martin ratio: Return relative to average drawdown	13.94	1.34	+12.60

MZHSX vs. PIAMX - Sharpe Ratio Comparison

The current MZHSX Sharpe Ratio is 2.18, which is higher than the PIAMX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of MZHSX and PIAMX, 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

MZHSX vs. PIAMX - Drawdown Comparison

The maximum MZHSX drawdown since its inception was -19.40%, which is greater than PIAMX's maximum drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for MZHSX and PIAMX.

Drawdown Indicators

	MZHSX	PIAMX	Difference
Max Drawdown Largest peak-to-trough decline	-19.40%	-18.15%	-1.25%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-3.75%	+1.73%
Max Drawdown (3Y) Largest decline over 3 years	-3.83%	-6.17%	+2.34%
Max Drawdown (5Y) Largest decline over 5 years	-15.10%	-13.92%	-1.18%
Current Drawdown Current decline from peak	-0.25%	-0.27%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.44%	-2.30%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	1.26%	-0.86%

Volatility

MZHSX vs. PIAMX - Volatility Comparison

The current volatility for Muzinich U.S. High Yield Credit Fund (MZHSX) is 0.58%, while PIA High Yield (MACS) Fund (PIAMX) has a volatility of 0.64%. This indicates that MZHSX experiences smaller price fluctuations and is considered to be less risky than PIAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MZHSX	PIAMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.64%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	2.54%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	2.54%	3.18%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.36%	4.05%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	4.21%	+0.64%

MZHSX vs. PIAMX - Expense Ratio Comparison

MZHSX has a 0.58% expense ratio, which is higher than PIAMX's 0.20% expense ratio.

Dividends

MZHSX vs. PIAMX - Dividend Comparison

MZHSX's dividend yield for the trailing twelve months is around 5.81%, less than PIAMX's 7.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MZHSX Muzinich U.S. High Yield Credit Fund	5.81%	6.53%	7.00%	6.45%	5.77%	13.18%	5.03%	5.16%	5.45%	12.68%
PIAMX PIA High Yield (MACS) Fund	7.08%	9.12%	8.49%	8.12%	7.99%	8.64%	6.63%	6.96%	7.14%	0.00%

Frequently Asked Questions

Can I hold both MZHSX and PIAMX in my portfolio?

MZHSX and PIAMX have a correlation of 0.74, 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 PIAMX?

PIAMX has higher volatility (0.64%) compared to MZHSX (0.58%). In terms of maximum drawdown, MZHSX dropped -19.40% vs PIAMX's -18.15%.

Which has better risk-adjusted returns?

MZHSX currently has the higher Sharpe Ratio (2.18 vs 0.53), 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.