MZHSX vs. THHYX

Last updated Jun 24, 2026

MZHSX (Muzinich U.S. High Yield Credit Fund) and THHYX (Toews Tactical Income Fund) are both High Yield Bonds funds. Over the past 5 years, MZHSX returned 3.22%/yr vs 1.48%/yr for THHYX. A 0.55 correlation means they provide meaningful diversification when combined. MZHSX charges 0.58%/yr vs 1.46%/yr for THHYX.

Performance

MZHSX vs. THHYX - Performance Comparison

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

Returns By Period

In the year-to-date period, MZHSX achieves a 1.85% return, which is significantly higher than THHYX's 0.48% return.

MZHSX

• 1D: 0.00%
• 1M: 0.75%
• YTD: 1.85%
• 6M: 2.08%
• 1Y: 6.61%
• 3Y*: 7.95%
• 5Y*: 3.22%
• 10Y*: —

THHYX

• 1D: -0.10%
• 1M: 0.36%
• YTD: 0.48%
• 6M: 0.68%
• 1Y: 3.36%
• 3Y*: 5.01%
• 5Y*: 1.48%
• 10Y*: 2.79%

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

MZHSX vs. THHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MZHSX Muzinich U.S. High Yield Credit Fund	1.85%	8.27%	7.65%	9.99%	-11.62%	4.43%	6.82%	13.71%	-2.58%	6.00%
THHYX Toews Tactical Income Fund	0.48%	3.44%	5.48%	4.51%	-5.33%	0.28%	5.21%	7.37%	-0.80%	2.57%

Correlation

The correlation between MZHSX and THHYX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.55

The correlation between MZHSX and THHYX has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.

Return for Risk

MZHSX vs. THHYX — Risk / Return Rank

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

MZHSX

MZHSX Risk / Return Rank: 87
MZHSX Sharpe Ratio Rank: 88
MZHSX Sortino Ratio Rank: 90
MZHSX Omega Ratio Rank: 89
MZHSX Calmar Ratio Rank: 78
MZHSX Martin Ratio Rank: 91

THHYX

THHYX Risk / Return Rank: 39
THHYX Sharpe Ratio Rank: 27
THHYX Sortino Ratio Rank: 30
THHYX Omega Ratio Rank: 30
THHYX Calmar Ratio Rank: 74
THHYX Martin Ratio Rank: 32

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. THHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Muzinich U.S. High Yield Credit Fund (MZHSX) and Toews Tactical Income Fund (THHYX). 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	THHYX	Difference
Sharpe ratio: Return per unit of total volatility	2.67	1.39	+1.28
Sortino ratio: Return per unit of downside risk	4.10	2.11	+2.00
Omega ratio: Gain probability vs. loss probability	1.60	1.27	+0.33
Calmar ratio: Return relative to maximum drawdown	3.35	3.19	+0.16
Martin ratio: Return relative to average drawdown	17.28	6.88	+10.41

MZHSX vs. THHYX - Sharpe Ratio Comparison

The current MZHSX Sharpe Ratio is 2.67, which is higher than the THHYX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of MZHSX and THHYX, 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. THHYX - Drawdown Comparison

The maximum MZHSX drawdown since its inception was -19.40%, which is greater than THHYX's maximum drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for MZHSX and THHYX.

Drawdown Indicators

	MZHSX	THHYX	Difference
Max Drawdown Largest peak-to-trough decline	-19.40%	-8.83%	-10.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-1.12%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-3.83%	-3.35%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-15.10%	-8.83%	-6.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-8.83%	—
Current Drawdown Current decline from peak	-0.25%	-0.50%	+0.25%
Average Drawdown Average peak-to-trough decline	-2.47%	-1.62%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.52%	-0.13%

Volatility

MZHSX vs. THHYX - Volatility Comparison

The current volatility for Muzinich U.S. High Yield Credit Fund (MZHSX) is 0.69%, while Toews Tactical Income Fund (THHYX) has a volatility of 0.84%. This indicates that MZHSX experiences smaller price fluctuations and is considered to be less risky than THHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MZHSX	THHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.84%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.07%	1.72%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	2.54%	2.58%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.37%	3.93%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	3.65%	+1.23%

MZHSX vs. THHYX - Expense Ratio Comparison

MZHSX has a 0.58% expense ratio, which is lower than THHYX's 1.46% expense ratio.

Dividends

MZHSX vs. THHYX - Dividend Comparison

MZHSX's dividend yield for the trailing twelve months is around 6.30%, more than THHYX's 5.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MZHSX Muzinich U.S. High Yield Credit Fund	6.30%	6.53%	7.00%	6.45%	5.77%	13.18%	5.03%	5.16%	5.45%	12.68%	0.00%	0.00%
THHYX Toews Tactical Income Fund	5.43%	4.91%	5.44%	4.33%	1.61%	2.79%	2.21%	3.84%	2.43%	6.56%	3.30%	1.59%

Frequently Asked Questions

Can I hold both MZHSX and THHYX in my portfolio?

MZHSX and THHYX have a correlation of 0.61, 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 THHYX?

THHYX has higher volatility (0.84%) compared to MZHSX (0.69%). In terms of maximum drawdown, MZHSX dropped -19.40% vs THHYX's -8.83%.

Which has better risk-adjusted returns?

MZHSX currently has the higher Sharpe Ratio (2.67 vs 1.39), 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.