MZHSX vs. VWEHX
MZHSX (Muzinich U.S. High Yield Credit Fund) and VWEHX (Vanguard High-Yield Corporate Fund Investor Shares) are both High Yield Bonds funds. Over the past 5 years, MZHSX returned 3.16%/yr vs 3.68%/yr for VWEHX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. MZHSX charges 0.58%/yr vs 0.22%/yr for VWEHX.
Performance
MZHSX vs. VWEHX - Performance Comparison
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Returns By Period
In the year-to-date period, MZHSX achieves a 2.03% return, which is significantly higher than VWEHX's 0.58% 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%
VWEHX
- 1D
- -0.18%
- 1M
- -0.91%
- 6M
- 0.24%
- YTD
- 0.58%
- 1Y
- 4.33%
- 3Y*
- 7.53%
- 5Y*
- 3.68%
- 10Y*
- 4.83%
- ALL TIME*
- 4.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MZHSX vs. VWEHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZHSX Muzinich U.S. High Yield Credit Fund | 2.03% | 8.27% | 7.65% | 9.99% | -11.62% | 4.43% | 6.82% | 13.71% | -2.58% | 6.00% |
VWEHX Vanguard High-Yield Corporate Fund Investor Shares | 0.58% | 9.38% | 6.33% | 11.66% | -9.04% | 2.97% | 5.30% | 15.81% | -2.93% | 7.05% |
Correlation
The correlation between MZHSX and VWEHX is 0.75, 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. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.78 |
The correlation between MZHSX and VWEHX has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.
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Return for Risk
MZHSX vs. VWEHX — Risk / Return Rank
MZHSX
VWEHX
MZHSX vs. VWEHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Muzinich U.S. High Yield Credit Fund (MZHSX) and Vanguard High-Yield Corporate Fund Investor Shares (VWEHX). 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 | VWEHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.30 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 1.72 | +1.02 |
| Martin ratioReturn relative to average drawdown | 13.94 | 8.19 | +5.75 |
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Drawdowns
MZHSX vs. VWEHX - Drawdown Comparison
The maximum MZHSX drawdown since its inception was -19.40%, smaller than the maximum VWEHX drawdown of -30.17%. Use the drawdown chart below to compare losses from any high point for MZHSX and VWEHX.
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Drawdown Indicators
| MZHSX | VWEHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.40% | -30.17% | +10.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -2.52% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -3.83% | -3.33% | -0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -15.10% | -13.83% | -1.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.69% | — |
Current DrawdownCurrent decline from peak | -0.25% | -1.09% | +0.84% |
Average DrawdownAverage peak-to-trough decline | -2.44% | -4.28% | +1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 0.53% | -0.13% |
Volatility
MZHSX vs. VWEHX - Volatility Comparison
The current volatility for Muzinich U.S. High Yield Credit Fund (MZHSX) is 0.58%, while Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) has a volatility of 0.70%. This indicates that MZHSX experiences smaller price fluctuations and is considered to be less risky than VWEHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MZHSX | VWEHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.58% | 0.70% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.11% | 2.69% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.54% | 3.31% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.36% | 4.92% | -0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 5.24% | -0.39% |
MZHSX vs. VWEHX - Expense Ratio Comparison
MZHSX has a 0.58% expense ratio, which is higher than VWEHX's 0.22% expense ratio.
Dividends
MZHSX vs. VWEHX - Dividend Comparison
MZHSX's dividend yield for the trailing twelve months is around 5.81%, which matches VWEHX's 5.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
VWEHX Vanguard High-Yield Corporate Fund Investor Shares | 5.78% | 6.15% | 6.11% | 5.68% | 5.11% | 3.43% | 4.62% | 5.24% | 5.94% | 5.29% | 5.41% | 6.42% |
Frequently Asked Questions
MZHSX and VWEHX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWEHX has higher volatility (0.70%) compared to MZHSX (0.58%). In terms of maximum drawdown, MZHSX dropped -19.40% vs VWEHX's -30.17%.
MZHSX currently has the higher Sharpe Ratio (2.18 vs 1.33), 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.
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