NPHIX vs. RCRYX

Last updated Jun 23, 2026

NPHIX (American Century High Income Fund) and RCRYX (Pioneer Corporate High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, NPHIX returned 5.37%/yr vs 4.03%/yr for RCRYX. A 0.69 correlation means they provide meaningful diversification when combined. NPHIX charges 0.58%/yr vs 0.60%/yr for RCRYX.

Performance

NPHIX vs. RCRYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century High Income Fund (NPHIX) and Pioneer Corporate High Yield Fund (RCRYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NPHIX achieves a 1.32% return, which is significantly lower than RCRYX's 1.81% return. Over the past 10 years, NPHIX has outperformed RCRYX with an annualized return of 5.37%, while RCRYX has yielded a comparatively lower 4.03% annualized return.

NPHIX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.32%
• 6M: 2.00%
• 1Y: 7.08%
• 3Y*: 8.00%
• 5Y*: 3.44%
• 10Y*: 5.37%

RCRYX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.81%
• 6M: 2.29%
• 1Y: 6.27%
• 3Y*: 7.48%
• 5Y*: 2.81%
• 10Y*: 4.03%

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

NPHIX vs. RCRYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NPHIX American Century High Income Fund	1.32%	8.86%	6.92%	12.05%	-12.59%	6.12%	8.03%	12.70%	-1.98%	7.02%
RCRYX Pioneer Corporate High Yield Fund	1.81%	7.00%	8.07%	8.30%	-12.08%	5.65%	4.25%	9.77%	-2.08%	5.67%

Correlation

The correlation between NPHIX and RCRYX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.69

Over the past year, the correlation between NPHIX and RCRYX has dropped to 0.35 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

NPHIX vs. RCRYX — Risk / Return Rank

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

NPHIX

NPHIX Risk / Return Rank: 73
NPHIX Sharpe Ratio Rank: 61
NPHIX Sortino Ratio Rank: 83
NPHIX Omega Ratio Rank: 79
NPHIX Calmar Ratio Rank: 61
NPHIX Martin Ratio Rank: 82

RCRYX

RCRYX Risk / Return Rank: 52
RCRYX Sharpe Ratio Rank: 23
RCRYX Sortino Ratio Rank: 26
RCRYX Omega Ratio Rank: 89
RCRYX Calmar Ratio Rank: 29
RCRYX Martin Ratio Rank: 92

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.

NPHIX vs. RCRYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century High Income Fund (NPHIX) and Pioneer Corporate High Yield Fund (RCRYX). 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.

	NPHIX	RCRYX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.29	+0.83
Sortino ratio: Return per unit of downside risk	3.63	1.98	+1.65
Omega ratio: Gain probability vs. loss probability	1.47	1.59	-0.12
Calmar ratio: Return relative to maximum drawdown	2.86	1.91	+0.95
Martin ratio: Return relative to average drawdown	14.32	17.74	-3.42

NPHIX vs. RCRYX - Sharpe Ratio Comparison

The current NPHIX Sharpe Ratio is 2.12, which is higher than the RCRYX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of NPHIX and RCRYX, 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

NPHIX vs. RCRYX - Drawdown Comparison

The maximum NPHIX drawdown since its inception was -21.67%, roughly equal to the maximum RCRYX drawdown of -21.13%. Use the drawdown chart below to compare losses from any high point for NPHIX and RCRYX.

Drawdown Indicators

	NPHIX	RCRYX	Difference
Max Drawdown Largest peak-to-trough decline	-21.67%	-21.13%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-3.23%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-3.94%	-3.94%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-16.34%	-14.92%	-1.42%
Max Drawdown (10Y) Largest decline over 10 years	-21.67%	-21.13%	-0.54%
Current Drawdown Current decline from peak	-0.23%	-0.71%	+0.48%
Average Drawdown Average peak-to-trough decline	-2.51%	-2.43%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.35%	+0.15%

Volatility

NPHIX vs. RCRYX - Volatility Comparison

American Century High Income Fund (NPHIX) and Pioneer Corporate High Yield Fund (RCRYX) have volatilities of 1.00% and 0.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPHIX	RCRYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	0.99%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.60%	4.54%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	3.41%	4.80%	-1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.29%	4.58%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.64%	4.69%	+0.95%

NPHIX vs. RCRYX - Expense Ratio Comparison

NPHIX has a 0.58% expense ratio, which is lower than RCRYX's 0.60% expense ratio.

Dividends

NPHIX vs. RCRYX - Dividend Comparison

NPHIX's dividend yield for the trailing twelve months is around 6.76%, more than RCRYX's 5.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPHIX American Century High Income Fund	6.76%	6.69%	6.07%	4.81%	4.95%	5.77%	5.35%	5.54%	6.24%	5.87%	5.72%	7.44%
RCRYX Pioneer Corporate High Yield Fund	5.25%	5.39%	5.13%	3.95%	4.45%	4.71%	4.76%	4.51%	4.44%	5.01%	6.44%	4.43%

Frequently Asked Questions

Can I hold both NPHIX and RCRYX in my portfolio?

NPHIX and RCRYX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPHIX or RCRYX?

NPHIX has higher volatility (1.00%) compared to RCRYX (0.99%). In terms of maximum drawdown, NPHIX dropped -21.67% vs RCRYX's -21.13%.

Which has better risk-adjusted returns?

NPHIX currently has the higher Sharpe Ratio (2.12 vs 1.29), 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.