PAXHX vs. PXWIX

Last updated Aug 1, 2026

PAXHX (Pax High Yield Bond Fund) and PXWIX (Pax Ellevate Global Women’s Leadership Fund Institutional Class) are both mutual funds - PAXHX is a High Yield Bonds fund managed by Pax World, while PXWIX is a ESG fund managed by Pax World. Over the past 10 years, PAXHX returned 4.57%/yr vs 10.74%/yr for PXWIX. Their 0.40 correlation means their historical movements had little consistent relationship. PAXHX charges 0.93%/yr vs 0.51%/yr for PXWIX.

Performance

PAXHX vs. PXWIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pax High Yield Bond Fund (PAXHX) and Pax Ellevate Global Women’s Leadership Fund Institutional Class (PXWIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAXHX achieves a 1.22% return, which is significantly lower than PXWIX's 11.88% return. Over the past 10 years, PAXHX has underperformed PXWIX with an annualized return of 4.57%, while PXWIX has yielded a comparatively higher 10.74% annualized return.

PAXHX

• 1D: 0.16%
• 1M: -0.82%
• 6M: 0.87%
• YTD: 1.22%
• 1Y: 4.80%
• 3Y*: 7.22%
• 5Y*: 2.64%
• 10Y*: 4.57%
• ALL TIME*: 3.90%

PXWIX

• 1D: 1.71%
• 1M: 2.43%
• 6M: 10.77%
• YTD: 11.88%
• 1Y: 23.10%
• 3Y*: 15.84%
• 5Y*: 7.64%
• 10Y*: 10.74%
• ALL TIME*: 6.95%

*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)
PAXHX Pax High Yield Bond Fund	$0.00	$0.00	$0.00
PXWIX Pax Ellevate Global Women’s Leadership Fund Institutional Class	$0.00	$0.00	$0.00

PAXHX vs. PXWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAXHX Pax High Yield Bond Fund	1.22%	8.75%	6.08%	12.20%	-13.52%	2.55%	7.83%	14.62%	-3.04%	6.39%
PXWIX Pax Ellevate Global Women’s Leadership Fund Institutional Class	11.88%	17.72%	12.41%	18.41%	-19.77%	17.58%	13.94%	26.80%	-7.55%	25.15%

Correlation

The correlation between PAXHX and PXWIX is 0.61, 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.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.55
Correlation (10Y) Provides a long-term view across more market conditions.	0.49
Correlation (All Time) Calculated using the full available price history since Jan 3, 2007	0.40

Over the past year, PAXHX and PXWIX have become more correlated (0.61) than their long-term average of 0.40, meaning their price movements have been converging.

Return for Risk

PAXHX vs. PXWIX — Risk / Return Rank

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

PAXHX

PAXHX Risk / Return Rank: 70
PAXHX Sharpe Ratio Rank: 63
PAXHX Sortino Ratio Rank: 75
PAXHX Omega Ratio Rank: 73
PAXHX Calmar Ratio Rank: 61
PAXHX Martin Ratio Rank: 79

PXWIX

PXWIX Risk / Return Rank: 68
PXWIX Sharpe Ratio Rank: 69
PXWIX Sortino Ratio Rank: 67
PXWIX Omega Ratio Rank: 65
PXWIX Calmar Ratio Rank: 64
PXWIX Martin Ratio Rank: 76

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.

PAXHX vs. PXWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pax High Yield Bond Fund (PAXHX) and Pax Ellevate Global Women’s Leadership Fund Institutional Class (PXWIX). 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.

	PAXHX	PXWIX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.63	-0.09
Sortino ratio: Return per unit of downside risk	2.59	2.30	+0.29
Omega ratio: Gain probability vs. loss probability	1.33	1.29	+0.04
Calmar ratio: Return relative to maximum drawdown	2.12	2.15	-0.03
Martin ratio: Return relative to average drawdown	9.78	9.32	+0.46

PAXHX vs. PXWIX - Sharpe Ratio Comparison

The current PAXHX Sharpe Ratio is 1.54, which is comparable to the PXWIX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of PAXHX and PXWIX, 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

PAXHX vs. PXWIX - Drawdown Comparison

The maximum PAXHX drawdown since its inception was -25.81%, smaller than the maximum PXWIX drawdown of -53.56%. Use the drawdown chart below to compare losses from any high point for PAXHX and PXWIX.

Drawdown Indicators

	PAXHX	PXWIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.81%	-53.56%	+27.75%
Max Drawdown (1Y) Largest decline over 1 year	-2.45%	-9.55%	+7.10%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-18.31%	+14.46%
Max Drawdown (5Y) Largest decline over 5 years	-17.38%	-29.52%	+12.14%
Max Drawdown (10Y) Largest decline over 10 years	-18.15%	-34.47%	+16.32%
Current Drawdown Current decline from peak	-0.98%	0.00%	-0.98%
Average Drawdown Average peak-to-trough decline	-4.66%	-9.74%	+5.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	2.21%	-1.68%

Volatility

PAXHX vs. PXWIX - Volatility Comparison

The current volatility for Pax High Yield Bond Fund (PAXHX) is 0.82%, while Pax Ellevate Global Women’s Leadership Fund Institutional Class (PXWIX) has a volatility of 3.31%. This indicates that PAXHX experiences smaller price fluctuations and is considered to be less risky than PXWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAXHX	PXWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	3.31%	-2.49%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	10.26%	-7.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.37%	12.60%	-9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.22%	16.14%	-10.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.23%	16.88%	-11.65%

PAXHX vs. PXWIX - Expense Ratio Comparison

PAXHX has a 0.93% expense ratio, which is higher than PXWIX's 0.51% expense ratio.

Dividends

PAXHX vs. PXWIX - Dividend Comparison

PAXHX's dividend yield for the trailing twelve months is around 5.56%, less than PXWIX's 8.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAXHX Pax High Yield Bond Fund	5.56%	5.86%	5.53%	6.33%	4.26%	3.53%	4.67%	5.23%	5.29%	5.18%	5.12%	6.39%
PXWIX Pax Ellevate Global Women’s Leadership Fund Institutional Class	8.91%	9.98%	9.64%	1.69%	3.24%	1.44%	1.25%	3.24%	5.15%	2.71%	2.04%	2.68%

Frequently Asked Questions

Can I hold both PAXHX and PXWIX in my portfolio?

PAXHX and PXWIX 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, PAXHX or PXWIX?

PXWIX has higher volatility (3.31%) compared to PAXHX (0.82%). In terms of maximum drawdown, PAXHX dropped -25.81% vs PXWIX's -53.56%.

Which has better risk-adjusted returns?

PXWIX currently has the higher Sharpe Ratio (1.63 vs 1.54), 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.