PBHAX vs. FIHBX
Compare and contrast key facts about PGIM High Yield Fund (PBHAX) and Federated Hermes Institutional High Yield Bond Fund (FIHBX).
PBHAX is managed by PGIM. It was launched on Jan 22, 1990. FIHBX is managed by Federated. It was launched on Nov 1, 2002.
Performance
PBHAX vs. FIHBX - Performance Comparison
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PBHAX vs. FIHBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBHAX PGIM High Yield Fund | -0.83% | 8.79% | 6.89% | 10.75% | -12.51% | 5.63% | 4.87% | 15.86% | -1.53% | 7.50% |
FIHBX Federated Hermes Institutional High Yield Bond Fund | -1.32% | 8.59% | 6.40% | 13.17% | -12.64% | 3.92% | 5.99% | 15.01% | -2.80% | 7.19% |
Returns By Period
In the year-to-date period, PBHAX achieves a -0.83% return, which is significantly higher than FIHBX's -1.32% return. Both investments have delivered pretty close results over the past 10 years, with PBHAX having a 5.22% annualized return and FIHBX not far behind at 5.15%.
PBHAX
- 1D
- 0.63%
- 1M
- -1.65%
- YTD
- -0.83%
- 6M
- 0.32%
- 1Y
- 6.13%
- 3Y*
- 7.45%
- 5Y*
- 3.14%
- 10Y*
- 5.22%
FIHBX
- 1D
- 0.57%
- 1M
- -1.45%
- YTD
- -1.32%
- 6M
- 0.31%
- 1Y
- 6.07%
- 3Y*
- 7.62%
- 5Y*
- 3.19%
- 10Y*
- 5.15%
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PBHAX vs. FIHBX - Expense Ratio Comparison
PBHAX has a 0.75% expense ratio, which is higher than FIHBX's 0.50% expense ratio.
Return for Risk
PBHAX vs. FIHBX — Risk / Return Rank
PBHAX
FIHBX
PBHAX vs. FIHBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund (PBHAX) and Federated Hermes Institutional High Yield Bond Fund (FIHBX). 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.
| PBHAX | FIHBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.68 | 1.60 | +0.07 |
Sortino ratioReturn per unit of downside risk | 2.48 | 2.30 | +0.17 |
Omega ratioGain probability vs. loss probability | 1.40 | 1.44 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 2.30 | 2.50 | -0.20 |
Martin ratioReturn relative to average drawdown | 9.48 | 10.29 | -0.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PBHAX | FIHBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.68 | 1.60 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 0.62 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.96 | 0.90 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.34 | 1.35 | -0.01 |
Correlation
The correlation between PBHAX and FIHBX is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PBHAX vs. FIHBX - Dividend Comparison
PBHAX's dividend yield for the trailing twelve months is around 6.24%, more than FIHBX's 6.00% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBHAX PGIM High Yield Fund | 6.24% | 6.71% | 6.01% | 5.73% | 5.94% | 5.88% | 5.70% | 5.96% | 6.26% | 5.98% | 4.61% | 6.64% |
FIHBX Federated Hermes Institutional High Yield Bond Fund | 6.00% | 6.29% | 5.94% | 5.93% | 4.58% | 4.25% | 5.14% | 5.79% | 6.24% | 5.55% | 5.75% | 6.46% |
Drawdowns
PBHAX vs. FIHBX - Drawdown Comparison
The maximum PBHAX drawdown since its inception was -28.80%, smaller than the maximum FIHBX drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for PBHAX and FIHBX.
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Drawdown Indicators
| PBHAX | FIHBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.80% | -31.05% | +2.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -2.49% | -0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -16.22% | -16.35% | +0.13% |
Max Drawdown (10Y)Largest decline over 10 years | -21.14% | -21.67% | +0.53% |
Current DrawdownCurrent decline from peak | -1.65% | -1.78% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -2.88% | -2.31% | -0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.60% | +0.11% |
Volatility
PBHAX vs. FIHBX - Volatility Comparison
The current volatility for PGIM High Yield Fund (PBHAX) is 1.41%, while Federated Hermes Institutional High Yield Bond Fund (FIHBX) has a volatility of 1.50%. This indicates that PBHAX experiences smaller price fluctuations and is considered to be less risky than FIHBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBHAX | FIHBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | 1.50% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.47% | 2.56% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.82% | 3.80% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.01% | 5.15% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.48% | 5.76% | -0.28% |