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PBHAX vs. PIAMX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PBHAX vs. PIAMX

Last updated Jun 24, 2026

PBHAX (PGIM High Yield Fund) and PIAMX (PIA High Yield (MACS) Fund) are both High Yield Bonds funds. Over the past 5 years, PBHAX returned 3.21%/yr vs 4.13%/yr for PIAMX. A 0.67 correlation means they provide meaningful diversification when combined. PBHAX charges 0.75%/yr vs 0.20%/yr for PIAMX.

Performance

PBHAX vs. PIAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM High Yield Fund (PBHAX) and PIA High Yield (MACS) Fund (PIAMX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with PBHAX having a 1.48% return and PIAMX slightly lower at 1.42%.

PBHAX

1D
0.00%
1M
0.57%
YTD
1.48%
6M
2.25%
1Y
6.48%
3Y*
8.11%
5Y*
3.21%
10Y*
5.24%

PIAMX

1D
-0.12%
1M
0.96%
YTD
1.42%
6M
1.62%
1Y
3.35%
3Y*
7.54%
5Y*
4.13%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PBHAX vs. PIAMX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
PBHAX
PGIM High Yield Fund		1.48%8.79%6.89%10.75%-12.51%5.63%4.87%15.86%-2.07%
PIAMX
PIA High Yield (MACS) Fund		1.42%2.34%11.23%16.38%-10.93%7.82%9.05%11.77%-2.63%

Correlation

The correlation between PBHAX and PIAMX is 0.60, 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

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.62

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

Correlation (All Time)
Calculated using the full available price history since Jan 29, 2018

0.67

The correlation between PBHAX and PIAMX has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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PGIM High Yield Fund

PIA High Yield (MACS) Fund

Often compared with PBHAX:
PBHAX vs. PFIUXPBHAX vs. PHYQXPBHAX vs. INPFXPBHAX vs. VWEHXPBHAX vs. BNDPBHAX vs. SPYDPBHAX vs. VDIGX
Often compared with PIAMX:
PIAMX vs. PIMIXPIAMX vs. TRBUXPIAMX vs. JEPAXPIAMX vs. HYBBPIAMX vs. FSREXPIAMX vs. MFHVXPIAMX vs. FAGIX

Return for Risk

PBHAX vs. PIAMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PBHAX
PBHAX Risk / Return Rank: 6565
Overall Rank
PBHAX Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
PBHAX Sortino Ratio Rank: 7171
Sortino Ratio Rank
PBHAX Omega Ratio Rank: 7676
Omega Ratio Rank
PBHAX Calmar Ratio Rank: 5555
Calmar Ratio Rank
PBHAX Martin Ratio Rank: 7777
Martin Ratio Rank
PIAMX
PIAMX Risk / Return Rank: 1616
Overall Rank
PIAMX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
PIAMX Sortino Ratio Rank: 1717
Sortino Ratio Rank
PIAMX Omega Ratio Rank: 2323
Omega Ratio Rank
PIAMX Calmar Ratio Rank: 1111
Calmar Ratio Rank
PIAMX Martin Ratio Rank: 1111
Martin Ratio Rank
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.

PBHAX vs. PIAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund (PBHAX) and PIA High Yield (MACS) Fund (PIAMX). 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.

PBHAXPIAMXDifference
Sharpe ratioReturn per unit of total volatility
1.86
1.16

+0.71

Sortino ratioReturn per unit of downside risk
3.20
1.58

+1.62

Omega ratioGain probability vs. loss probability

1.45

1.23

+0.22

Calmar ratioReturn relative to maximum drawdown

2.71

0.96

+1.75

Martin ratioReturn relative to average drawdown

13.50

2.88

+10.62

PBHAX vs. PIAMX - Sharpe Ratio Comparison

The current PBHAX Sharpe Ratio is 1.86, which is higher than the PIAMX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of PBHAX and PIAMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PBHAX vs. PIAMX - Drawdown Comparison

The maximum PBHAX drawdown since its inception was -28.80%, which is greater than PIAMX's maximum drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for PBHAX and PIAMX.

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Drawdown Indicators

PBHAXPIAMXDifference

Max Drawdown

Largest peak-to-trough decline

-28.80%

-18.15%

-10.65%

Max Drawdown (1Y)

Largest decline over 1 year

-2.48%

-3.75%

+1.27%

Max Drawdown (3Y)

Largest decline over 3 years

-4.06%

-6.17%

+2.11%

Max Drawdown (5Y)

Largest decline over 5 years

-16.22%

-13.92%

-2.30%

Max Drawdown (10Y)

Largest decline over 10 years

-21.14%

—

—

Current Drawdown

Current decline from peak

-0.21%

-0.12%

-0.09%

Average Drawdown

Average peak-to-trough decline

-2.86%

-2.33%

-0.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.50%

1.25%

-0.75%

Volatility

PBHAX vs. PIAMX - Volatility Comparison

PGIM High Yield Fund (PBHAX) has a higher volatility of 1.00% compared to PIA High Yield (MACS) Fund (PIAMX) at 0.58%. This indicates that PBHAX's price experiences larger fluctuations and is considered to be riskier than PIAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PBHAXPIAMXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.00%

0.58%

+0.42%

Volatility (6M)

Calculated over the trailing 6-month period

2.76%

2.43%

+0.33%

Volatility (1Y)

Calculated over the trailing 1-year period

3.62%

3.13%

+0.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.07%

4.04%

+1.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.48%

4.22%

+1.26%

PBHAX vs. PIAMX - Expense Ratio Comparison

PBHAX has a 0.75% expense ratio, which is higher than PIAMX's 0.20% expense ratio.

Dividends

PBHAX vs. PIAMX - Dividend Comparison

PBHAX's dividend yield for the trailing twelve months is around 6.74%, less than PIAMX's 7.85% yield.

PositionTTM20252024202320222021202020192018201720162015
PBHAX
PGIM High Yield Fund		6.74%6.71%6.01%5.73%5.94%5.88%5.70%5.96%6.26%5.98%4.61%6.64%
PIAMX
PIA High Yield (MACS) Fund		7.85%9.12%8.49%8.12%7.99%8.64%6.63%6.96%7.14%0.00%0.00%0.00%

Frequently Asked Questions

PBHAX and PIAMX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PBHAX has higher volatility (1.00%) compared to PIAMX (0.58%). In terms of maximum drawdown, PBHAX dropped -28.80% vs PIAMX's -18.15%.

PBHAX currently has the higher Sharpe Ratio (1.86 vs 1.16), 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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