PBHAX vs. PRPZX

Last updated Jul 15, 2026

PBHAX (PGIM High Yield Fund) and PRPZX (PGIM Jennison MLP Fund) are both mutual funds - PBHAX is a High Yield Bonds fund managed by PGIM, while PRPZX is a Energy Equities fund managed by PGIM. Over the past 10 years, PBHAX returned 4.96%/yr vs 9.76%/yr for PRPZX. At a 0.30 correlation, their price movements are largely independent. PBHAX charges 0.75%/yr vs 1.19%/yr for PRPZX.

Performance

PBHAX vs. PRPZX - Performance Comparison

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

Returns By Period

In the year-to-date period, PBHAX achieves a 1.62% return, which is significantly lower than PRPZX's 23.92% return. Over the past 10 years, PBHAX has underperformed PRPZX with an annualized return of 4.96%, while PRPZX has yielded a comparatively higher 9.76% annualized return.

PBHAX

• 1D: -0.21%
• 1M: 0.13%
• 6M: 1.20%
• YTD: 1.62%
• 1Y: 5.60%
• 3Y*: 7.41%
• 5Y*: 3.07%
• 10Y*: 4.96%

PRPZX

• 1D: 1.53%
• 1M: 2.34%
• 6M: 23.51%
• YTD: 23.92%
• 1Y: 26.93%
• 3Y*: 23.54%
• 5Y*: 19.94%
• 10Y*: 9.76%

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

PBHAX vs. PRPZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBHAX PGIM High Yield Fund	1.62%	8.79%	6.89%	10.75%	-12.51%	5.63%	4.87%	15.86%	-1.53%	7.50%
PRPZX PGIM Jennison MLP Fund	23.92%	7.33%	31.43%	13.07%	20.41%	40.49%	-24.05%	15.32%	-14.17%	-4.34%

Correlation

The correlation between PBHAX and PRPZX is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Dec 19, 2013	0.30

The correlation between PBHAX and PRPZX shifts across timeframes, from -0.03 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PBHAX vs. PRPZX — Risk / Return Rank

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

PBHAX

PBHAX Risk / Return Rank: 67
PBHAX Sharpe Ratio Rank: 51
PBHAX Sortino Ratio Rank: 73
PBHAX Omega Ratio Rank: 78
PBHAX Calmar Ratio Rank: 54
PBHAX Martin Ratio Rank: 81

PRPZX

PRPZX Risk / Return Rank: 78
PRPZX Sharpe Ratio Rank: 79
PRPZX Sortino Ratio Rank: 77
PRPZX Omega Ratio Rank: 71
PRPZX Calmar Ratio Rank: 94
PRPZX Martin Ratio Rank: 67

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. PRPZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund (PBHAX) and PGIM Jennison MLP Fund (PRPZX). 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.

	PBHAX	PRPZX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.03	-0.45
Sortino ratio: Return per unit of downside risk	2.69	2.85	-0.16
Omega ratio: Gain probability vs. loss probability	1.38	1.35	+0.03
Calmar ratio: Return relative to maximum drawdown	2.27	4.33	-2.06
Martin ratio: Return relative to average drawdown	11.36	9.91	+1.45

PBHAX vs. PRPZX - Sharpe Ratio Comparison

The current PBHAX Sharpe Ratio is 1.58, which is comparable to the PRPZX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of PBHAX and PRPZX, 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

PBHAX vs. PRPZX - Drawdown Comparison

The maximum PBHAX drawdown since its inception was -28.80%, smaller than the maximum PRPZX drawdown of -69.62%. Use the drawdown chart below to compare losses from any high point for PBHAX and PRPZX.

Drawdown Indicators

	PBHAX	PRPZX	Difference
Max Drawdown Largest peak-to-trough decline	-28.80%	-69.62%	+40.82%
Max Drawdown (1Y) Largest decline over 1 year	-2.48%	-6.63%	+4.15%
Max Drawdown (3Y) Largest decline over 3 years	-4.06%	-34.52%	+30.46%
Max Drawdown (5Y) Largest decline over 5 years	-16.22%	-34.52%	+18.30%
Max Drawdown (10Y) Largest decline over 10 years	-21.14%	-62.23%	+41.09%
Current Drawdown Current decline from peak	-0.42%	-4.88%	+4.46%
Average Drawdown Average peak-to-trough decline	-2.86%	-19.97%	+17.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	2.89%	-2.40%

Volatility

PBHAX vs. PRPZX - Volatility Comparison

The current volatility for PGIM High Yield Fund (PBHAX) is 0.87%, while PGIM Jennison MLP Fund (PRPZX) has a volatility of 4.73%. This indicates that PBHAX experiences smaller price fluctuations and is considered to be less risky than PRPZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBHAX	PRPZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	4.73%	-3.86%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	11.01%	-8.23%
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	14.17%	-10.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.07%	29.02%	-23.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.45%	28.75%	-23.30%

PBHAX vs. PRPZX - Expense Ratio Comparison

PBHAX has a 0.75% expense ratio, which is lower than PRPZX's 1.19% expense ratio.

Dividends

PBHAX vs. PRPZX - Dividend Comparison

PBHAX's dividend yield for the trailing twelve months is around 6.77%, less than PRPZX's 8.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBHAX PGIM High Yield Fund	6.77%	6.71%	6.01%	5.73%	5.94%	5.88%	5.70%	5.96%	6.26%	5.98%	4.61%	6.64%
PRPZX PGIM Jennison MLP Fund	8.77%	11.68%	52.02%	6.53%	5.72%	5.23%	7.62%	6.95%	7.59%	6.24%	5.57%	6.43%

Frequently Asked Questions

Can I hold both PBHAX and PRPZX in my portfolio?

PBHAX and PRPZX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBHAX or PRPZX?

PRPZX has higher volatility (4.73%) compared to PBHAX (0.87%). In terms of maximum drawdown, PBHAX dropped -28.80% vs PRPZX's -69.62%.

Which has better risk-adjusted returns?

PRPZX currently has the higher Sharpe Ratio (2.03 vs 1.58), 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.