PBHAX vs. VCPIX

Last updated Jun 13, 2026

PBHAX (PGIM High Yield Fund) and VCPIX (Vanguard Core-Plus Bond Fund Investor Shares) are both mutual funds - PBHAX is a High Yield Bonds fund managed by PGIM, while VCPIX is a Total Bond Market fund managed by Vanguard. Over the past 3 years, PBHAX returned 7.95%/yr vs 5.30%/yr for VCPIX. A 0.56 correlation means they provide meaningful diversification when combined. PBHAX charges 0.75%/yr vs 0.30%/yr for VCPIX.

Performance

PBHAX vs. VCPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM High Yield Fund (PBHAX) and Vanguard Core-Plus Bond Fund Investor Shares (VCPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBHAX achieves a 1.48% return, which is significantly higher than VCPIX's 0.73% return.

PBHAX

• 1D: 0.42%
• 1M: 0.36%
• YTD: 1.48%
• 6M: 2.37%
• 1Y: 6.93%
• 3Y*: 7.95%
• 5Y*: 3.17%
• 10Y*: 5.18%

VCPIX

• 1D: 0.47%
• 1M: 0.51%
• YTD: 0.73%
• 6M: 1.25%
• 1Y: 5.54%
• 3Y*: 5.30%
• 5Y*: —
• 10Y*: —

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

PBHAX vs. VCPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PBHAX PGIM High Yield Fund	1.48%	8.79%	6.89%	10.75%	-12.51%	1.27%
VCPIX Vanguard Core-Plus Bond Fund Investor Shares	0.73%	8.01%	2.83%	6.64%	-12.68%	0.35%

Correlation

The correlation between PBHAX and VCPIX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 14, 2021	0.56

The correlation between PBHAX and VCPIX has been stable across timeframes, ranging from 0.55 to 0.56 - a consistent structural relationship.

Return for Risk

PBHAX vs. VCPIX — Risk / Return Rank

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

PBHAX

PBHAX Risk / Return Rank: 79
PBHAX Sharpe Ratio Rank: 67
PBHAX Sortino Ratio Rank: 82
PBHAX Omega Ratio Rank: 84
PBHAX Calmar Ratio Rank: 74
PBHAX Martin Ratio Rank: 88

VCPIX

VCPIX Risk / Return Rank: 44
VCPIX Sharpe Ratio Rank: 46
VCPIX Sortino Ratio Rank: 51
VCPIX Omega Ratio Rank: 46
VCPIX Calmar Ratio Rank: 42
VCPIX Martin Ratio Rank: 35

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. VCPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund (PBHAX) and Vanguard Core-Plus Bond Fund Investor Shares (VCPIX). 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	VCPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.58	+0.35
Sortino ratio: Return per unit of downside risk	3.32	2.36	+0.96
Omega ratio: Gain probability vs. loss probability	1.47	1.29	+0.19
Calmar ratio: Return relative to maximum drawdown	2.81	2.05	+0.76
Martin ratio: Return relative to average drawdown	13.97	6.44	+7.53

PBHAX vs. VCPIX - Sharpe Ratio Comparison

The current PBHAX Sharpe Ratio is 1.93, which is comparable to the VCPIX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of PBHAX and VCPIX, 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. VCPIX - Drawdown Comparison

The maximum PBHAX drawdown since its inception was -28.80%, which is greater than VCPIX's maximum drawdown of -17.33%. Use the drawdown chart below to compare losses from any high point for PBHAX and VCPIX.

Drawdown Indicators

	PBHAX	VCPIX	Difference
Max Drawdown Largest peak-to-trough decline	-28.80%	-17.33%	-11.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.48%	-2.72%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-4.06%	-5.68%	+1.62%
Max Drawdown (5Y) Largest decline over 5 years	-16.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.14%	—	—
Current Drawdown Current decline from peak	-0.21%	-1.01%	+0.80%
Average Drawdown Average peak-to-trough decline	-2.87%	-6.56%	+3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.86%	-0.36%

Volatility

PBHAX vs. VCPIX - Volatility Comparison

PGIM High Yield Fund (PBHAX) and Vanguard Core-Plus Bond Fund Investor Shares (VCPIX) have volatilities of 1.23% and 1.22%, 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

	PBHAX	VCPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.22%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	2.66%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.61%	3.52%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.07%	5.68%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.49%	5.68%	-0.19%

PBHAX vs. VCPIX - Expense Ratio Comparison

PBHAX has a 0.75% expense ratio, which is higher than VCPIX's 0.30% expense ratio.

Dividends

PBHAX vs. VCPIX - Dividend Comparison

PBHAX's dividend yield for the trailing twelve months is around 6.74%, more than VCPIX's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VCPIX Vanguard Core-Plus Bond Fund Investor Shares	4.74%	4.76%	5.08%	4.46%	3.15%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBHAX and VCPIX in my portfolio?

PBHAX and VCPIX have a correlation of 0.55, 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 VCPIX?

PBHAX has higher volatility (1.23%) compared to VCPIX (1.22%). In terms of maximum drawdown, PBHAX dropped -28.80% vs VCPIX's -17.33%.

Which has better risk-adjusted returns?

PBHAX currently has the higher Sharpe Ratio (1.93 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.