PBSMX vs. SPHY
Compare and contrast key facts about PGIM Short-Term Corporate Bond Fund (PBSMX) and SPDR Portfolio High Yield Bond ETF (SPHY).
PBSMX is managed by PGIM. It was launched on Sep 1, 1989. SPHY is a passively managed fund by State Street that tracks the performance of the ICE BofAML US High Yield Index. It was launched on Jun 18, 2012.
Performance
PBSMX vs. SPHY - Performance Comparison
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PBSMX vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBSMX PGIM Short-Term Corporate Bond Fund | -0.30% | 6.41% | 4.25% | 5.98% | -7.06% | -0.71% | 5.16% | 6.47% | 0.35% | 1.86% |
SPHY SPDR Portfolio High Yield Bond ETF | -0.07% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Returns By Period
In the year-to-date period, PBSMX achieves a -0.30% return, which is significantly lower than SPHY's -0.07% return. Over the past 10 years, PBSMX has underperformed SPHY with an annualized return of 2.25%, while SPHY has yielded a comparatively higher 5.32% annualized return.
PBSMX
- 1D
- 0.19%
- 1M
- -1.01%
- YTD
- -0.30%
- 6M
- 0.75%
- 1Y
- 4.13%
- 3Y*
- 4.73%
- 5Y*
- 1.73%
- 10Y*
- 2.25%
SPHY
- 1D
- 0.25%
- 1M
- -0.69%
- YTD
- -0.07%
- 6M
- 1.01%
- 1Y
- 7.16%
- 3Y*
- 8.49%
- 5Y*
- 4.36%
- 10Y*
- 5.32%
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PBSMX vs. SPHY - Expense Ratio Comparison
PBSMX has a 0.71% expense ratio, which is higher than SPHY's 0.10% expense ratio.
Return for Risk
PBSMX vs. SPHY — Risk / Return Rank
PBSMX
SPHY
PBSMX vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Short-Term Corporate Bond Fund (PBSMX) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.
| PBSMX | SPHY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.84 | 1.31 | +0.53 |
Sortino ratioReturn per unit of downside risk | 2.88 | 1.94 | +0.94 |
Omega ratioGain probability vs. loss probability | 1.40 | 1.31 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 2.76 | 1.81 | +0.94 |
Martin ratioReturn relative to average drawdown | 10.65 | 9.48 | +1.16 |
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
| PBSMX | SPHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.84 | 1.31 | +0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 0.61 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 0.67 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.60 | 0.63 | +0.98 |
Correlation
The correlation between PBSMX and SPHY is 0.24, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PBSMX vs. SPHY - Dividend Comparison
PBSMX's dividend yield for the trailing twelve months is around 3.50%, less than SPHY's 7.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBSMX PGIM Short-Term Corporate Bond Fund | 3.50% | 3.74% | 3.00% | 2.65% | 2.02% | 1.79% | 2.22% | 2.57% | 2.57% | 2.40% | 2.40% | 2.56% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.37% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Drawdowns
PBSMX vs. SPHY - Drawdown Comparison
The maximum PBSMX drawdown since its inception was -10.70%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for PBSMX and SPHY.
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Drawdown Indicators
| PBSMX | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.70% | -21.97% | +11.27% |
Max Drawdown (1Y)Largest decline over 1 year | -1.65% | -4.07% | +2.42% |
Max Drawdown (5Y)Largest decline over 5 years | -10.70% | -15.29% | +4.59% |
Max Drawdown (10Y)Largest decline over 10 years | -10.70% | -21.97% | +11.27% |
Current DrawdownCurrent decline from peak | -1.29% | -1.06% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -0.88% | -2.32% | +1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.78% | -0.35% |
Volatility
PBSMX vs. SPHY - Volatility Comparison
The current volatility for PGIM Short-Term Corporate Bond Fund (PBSMX) is 0.67%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 2.23%. This indicates that PBSMX experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBSMX | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 2.23% | -1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 1.33% | 2.88% | -1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 5.50% | -3.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.86% | 7.16% | -4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.62% | 7.97% | -5.35% |