PDHVX vs. PBHAX

Last updated Aug 1, 2026

PDHVX (PGIM Emerging Markets Debt Hard Currency Fund) and PBHAX (PGIM High Yield Fund) are both mutual funds - PDHVX is a Emerging Markets Bonds fund managed by PGIM, while PBHAX is a High Yield Bonds fund managed by PGIM. Over the past 5 years, PDHVX returned 2.34%/yr vs 2.89%/yr for PBHAX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.75% expense ratio.

Performance

PDHVX vs. PBHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Emerging Markets Debt Hard Currency Fund (PDHVX) and PGIM High Yield Fund (PBHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDHVX achieves a 1.99% return, which is significantly higher than PBHAX's 0.98% return.

PDHVX

• 1D: -0.28%
• 1M: -1.63%
• 6M: 1.03%
• YTD: 1.99%
• 1Y: 9.45%
• 3Y*: 9.40%
• 5Y*: 2.34%
• 10Y*: —
• ALL TIME*: 2.74%

PBHAX

• 1D: 0.21%
• 1M: -1.04%
• 6M: 0.42%
• YTD: 0.98%
• 1Y: 3.92%
• 3Y*: 6.99%
• 5Y*: 2.89%
• 10Y*: 4.86%
• ALL TIME*: 6.66%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBHAX PGIM High Yield Fund	$0.00	$0.00	$0.00
PDHVX PGIM Emerging Markets Debt Hard Currency Fund	$0.00	$0.00	$0.00

PDHVX vs. PBHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDHVX PGIM Emerging Markets Debt Hard Currency Fund	1.99%	14.99%	7.14%	9.90%	-17.36%	-2.12%	4.37%	15.58%	-6.52%	0.16%
PBHAX PGIM High Yield Fund	0.98%	8.79%	6.89%	10.75%	-12.51%	5.63%	4.87%	15.86%	-1.53%	0.50%

Correlation

The correlation between PDHVX and PBHAX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (All Time) Calculated using the full available price history since Dec 18, 2017	0.65

The correlation between PDHVX and PBHAX has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

Return for Risk

PDHVX vs. PBHAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PDHVX

PDHVX Risk / Return Rank: 74
PDHVX Sharpe Ratio Rank: 81
PDHVX Sortino Ratio Rank: 86
PDHVX Omega Ratio Rank: 81
PDHVX Calmar Ratio Rank: 55
PDHVX Martin Ratio Rank: 69

PBHAX

PBHAX Risk / Return Rank: 63
PBHAX Sharpe Ratio Rank: 50
PBHAX Sortino Ratio Rank: 65
PBHAX Omega Ratio Rank: 72
PBHAX Calmar Ratio Rank: 55
PBHAX Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PDHVX vs. PBHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Emerging Markets Debt Hard Currency Fund (PDHVX) and PGIM High Yield Fund (PBHAX). 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.

	PDHVX	PBHAX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.32	+0.64
Sortino ratio: Return per unit of downside risk	3.13	2.22	+0.91
Omega ratio: Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	2.05	1.91	+0.14
Martin ratio: Return relative to average drawdown	8.92	8.98	-0.07

PDHVX vs. PBHAX - Sharpe Ratio Comparison

The current PDHVX Sharpe Ratio is 1.96, which is higher than the PBHAX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of PDHVX and PBHAX, 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

PDHVX vs. PBHAX - Drawdown Comparison

The maximum PDHVX drawdown since its inception was -29.66%, roughly equal to the maximum PBHAX drawdown of -28.80%. Use the drawdown chart below to compare losses from any high point for PDHVX and PBHAX.

Drawdown Indicators

	PDHVX	PBHAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.66%	-28.80%	-0.86%
Max Drawdown (1Y) Largest decline over 1 year	-4.99%	-2.48%	-2.51%
Max Drawdown (3Y) Largest decline over 3 years	-6.09%	-4.06%	-2.03%
Max Drawdown (5Y) Largest decline over 5 years	-29.66%	-16.22%	-13.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.14%	—
Current Drawdown Current decline from peak	-1.90%	-1.04%	-0.86%
Average Drawdown Average peak-to-trough decline	-7.43%	-2.86%	-4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	0.53%	+0.62%

Volatility

PDHVX vs. PBHAX - Volatility Comparison

PGIM Emerging Markets Debt Hard Currency Fund (PDHVX) has a higher volatility of 1.08% compared to PGIM High Yield Fund (PBHAX) at 0.67%. This indicates that PDHVX's price experiences larger fluctuations and is considered to be riskier than PBHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDHVX	PBHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	0.67%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	4.38%	2.80%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	3.59%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.91%	5.06%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.77%	5.45%	+2.32%

PDHVX vs. PBHAX - Expense Ratio Comparison

Both PDHVX and PBHAX have an expense ratio of 0.75%.

Dividends

PDHVX vs. PBHAX - Dividend Comparison

PDHVX's dividend yield for the trailing twelve months is around 6.41%, more than PBHAX's 6.24% yield.

Position	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%
PDHVX PGIM Emerging Markets Debt Hard Currency Fund	6.41%	6.95%	8.80%	5.93%	8.88%	5.14%	4.76%	5.90%	5.96%	0.26%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PDHVX and PBHAX in my portfolio?

PDHVX and PBHAX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDHVX or PBHAX?

PDHVX has higher volatility (1.08%) compared to PBHAX (0.67%). In terms of maximum drawdown, PDHVX dropped -29.66% vs PBHAX's -28.80%.

Which has better risk-adjusted returns?

PDHVX currently has the higher Sharpe Ratio (1.96 vs 1.32), 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.