PGVAX vs. HYSZX

Last updated Jun 5, 2026

PGVAX (PGIM Government Income Fund) and HYSZX (PGIM Short Duration High Yield Income Fund) are both mutual funds - PGVAX is a Government Bonds fund managed by PGIM, while HYSZX is a High Yield Bonds fund managed by PGIM. Over the past 10 years, PGVAX returned 0.27%/yr vs 4.88%/yr for HYSZX. At a 0.25 correlation, their price movements are largely independent. PGVAX charges 1.08%/yr vs 0.75%/yr for HYSZX.

Performance

PGVAX vs. HYSZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Government Income Fund (PGVAX) and PGIM Short Duration High Yield Income Fund (HYSZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGVAX achieves a -0.18% return, which is significantly lower than HYSZX's 1.37% return. Over the past 10 years, PGVAX has underperformed HYSZX with an annualized return of 0.27%, while HYSZX has yielded a comparatively higher 4.88% annualized return.

PGVAX

• 1D: -0.25%
• 1M: -0.09%
• YTD: -0.18%
• 6M: -0.02%
• 1Y: 4.00%
• 3Y*: 2.94%
• 5Y*: -1.18%
• 10Y*: 0.27%

HYSZX

• 1D: -0.12%
• 1M: 0.30%
• YTD: 1.37%
• 6M: 2.02%
• 1Y: 5.79%
• 3Y*: 7.34%
• 5Y*: 4.02%
• 10Y*: 4.88%

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

PGVAX vs. HYSZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGVAX PGIM Government Income Fund	-0.18%	7.10%	0.10%	3.89%	-14.24%	-4.05%	5.88%	5.91%	0.12%	2.09%
HYSZX PGIM Short Duration High Yield Income Fund	1.37%	7.84%	6.49%	9.57%	-6.46%	5.48%	4.19%	11.78%	1.20%	4.80%

Correlation

The correlation between PGVAX and HYSZX 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	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.25

Over the past year, PGVAX and HYSZX have become more correlated (0.55) than their long-term average of 0.25, meaning their price movements have been converging.

Return for Risk

PGVAX vs. HYSZX — Risk / Return Rank

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

PGVAX

PGVAX Risk / Return Rank: 17
PGVAX Sharpe Ratio Rank: 17
PGVAX Sortino Ratio Rank: 18
PGVAX Omega Ratio Rank: 16
PGVAX Calmar Ratio Rank: 16
PGVAX Martin Ratio Rank: 16

HYSZX

HYSZX Risk / Return Rank: 68
HYSZX Sharpe Ratio Rank: 49
HYSZX Sortino Ratio Rank: 80
HYSZX Omega Ratio Rank: 75
HYSZX Calmar Ratio Rank: 60
HYSZX Martin Ratio Rank: 77

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.

PGVAX vs. HYSZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Government Income Fund (PGVAX) and PGIM Short Duration High Yield Income Fund (HYSZX). 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.

	PGVAX	HYSZX	Difference
Sharpe ratio: Return per unit of total volatility	1.14	2.08	-0.94
Sortino ratio: Return per unit of downside risk	1.70	3.83	-2.13
Omega ratio: Gain probability vs. loss probability	1.20	1.49	-0.29
Calmar ratio: Return relative to maximum drawdown	1.34	2.95	-1.61
Martin ratio: Return relative to average drawdown	4.12	14.27	-10.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGVAX vs. HYSZX - Sharpe Ratio Comparison

The current PGVAX Sharpe Ratio is 1.14, which is lower than the HYSZX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of PGVAX and HYSZX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PGVAX	HYSZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	2.08	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.19	1.04	-1.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	1.16	-1.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.16	-0.29

Drawdowns

PGVAX vs. HYSZX - Drawdown Comparison

The maximum PGVAX drawdown since its inception was -22.05%, which is greater than HYSZX's maximum drawdown of -18.31%. Use the drawdown chart below to compare losses from any high point for PGVAX and HYSZX.

Drawdown Indicators

	PGVAX	HYSZX	Difference
Max Drawdown Largest peak-to-trough decline	-22.05%	-18.31%	-3.74%
Max Drawdown (1Y) Largest decline over 1 year	-3.49%	-2.01%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	-6.46%	-2.82%	-3.64%
Max Drawdown (5Y) Largest decline over 5 years	-19.98%	-9.77%	-10.21%
Max Drawdown (10Y) Largest decline over 10 years	-22.05%	-18.31%	-3.74%
Current Drawdown Current decline from peak	-9.32%	-0.24%	-9.08%
Average Drawdown Average peak-to-trough decline	-3.02%	-1.18%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.42%	+0.72%

Volatility

PGVAX vs. HYSZX - Volatility Comparison

PGIM Government Income Fund (PGVAX) has a higher volatility of 1.40% compared to PGIM Short Duration High Yield Income Fund (HYSZX) at 0.95%. This indicates that PGVAX's price experiences larger fluctuations and is considered to be riskier than HYSZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGVAX	HYSZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	0.95%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	2.87%	2.20%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	4.10%	2.85%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.14%	3.88%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.01%	4.23%	+0.78%

PGVAX vs. HYSZX - Expense Ratio Comparison

PGVAX has a 1.08% expense ratio, which is higher than HYSZX's 0.75% expense ratio.

Dividends

PGVAX vs. HYSZX - Dividend Comparison

PGVAX's dividend yield for the trailing twelve months is around 3.46%, less than HYSZX's 6.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYSZX PGIM Short Duration High Yield Income Fund	6.39%	6.45%	6.27%	4.84%	5.01%	4.56%	5.00%	5.60%	5.94%	5.73%	6.33%	6.76%
PGVAX PGIM Government Income Fund	3.46%	3.40%	2.93%	2.40%	2.08%	3.35%	1.66%	2.04%	2.02%	2.08%	1.90%	2.10%

Frequently Asked Questions

Can I hold both PGVAX and HYSZX in my portfolio?

PGVAX and HYSZX 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, PGVAX or HYSZX?

PGVAX has higher volatility (1.40%) compared to HYSZX (0.95%). In terms of maximum drawdown, PGVAX dropped -22.05% vs HYSZX's -18.31%.

Which has better risk-adjusted returns?

HYSZX currently has the higher Sharpe Ratio (2.08 vs 1.14), 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.