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PHCHX vs. PIAMX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PHCHX vs. PIAMX

Last updated Jun 23, 2026

PHCHX (Virtus Newfleet High Yield Fund) and PIAMX (PIA High Yield (MACS) Fund) are both High Yield Bonds funds. Over the past 5 years, PHCHX returned 3.59%/yr vs 4.17%/yr for PIAMX. A 0.66 correlation means they provide meaningful diversification when combined. PHCHX charges 1.00%/yr vs 0.20%/yr for PIAMX.

Performance

PHCHX vs. PIAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet High Yield Fund (PHCHX) and PIA High Yield (MACS) Fund (PIAMX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PHCHX achieves a 1.76% return, which is significantly higher than PIAMX's 1.55% return.

PHCHX

1D
0.00%
1M
0.54%
YTD
1.76%
6M
2.32%
1Y
5.81%
3Y*
7.63%
5Y*
3.59%
10Y*
5.08%

PIAMX

1D
0.00%
1M
1.08%
YTD
1.55%
6M
1.87%
1Y
3.73%
3Y*
7.41%
5Y*
4.17%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PHCHX vs. PIAMX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
PHCHX
Virtus Newfleet High Yield Fund		1.76%6.29%7.85%11.87%-10.25%4.32%7.14%14.49%-4.03%
PIAMX
PIA High Yield (MACS) Fund		1.55%2.34%11.23%16.38%-10.93%7.82%9.05%11.77%-2.63%

Correlation

The correlation between PHCHX and PIAMX is 0.59, 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

0.59

Correlation (3Y)
Calculated over the trailing 3-year period

0.61

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

Correlation (All Time)
Calculated using the full available price history since Jan 29, 2018

0.66

The correlation between PHCHX and PIAMX has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.

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Virtus Newfleet High Yield Fund

PIA High Yield (MACS) Fund

Often compared with PHCHX:
PHCHX vs. CCLFXPHCHX vs. AIOPHCHX vs. CRDOXPHCHX vs. PRFRXPHCHX vs. FAGIXPHCHX vs. CWFIXPHCHX vs. FHYSX
Often compared with PIAMX:
PIAMX vs. PIMIXPIAMX vs. TRBUXPIAMX vs. JEPAXPIAMX vs. HYBBPIAMX vs. FSREXPIAMX vs. MFHVXPIAMX vs. FAGIX

Return for Risk

PHCHX vs. PIAMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PHCHX
PHCHX Risk / Return Rank: 5454
Overall Rank
PHCHX Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
PHCHX Sortino Ratio Rank: 5555
Sortino Ratio Rank
PHCHX Omega Ratio Rank: 6262
Omega Ratio Rank
PHCHX Calmar Ratio Rank: 5454
Calmar Ratio Rank
PHCHX Martin Ratio Rank: 6060
Martin Ratio Rank
PIAMX
PIAMX Risk / Return Rank: 1818
Overall Rank
PIAMX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
PIAMX Sortino Ratio Rank: 1919
Sortino Ratio Rank
PIAMX Omega Ratio Rank: 2626
Omega Ratio Rank
PIAMX Calmar Ratio Rank: 1111
Calmar Ratio Rank
PIAMX Martin Ratio Rank: 1111
Martin Ratio Rank
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.

PHCHX vs. PIAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet High Yield Fund (PHCHX) and PIA High Yield (MACS) Fund (PIAMX). 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.

PHCHXPIAMXDifference
Sharpe ratioReturn per unit of total volatility
1.72
1.24

+0.48

Sortino ratioReturn per unit of downside risk
2.85
1.69

+1.16

Omega ratioGain probability vs. loss probability

1.40

1.25

+0.15

Calmar ratioReturn relative to maximum drawdown

2.70

1.03

+1.67

Martin ratioReturn relative to average drawdown

11.21

3.09

+8.12

PHCHX vs. PIAMX - Sharpe Ratio Comparison

The current PHCHX Sharpe Ratio is 1.72, which is higher than the PIAMX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of PHCHX and PIAMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PHCHX vs. PIAMX - Drawdown Comparison

The maximum PHCHX drawdown since its inception was -31.44%, which is greater than PIAMX's maximum drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for PHCHX and PIAMX.

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Drawdown Indicators

PHCHXPIAMXDifference

Max Drawdown

Largest peak-to-trough decline

-31.44%

-18.15%

-13.29%

Max Drawdown (1Y)

Largest decline over 1 year

-2.16%

-3.75%

+1.59%

Max Drawdown (3Y)

Largest decline over 3 years

-4.60%

-6.17%

+1.57%

Max Drawdown (5Y)

Largest decline over 5 years

-14.26%

-13.92%

-0.34%

Max Drawdown (10Y)

Largest decline over 10 years

-23.25%

—

—

Current Drawdown

Current decline from peak

-0.26%

0.00%

-0.26%

Average Drawdown

Average peak-to-trough decline

-6.27%

-2.33%

-3.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.52%

1.25%

-0.73%

Volatility

PHCHX vs. PIAMX - Volatility Comparison

Virtus Newfleet High Yield Fund (PHCHX) has a higher volatility of 0.91% compared to PIA High Yield (MACS) Fund (PIAMX) at 0.58%. This indicates that PHCHX's price experiences larger fluctuations and is considered to be riskier than PIAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PHCHXPIAMXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.91%

0.58%

+0.33%

Volatility (6M)

Calculated over the trailing 6-month period

2.47%

2.43%

+0.04%

Volatility (1Y)

Calculated over the trailing 1-year period

3.40%

3.12%

+0.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.01%

4.04%

+0.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.79%

4.22%

+1.57%

PHCHX vs. PIAMX - Expense Ratio Comparison

PHCHX has a 1.00% expense ratio, which is higher than PIAMX's 0.20% expense ratio.

Dividends

PHCHX vs. PIAMX - Dividend Comparison

PHCHX's dividend yield for the trailing twelve months is around 6.49%, less than PIAMX's 7.84% yield.

PositionTTM20252024202320222021202020192018201720162015
PHCHX
Virtus Newfleet High Yield Fund		6.49%6.89%5.91%5.87%5.73%4.00%4.86%5.41%5.86%5.54%4.91%5.72%
PIAMX
PIA High Yield (MACS) Fund		7.84%9.12%8.49%8.12%7.99%8.64%6.63%6.96%7.14%0.00%0.00%0.00%

Frequently Asked Questions

PHCHX and PIAMX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PHCHX has higher volatility (0.91%) compared to PIAMX (0.58%). In terms of maximum drawdown, PHCHX dropped -31.44% vs PIAMX's -18.15%.

PHCHX currently has the higher Sharpe Ratio (1.72 vs 1.24), 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.

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