PHYPX vs. USIAX

Last updated Jun 4, 2026

PHYPX (PACE High Yield Investments) and USIAX (UBS Ultra Short Income Fund) are both mutual funds - PHYPX is a High Yield Bonds fund managed by UBS, while USIAX is a Ultrashort Bond fund managed by UBS. Their correlation of 0.87 suggests significant overlap in exposure. PHYPX charges 0.91%/yr vs 0.35%/yr for USIAX.

Performance

PHYPX vs. USIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE High Yield Investments (PHYPX) and UBS Ultra Short Income Fund (USIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PHYPX

• 1D: 0.11%
• 1M: 0.62%
• YTD: 1.82%
• 6M: 2.44%
• 1Y: 7.53%
• 3Y*: 8.67%
• 5Y*: 3.47%
• 10Y*: 5.33%

USIAX

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PHYPX vs. USIAX - Yearly Performance Comparison

	2026 (YTD)
PHYPX PACE High Yield Investments	0.23%
USIAX UBS Ultra Short Income Fund	0.32%

Correlation

The correlation between PHYPX and USIAX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.87

Return for Risk

PHYPX vs. USIAX — Risk / Return Rank

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

PHYPX

PHYPX Risk / Return Rank: 43
PHYPX Sharpe Ratio Rank: 33
PHYPX Sortino Ratio Rank: 31
PHYPX Omega Ratio Rank: 87
PHYPX Calmar Ratio Rank: 41
PHYPX Martin Ratio Rank: 21

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.

PHYPX vs. USIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE High Yield Investments (PHYPX) and UBS Ultra Short Income Fund (USIAX). 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.

	PHYPX	USIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	—	—
Sortino ratio: Return per unit of downside risk	2.34	—	—
Omega ratio: Gain probability vs. loss probability	1.61	—	—
Calmar ratio: Return relative to maximum drawdown	2.43	—	—
Martin ratio: Return relative to average drawdown	5.41	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PHYPX	USIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	12.88	-11.77

Drawdowns

PHYPX vs. USIAX - Drawdown Comparison

The maximum PHYPX drawdown since its inception was -27.27%, which is greater than USIAX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for PHYPX and USIAX.

Drawdown Indicators

	PHYPX	USIAX	Difference
Max Drawdown Largest peak-to-trough decline	-27.27%	0.00%	-27.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.32%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.69%	—	—
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-2.91%	0.00%	-2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	—	—

Volatility

Volatility by Period

	PHYPX	USIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.01%	2.98%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.69%	2.98%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.12%	2.98%	+2.14%

PHYPX vs. USIAX - Expense Ratio Comparison

PHYPX has a 0.91% expense ratio, which is higher than USIAX's 0.35% expense ratio.

Dividends

PHYPX vs. USIAX - Dividend Comparison

PHYPX's dividend yield for the trailing twelve months is around 6.26%, more than USIAX's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHYPX PACE High Yield Investments	6.26%	6.18%	6.34%	6.15%	5.77%	5.97%	5.33%	5.72%	6.15%	5.54%	5.75%	6.02%
USIAX UBS Ultra Short Income Fund	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PHYPX and USIAX in my portfolio?

PHYPX and USIAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.