PHYQX vs. FXNAX

Last updated Aug 1, 2026

PHYQX (PGIM High Yield Fund Class R6) and FXNAX (Fidelity U.S. Bond Index Fund) are both mutual funds - PHYQX is a High Yield Bonds fund managed by PGIM, while FXNAX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Over the past 10 years, PHYQX returned 5.52%/yr vs 1.25%/yr for FXNAX. Their 0.26 correlation means their historical movements had little consistent relationship. PHYQX charges 0.38%/yr vs 0.03%/yr for FXNAX.

Performance

PHYQX vs. FXNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM High Yield Fund Class R6 (PHYQX) and Fidelity U.S. Bond Index Fund (FXNAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHYQX achieves a 1.16% return, which is significantly higher than FXNAX's -0.63% return. Over the past 10 years, PHYQX has outperformed FXNAX with an annualized return of 5.52%, while FXNAX has yielded a comparatively lower 1.25% annualized return.

PHYQX

• 1D: 0.21%
• 1M: -1.04%
• 6M: 0.57%
• YTD: 1.16%
• 1Y: 4.25%
• 3Y*: 8.09%
• 5Y*: 3.72%
• 10Y*: 5.52%
• ALL TIME*: 5.76%

FXNAX

• 1D: 0.10%
• 1M: -1.25%
• 6M: -0.85%
• YTD: -0.63%
• 1Y: 1.77%
• 3Y*: 3.69%
• 5Y*: -0.49%
• 10Y*: 1.25%
• ALL TIME*: 1.96%

*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)
FXNAX Fidelity U.S. Bond Index Fund	$0.00	$0.00	$0.00
PHYQX PGIM High Yield Fund Class R6	$0.00	$0.00	$0.00

PHYQX vs. FXNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHYQX PGIM High Yield Fund Class R6	1.16%	9.18%	8.55%	12.34%	-12.22%	5.99%	5.79%	16.29%	-1.18%	7.74%
FXNAX Fidelity U.S. Bond Index Fund	-0.63%	7.14%	1.35%	5.82%	-13.55%	-2.10%	7.63%	8.50%	0.04%	3.50%

Correlation

The correlation between PHYQX and FXNAX is 0.65, 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.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (10Y) Provides a long-term view across more market conditions.	0.37
Correlation (All Time) Calculated using the full available price history since Oct 31, 2011	0.26

Over the past year, PHYQX and FXNAX have become more correlated (0.65) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

PHYQX vs. FXNAX — Risk / Return Rank

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

PHYQX

PHYQX Risk / Return Rank: 65
PHYQX Sharpe Ratio Rank: 54
PHYQX Sortino Ratio Rank: 71
PHYQX Omega Ratio Rank: 73
PHYQX Calmar Ratio Rank: 59
PHYQX Martin Ratio Rank: 69

FXNAX

FXNAX Risk / Return Rank: 22
FXNAX Sharpe Ratio Rank: 23
FXNAX Sortino Ratio Rank: 23
FXNAX Omega Ratio Rank: 21
FXNAX Calmar Ratio Rank: 23
FXNAX Martin Ratio Rank: 19

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.

PHYQX vs. FXNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund Class R6 (PHYQX) and Fidelity U.S. Bond Index Fund (FXNAX). 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.

	PHYQX	FXNAX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.78	+0.58
Sortino ratio: Return per unit of downside risk	2.34	1.16	+1.18
Omega ratio: Gain probability vs. loss probability	1.31	1.14	+0.17
Calmar ratio: Return relative to maximum drawdown	1.98	1.01	+0.97
Martin ratio: Return relative to average drawdown	8.30	2.55	+5.75

PHYQX vs. FXNAX - Sharpe Ratio Comparison

The current PHYQX Sharpe Ratio is 1.35, which is higher than the FXNAX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of PHYQX and FXNAX, 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

PHYQX vs. FXNAX - Drawdown Comparison

The maximum PHYQX drawdown since its inception was -21.12%, which is greater than FXNAX's maximum drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for PHYQX and FXNAX.

Drawdown Indicators

	PHYQX	FXNAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.12%	-19.51%	-1.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-2.94%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-3.76%	-5.11%	+1.35%
Max Drawdown (5Y) Largest decline over 5 years	-16.05%	-18.54%	+2.49%
Max Drawdown (10Y) Largest decline over 10 years	-21.12%	-19.51%	-1.61%
Current Drawdown Current decline from peak	-1.04%	-3.89%	+2.85%
Average Drawdown Average peak-to-trough decline	-2.21%	-3.86%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	1.17%	-0.58%

Volatility

PHYQX vs. FXNAX - Volatility Comparison

The current volatility for PGIM High Yield Fund Class R6 (PHYQX) is 0.67%, while Fidelity U.S. Bond Index Fund (FXNAX) has a volatility of 0.99%. This indicates that PHYQX experiences smaller price fluctuations and is considered to be less risky than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYQX	FXNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.99%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	3.02%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.61%	3.85%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.11%	6.07%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.45%	5.01%	+0.44%

PHYQX vs. FXNAX - Expense Ratio Comparison

PHYQX has a 0.38% expense ratio, which is higher than FXNAX's 0.03% expense ratio.

Dividends

PHYQX vs. FXNAX - Dividend Comparison

PHYQX's dividend yield for the trailing twelve months is around 6.57%, more than FXNAX's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXNAX Fidelity U.S. Bond Index Fund	3.46%	3.58%	3.40%	3.15%	1.81%	1.74%	2.92%	2.68%	2.74%	2.57%	2.76%	2.52%
PHYQX PGIM High Yield Fund Class R6	6.57%	7.07%	7.53%	7.09%	6.29%	6.23%	6.56%	6.32%	6.64%	6.38%	4.88%	7.05%

Frequently Asked Questions

Can I hold both PHYQX and FXNAX in my portfolio?

PHYQX and FXNAX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHYQX or FXNAX?

FXNAX has higher volatility (0.99%) compared to PHYQX (0.67%). In terms of maximum drawdown, PHYQX dropped -21.12% vs FXNAX's -19.51%.

Which has better risk-adjusted returns?

PHYQX currently has the higher Sharpe Ratio (1.35 vs 0.78), 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.