PHYSX vs. EFT

Last updated Jun 24, 2026

PHYSX (PIA High Yield Fund) is High Yield Bonds fund managed by PIA Mutual Funds, while EFT (Eaton Vance Floating-Rate Income Trust) is a stock. Over the past 10 years, PHYSX returned 5.41%/yr vs 5.56%/yr for EFT. At a 0.20 correlation, their price movements are largely independent.

Performance

PHYSX vs. EFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIA High Yield Fund (PHYSX) and Eaton Vance Floating-Rate Income Trust (EFT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHYSX achieves a 1.22% return, which is significantly higher than EFT's -2.09% return. Both investments have delivered pretty close results over the past 10 years, with PHYSX having a 5.41% annualized return and EFT not far ahead at 5.56%.

PHYSX

• 1D: -0.12%
• 1M: 1.03%
• YTD: 1.22%
• 6M: 1.53%
• 1Y: 2.80%
• 3Y*: 6.95%
• 5Y*: 3.58%
• 10Y*: 5.41%

EFT

• 1D: 0.19%
• 1M: -1.13%
• YTD: -2.09%
• 6M: -1.52%
• 1Y: -4.12%
• 3Y*: 7.98%
• 5Y*: 3.47%
• 10Y*: 5.56%

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

PHYSX vs. EFT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHYSX PIA High Yield Fund	1.22%	1.82%	10.33%	16.17%	-11.70%	7.36%	8.03%	11.06%	-2.77%	8.04%
EFT Eaton Vance Floating-Rate Income Trust	-2.09%	-3.77%	13.17%	27.14%	-19.69%	21.00%	2.41%	16.85%	-6.14%	1.63%

Correlation

The correlation between PHYSX and EFT is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jul 26, 2004	0.20

The correlation between PHYSX and EFT shifts across timeframes, from 0.20 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PHYSX vs. EFT — Risk / Return Rank

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

PHYSX

PHYSX Risk / Return Rank: 12
PHYSX Sharpe Ratio Rank: 13
PHYSX Sortino Ratio Rank: 12
PHYSX Omega Ratio Rank: 15
PHYSX Calmar Ratio Rank: 9
PHYSX Martin Ratio Rank: 9

EFT

EFT Risk / Return Rank: 25
EFT Sharpe Ratio Rank: 23
EFT Sortino Ratio Rank: 19
EFT Omega Ratio Rank: 19
EFT Calmar Ratio Rank: 32
EFT Martin Ratio Rank: 32

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.

PHYSX vs. EFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIA High Yield Fund (PHYSX) and Eaton Vance Floating-Rate Income Trust (EFT). 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.

	PHYSX	EFT	Difference
Sharpe ratio: Return per unit of total volatility	0.95	-0.44	+1.39
Sortino ratio: Return per unit of downside risk	1.30	-0.58	+1.88
Omega ratio: Gain probability vs. loss probability	1.19	0.93	+0.26
Calmar ratio: Return relative to maximum drawdown	0.80	-0.32	+1.11
Martin ratio: Return relative to average drawdown	2.35	-0.62	+2.96

PHYSX vs. EFT - Sharpe Ratio Comparison

The current PHYSX Sharpe Ratio is 0.95, which is higher than the EFT Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of PHYSX and EFT, 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

PHYSX vs. EFT - Drawdown Comparison

The maximum PHYSX drawdown since its inception was -24.10%, smaller than the maximum EFT drawdown of -60.58%. Use the drawdown chart below to compare losses from any high point for PHYSX and EFT.

Drawdown Indicators

	PHYSX	EFT	Difference
Max Drawdown Largest peak-to-trough decline	-24.10%	-60.58%	+36.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.82%	-13.02%	+9.20%
Max Drawdown (3Y) Largest decline over 3 years	-6.11%	-17.49%	+11.38%
Max Drawdown (5Y) Largest decline over 5 years	-13.99%	-24.98%	+10.99%
Max Drawdown (10Y) Largest decline over 10 years	-19.86%	-45.51%	+25.65%
Current Drawdown Current decline from peak	-0.12%	-10.79%	+10.67%
Average Drawdown Average peak-to-trough decline	-1.88%	-8.82%	+6.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	6.70%	-5.40%

Volatility

PHYSX vs. EFT - Volatility Comparison

The current volatility for PIA High Yield Fund (PHYSX) is 0.65%, while Eaton Vance Floating-Rate Income Trust (EFT) has a volatility of 1.16%. This indicates that PHYSX experiences smaller price fluctuations and is considered to be less risky than EFT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYSX	EFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	1.16%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	7.49%	-4.93%
Volatility (1Y) Calculated over the trailing 1-year period	3.23%	9.31%	-6.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.06%	12.75%	-8.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.09%	15.75%	-11.66%

Dividends

PHYSX vs. EFT - Dividend Comparison

PHYSX's dividend yield for the trailing twelve months is around 7.36%, less than EFT's 9.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFT Eaton Vance Floating-Rate Income Trust	9.10%	9.55%	10.52%	11.09%	9.81%	5.24%	5.88%	7.41%	6.77%	5.73%	5.54%	6.57%
PHYSX PIA High Yield Fund	7.36%	8.44%	7.66%	7.12%	7.60%	6.14%	6.31%	6.76%	6.51%	6.37%	6.10%	6.40%

Frequently Asked Questions

Can I hold both PHYSX and EFT in my portfolio?

PHYSX and EFT have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHYSX or EFT?

EFT has higher volatility (1.16%) compared to PHYSX (0.65%). In terms of maximum drawdown, PHYSX dropped -24.10% vs EFT's -60.58%.

Which has better risk-adjusted returns?

PHYSX currently has the higher Sharpe Ratio (0.95 vs -0.44), 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.