PHYSX vs. MFHVX

Last updated Apr 2, 2026

Compare and contrast key facts about PIA High Yield Fund (PHYSX) and Mesirow High Yield Fund (MFHVX).

PHYSX is managed by PIA Mutual Funds. It was launched on Dec 31, 2010. MFHVX is managed by Mesirow. It was launched on Dec 3, 2018.

Performance

PHYSX vs. MFHVX - Performance Comparison

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

PHYSX vs. MFHVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PHYSX PIA High Yield Fund	-1.98%	1.82%	10.33%	16.17%	-11.70%	7.36%	8.03%	11.06%	-2.34%
MFHVX Mesirow High Yield Fund	-1.11%	4.56%	9.72%	14.09%	-12.06%	10.53%	6.88%	12.81%	-3.06%

Returns By Period

In the year-to-date period, PHYSX achieves a -1.98% return, which is significantly lower than MFHVX's -1.11% return.

PHYSX

• 1D: 0.37%
• 1M: -1.79%
• YTD: -1.98%
• 6M: -2.76%
• 1Y: 1.32%
• 3Y*: 6.87%
• 5Y*: 3.32%
• 10Y*: 5.46%

MFHVX

• 1D: 0.38%
• 1M: -2.59%
• YTD: -1.11%
• 6M: -1.97%
• 1Y: 3.63%
• 3Y*: 7.82%
• 5Y*: 3.81%
• 10Y*: —

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

PHYSX vs. MFHVX - Expense Ratio Comparison

PHYSX has a 0.86% expense ratio, which is lower than MFHVX's 1.43% expense ratio.

MFHVX

Mesirow High Yield Fund

PHYSX

PIA High Yield Fund

Return for Risk

PHYSX vs. MFHVX — Risk / Return Rank

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

PHYSX

PHYSX Risk / Return Rank: 10
PHYSX Sharpe Ratio Rank: 10
PHYSX Sortino Ratio Rank: 8
PHYSX Omega Ratio Rank: 10
PHYSX Calmar Ratio Rank: 10
PHYSX Martin Ratio Rank: 10

MFHVX

MFHVX Risk / Return Rank: 35
MFHVX Sharpe Ratio Rank: 43
MFHVX Sortino Ratio Rank: 36
MFHVX Omega Ratio Rank: 43
MFHVX Calmar Ratio Rank: 29
MFHVX Martin Ratio Rank: 24

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. MFHVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIA High Yield Fund (PHYSX) and Mesirow High Yield Fund (MFHVX). 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.

	PHYSX	MFHVX	Difference
Sharpe ratio Return per unit of total volatility	0.30	0.94	-0.64
Sortino ratio Return per unit of downside risk	0.41	1.27	-0.85
Omega ratio Gain probability vs. loss probability	1.07	1.20	-0.13
Calmar ratio Return relative to maximum drawdown	0.27	0.93	-0.66
Martin ratio Return relative to average drawdown	0.79	2.85	-2.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHYSX vs. MFHVX - Sharpe Ratio Comparison

The current PHYSX Sharpe Ratio is 0.30, which is lower than the MFHVX Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of PHYSX and MFHVX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PHYSX	MFHVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	0.94	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	1.11	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	1.22	+0.40

Correlation

The correlation between PHYSX and MFHVX is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PHYSX vs. MFHVX - Dividend Comparison

PHYSX's dividend yield for the trailing twelve months is around 7.95%, less than MFHVX's 8.89% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHYSX PIA High Yield Fund	7.95%	8.44%	7.66%	7.12%	7.60%	6.14%	6.31%	6.76%	6.51%	6.37%	6.10%	6.40%
MFHVX Mesirow High Yield Fund	8.89%	9.41%	8.98%	9.66%	8.95%	8.44%	7.30%	8.61%	0.04%	0.00%	0.00%	0.00%

Drawdowns

PHYSX vs. MFHVX - Drawdown Comparison

The maximum PHYSX drawdown since its inception was -24.10%, which is greater than MFHVX's maximum drawdown of -20.95%. Use the drawdown chart below to compare losses from any high point for PHYSX and MFHVX.

Drawdown Indicators

	PHYSX	MFHVX	Difference
Max Drawdown Largest peak-to-trough decline	-24.10%	-20.95%	-3.15%
Max Drawdown (1Y) Largest decline over 1 year	-4.00%	-3.61%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-13.99%	-13.54%	-0.45%
Max Drawdown (10Y) Largest decline over 10 years	-19.86%	—	—
Current Drawdown Current decline from peak	-3.23%	-2.80%	-0.43%
Average Drawdown Average peak-to-trough decline	-1.89%	-3.14%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	1.18%	+0.19%

Volatility

PHYSX vs. MFHVX - Volatility Comparison

PIA High Yield Fund (PHYSX) has a higher volatility of 1.84% compared to Mesirow High Yield Fund (MFHVX) at 1.48%. This indicates that PHYSX's price experiences larger fluctuations and is considered to be riskier than MFHVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYSX	MFHVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	1.48%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	2.26%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	4.34%	4.01%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.02%	3.45%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.09%	4.46%	-0.37%