PHYSX vs. MFHVX

Last updated Jun 3, 2026

PHYSX (PIA High Yield Fund) and MFHVX (Mesirow High Yield Fund) are both High Yield Bonds funds. Over the past 5 years, PHYSX returned 3.57%/yr vs 4.23%/yr for MFHVX. A 0.76 correlation means they provide meaningful diversification when combined. PHYSX charges 0.86%/yr vs 1.43%/yr for MFHVX.

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.

Returns By Period

In the year-to-date period, PHYSX achieves a 0.61% return, which is significantly lower than MFHVX's 2.95% return.

PHYSX

• 1D: -0.24%
• 1M: 0.43%
• YTD: 0.61%
• 6M: 1.16%
• 1Y: 3.72%
• 3Y*: 6.95%
• 5Y*: 3.57%
• 10Y*: 5.34%

MFHVX

• 1D: 0.00%
• 1M: 0.97%
• YTD: 2.95%
• 6M: 3.00%
• 1Y: 7.33%
• 3Y*: 8.71%
• 5Y*: 4.23%
• 10Y*: —

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

PHYSX vs. MFHVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PHYSX PIA High Yield Fund	0.61%	1.82%	10.33%	16.17%	-11.70%	7.36%	8.03%	11.06%	-2.34%
MFHVX Mesirow High Yield Fund	2.95%	4.56%	9.72%	14.09%	-12.06%	10.53%	6.88%	12.81%	-3.06%

Correlation

The correlation between PHYSX and MFHVX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Dec 4, 2018	0.76

The correlation between PHYSX and MFHVX has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

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: 13
PHYSX Sharpe Ratio Rank: 16
PHYSX Sortino Ratio Rank: 14
PHYSX Omega Ratio Rank: 18
PHYSX Calmar Ratio Rank: 10
PHYSX Martin Ratio Rank: 10

MFHVX

MFHVX Risk / Return Rank: 72
MFHVX Sharpe Ratio Rank: 84
MFHVX Sortino Ratio Rank: 83
MFHVX Omega Ratio Rank: 85
MFHVX Calmar Ratio Rank: 70
MFHVX Martin Ratio Rank: 38

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	1.16	2.73	-1.57
Sortino ratio Return per unit of downside risk	1.59	3.94	-2.35
Omega ratio Gain probability vs. loss probability	1.23	1.57	-0.34
Calmar ratio Return relative to maximum drawdown	1.04	3.26	-2.22
Martin ratio Return relative to average drawdown	3.07	8.29	-5.22
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 1.16, which is lower than the MFHVX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of PHYSX and MFHVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PHYSX	MFHVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	2.73	-1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	1.23	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	1.33	+0.30

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	-3.82%	-2.43%	-1.39%
Max Drawdown (3Y) Largest decline over 3 years	-6.11%	-5.14%	-0.97%
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	-0.67%	0.00%	-0.67%
Average Drawdown Average peak-to-trough decline	-1.88%	-3.07%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	0.95%	+0.34%

Volatility

PHYSX vs. MFHVX - Volatility Comparison

PIA High Yield Fund (PHYSX) has a higher volatility of 0.84% compared to Mesirow High Yield Fund (MFHVX) at 0.71%. 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	0.84%	0.71%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	2.01%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	2.76%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.06%	3.46%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.10%	4.42%	-0.32%

PHYSX vs. MFHVX - Expense Ratio Comparison

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

Dividends

PHYSX vs. MFHVX - Dividend Comparison

PHYSX's dividend yield for the trailing twelve months is around 7.41%, less than MFHVX's 9.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFHVX Mesirow High Yield Fund	9.35%	9.41%	8.98%	9.66%	8.95%	8.44%	7.30%	8.61%	0.04%	0.00%	0.00%	0.00%
PHYSX PIA High Yield Fund	7.41%	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 MFHVX in my portfolio?

PHYSX and MFHVX have a correlation of 0.74, 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 MFHVX?

PHYSX has higher volatility (0.84%) compared to MFHVX (0.71%). In terms of maximum drawdown, PHYSX dropped -24.10% vs MFHVX's -20.95%.

Which has better risk-adjusted returns?

MFHVX currently has the higher Sharpe Ratio (2.73 vs 1.16), 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.