PHYZX vs. BALT

Last updated Jun 3, 2026

PHYZX (PGIM High Yield Fund Class Z) and BALT (Innovator Defined Wealth Shield ETF) are both funds - PHYZX is a High Yield Bonds fund actively managed by PGIM, while BALT is a Defined Outcome fund tracking the S&P 500. PHYZX is actively managed, while BALT is passively managed. Over the past 3 years, PHYZX returned 9.17%/yr vs 7.29%/yr for BALT. At a 0.36 correlation, their price movements are largely independent. PHYZX charges 0.51%/yr vs 0.69%/yr for BALT.

Performance

PHYZX vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM High Yield Fund Class Z (PHYZX) and Innovator Defined Wealth Shield ETF (BALT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHYZX achieves a 1.80% return, which is significantly lower than BALT's 1.97% return.

PHYZX

• 1D: -0.21%
• 1M: 0.17%
• YTD: 1.80%
• 6M: 2.50%
• 1Y: 7.86%
• 3Y*: 9.17%
• 5Y*: 3.99%
• 10Y*: 6.03%

BALT

• 1D: 0.01%
• 1M: 0.54%
• YTD: 1.97%
• 6M: 2.98%
• 1Y: 7.15%
• 3Y*: 7.29%
• 5Y*: —
• 10Y*: —

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

PHYZX vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PHYZX PGIM High Yield Fund Class Z	1.80%	9.04%	8.37%	12.23%	-12.31%	1.55%
BALT Innovator Defined Wealth Shield ETF	1.97%	6.65%	9.98%	7.45%	2.54%	0.82%

Correlation

The correlation between PHYZX and BALT 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	0.32
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.36

Return for Risk

PHYZX vs. BALT — Risk / Return Rank

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

PHYZX

PHYZX Risk / Return Rank: 73
PHYZX Sharpe Ratio Rank: 53
PHYZX Sortino Ratio Rank: 82
PHYZX Omega Ratio Rank: 82
PHYZX Calmar Ratio Rank: 73
PHYZX Martin Ratio Rank: 78

BALT

BALT Risk / Return Rank: 93
BALT Sharpe Ratio Rank: 91
BALT Sortino Ratio Rank: 94
BALT Omega Ratio Rank: 94
BALT Calmar Ratio Rank: 92
BALT Martin Ratio Rank: 92

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.

PHYZX vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund Class Z (PHYZX) and Innovator Defined Wealth Shield ETF (BALT). 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.

	PHYZX	BALT	Difference
Sharpe ratio Return per unit of total volatility	2.15	3.28	-1.12
Sortino ratio Return per unit of downside risk	3.87	5.02	-1.14
Omega ratio Gain probability vs. loss probability	1.54	1.70	-0.16
Calmar ratio Return relative to maximum drawdown	3.35	6.23	-2.88
Martin ratio Return relative to average drawdown	14.76	23.27	-8.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHYZX vs. BALT - Sharpe Ratio Comparison

The current PHYZX Sharpe Ratio is 2.15, which is lower than the BALT Sharpe Ratio of 3.28. The chart below compares the historical Sharpe Ratios of PHYZX and BALT, 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

	PHYZX	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	3.28	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	1.80	-0.60

Drawdowns

PHYZX vs. BALT - Drawdown Comparison

The maximum PHYZX drawdown since its inception was -28.57%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for PHYZX and BALT.

Drawdown Indicators

	PHYZX	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-28.57%	-4.89%	-23.68%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-1.15%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-3.76%	-4.89%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-16.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.09%	—	—
Current Drawdown Current decline from peak	-0.21%	0.00%	-0.21%
Average Drawdown Average peak-to-trough decline	-2.76%	-0.34%	-2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.31%	+0.25%

Volatility

PHYZX vs. BALT - Volatility Comparison

PGIM High Yield Fund Class Z (PHYZX) has a higher volatility of 1.23% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.36%. This indicates that PHYZX's price experiences larger fluctuations and is considered to be riskier than BALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYZX	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.36%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	1.56%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	3.57%	2.19%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	3.32%	+1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.54%	3.32%	+2.22%

PHYZX vs. BALT - Expense Ratio Comparison

PHYZX has a 0.51% expense ratio, which is lower than BALT's 0.69% expense ratio.

Dividends

PHYZX vs. BALT - Dividend Comparison

PHYZX's dividend yield for the trailing twelve months is around 6.98%, while BALT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PHYZX PGIM High Yield Fund Class Z	6.98%	6.95%	7.37%	7.00%	6.15%	6.08%	8.35%	6.21%	6.55%	6.25%	6.36%	6.93%

Frequently Asked Questions

Can I hold both PHYZX and BALT in my portfolio?

PHYZX and BALT 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, PHYZX or BALT?

PHYZX has higher volatility (1.23%) compared to BALT (0.36%). In terms of maximum drawdown, PHYZX dropped -28.57% vs BALT's -4.89%.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.28 vs 2.15), 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.