PHYZX vs. HYSZX

Last updated Jun 4, 2026

PHYZX (PGIM High Yield Fund Class Z) and HYSZX (PGIM Short Duration High Yield Income Fund) are both High Yield Bonds funds from PGIM. Over the past 10 years, PHYZX returned 6.03%/yr vs 4.90%/yr for HYSZX. Their correlation of 0.83 suggests significant overlap in exposure. PHYZX charges 0.51%/yr vs 0.75%/yr for HYSZX.

Performance

PHYZX vs. HYSZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM High Yield Fund Class Z (PHYZX) and PGIM Short Duration High Yield Income Fund (HYSZX). 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 higher than HYSZX's 1.50% return. Over the past 10 years, PHYZX has outperformed HYSZX with an annualized return of 6.03%, while HYSZX has yielded a comparatively lower 4.90% annualized return.

PHYZX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.80%
• 6M: 2.29%
• 1Y: 7.63%
• 3Y*: 9.17%
• 5Y*: 3.99%
• 10Y*: 6.03%

HYSZX

• 1D: 0.00%
• 1M: 0.42%
• YTD: 1.50%
• 6M: 2.02%
• 1Y: 6.04%
• 3Y*: 7.38%
• 5Y*: 4.07%
• 10Y*: 4.90%

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

PHYZX vs. HYSZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHYZX PGIM High Yield Fund Class Z	1.80%	9.04%	8.37%	12.23%	-12.31%	5.83%	7.73%	16.14%	-1.25%	7.79%
HYSZX PGIM Short Duration High Yield Income Fund	1.50%	7.84%	6.49%	9.57%	-6.46%	5.48%	4.19%	11.78%	1.20%	4.80%

Correlation

The correlation between PHYZX and HYSZX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.83

The correlation between PHYZX and HYSZX has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

Return for Risk

PHYZX vs. HYSZX — Risk / Return Rank

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

PHYZX

PHYZX Risk / Return Rank: 74
PHYZX Sharpe Ratio Rank: 57
PHYZX Sortino Ratio Rank: 85
PHYZX Omega Ratio Rank: 84
PHYZX Calmar Ratio Rank: 68
PHYZX Martin Ratio Rank: 74

HYSZX

HYSZX Risk / Return Rank: 70
HYSZX Sharpe Ratio Rank: 52
HYSZX Sortino Ratio Rank: 83
HYSZX Omega Ratio Rank: 78
HYSZX Calmar Ratio Rank: 61
HYSZX Martin Ratio Rank: 77

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. HYSZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund Class Z (PHYZX) and PGIM Short Duration High Yield Income Fund (HYSZX). 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	HYSZX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.13	+0.09
Sortino ratio: Return per unit of downside risk	4.01	3.92	+0.09
Omega ratio: Gain probability vs. loss probability	1.57	1.51	+0.06
Calmar ratio: Return relative to maximum drawdown	3.19	3.01	+0.18
Martin ratio: Return relative to average drawdown	14.06	14.59	-0.53
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. HYSZX - Sharpe Ratio Comparison

The current PHYZX Sharpe Ratio is 2.22, which is comparable to the HYSZX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of PHYZX and HYSZX, 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	HYSZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.13	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	1.06	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	1.16	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	1.16	+0.04

Drawdowns

PHYZX vs. HYSZX - Drawdown Comparison

The maximum PHYZX drawdown since its inception was -28.57%, which is greater than HYSZX's maximum drawdown of -18.31%. Use the drawdown chart below to compare losses from any high point for PHYZX and HYSZX.

Drawdown Indicators

	PHYZX	HYSZX	Difference
Max Drawdown Largest peak-to-trough decline	-28.57%	-18.31%	-10.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-2.01%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-3.76%	-2.82%	-0.94%
Max Drawdown (5Y) Largest decline over 5 years	-16.09%	-9.77%	-6.32%
Max Drawdown (10Y) Largest decline over 10 years	-21.09%	-18.31%	-2.78%
Current Drawdown Current decline from peak	-0.21%	-0.12%	-0.09%
Average Drawdown Average peak-to-trough decline	-2.76%	-1.19%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.41%	+0.15%

Volatility

PHYZX vs. HYSZX - Volatility Comparison

PGIM High Yield Fund Class Z (PHYZX) has a higher volatility of 1.23% compared to PGIM Short Duration High Yield Income Fund (HYSZX) at 0.98%. This indicates that PHYZX's price experiences larger fluctuations and is considered to be riskier than HYSZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYZX	HYSZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.98%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	2.21%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	2.85%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	3.88%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.54%	4.23%	+1.31%

PHYZX vs. HYSZX - Expense Ratio Comparison

PHYZX has a 0.51% expense ratio, which is lower than HYSZX's 0.75% expense ratio.

Dividends

PHYZX vs. HYSZX - Dividend Comparison

PHYZX's dividend yield for the trailing twelve months is around 6.98%, more than HYSZX's 6.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYSZX PGIM Short Duration High Yield Income Fund	6.38%	6.45%	6.27%	4.84%	5.01%	4.56%	5.00%	5.60%	5.94%	5.73%	6.33%	6.76%
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 HYSZX in my portfolio?

PHYZX and HYSZX have a correlation of 0.79, 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 HYSZX?

PHYZX has higher volatility (1.23%) compared to HYSZX (0.98%). In terms of maximum drawdown, PHYZX dropped -28.57% vs HYSZX's -18.31%.

Which has better risk-adjusted returns?

PHYZX currently has the higher Sharpe Ratio (2.22 vs 2.13), 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.