PHYZX vs. JMSIX

Last updated Aug 1, 2026

PHYZX (PGIM High Yield Fund Class Z) and JMSIX (JPMorgan Income Fund Class I) are both mutual funds - PHYZX is a High Yield Bonds fund actively managed by PGIM, while JMSIX is a Multisector Bonds fund actively managed by JPMorgan. Both are actively managed. Over the past 10 years, PHYZX returned 5.60%/yr vs 3.76%/yr for JMSIX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. PHYZX charges 0.51%/yr vs 0.40%/yr for JMSIX.

Performance

PHYZX vs. JMSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM High Yield Fund Class Z (PHYZX) and JPMorgan Income Fund Class I (JMSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PHYZX having a 1.11% return and JMSIX slightly higher at 1.12%. Over the past 10 years, PHYZX has outperformed JMSIX with an annualized return of 5.60%, while JMSIX has yielded a comparatively lower 3.76% annualized return.

PHYZX

• 1D: 0.21%
• 1M: -1.04%
• 6M: 0.53%
• YTD: 1.11%
• 1Y: 4.15%
• 3Y*: 7.95%
• 5Y*: 3.59%
• 10Y*: 5.60%
• ALL TIME*: 6.11%

JMSIX

• 1D: 0.00%
• 1M: -0.47%
• 6M: 0.74%
• YTD: 1.12%
• 1Y: 3.79%
• 3Y*: 6.81%
• 5Y*: 2.71%
• 10Y*: 3.76%
• ALL TIME*: 2.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JMSIX JPMorgan Income Fund Class I	$0.00	$0.00	$0.00
PHYZX PGIM High Yield Fund Class Z	$0.00	$0.00	$0.00

PHYZX vs. JMSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHYZX PGIM High Yield Fund Class Z	1.11%	9.04%	8.37%	12.23%	-12.31%	5.83%	7.73%	16.14%	-1.25%	7.79%
JMSIX JPMorgan Income Fund Class I	1.12%	7.68%	7.78%	6.14%	-8.24%	3.59%	3.07%	11.82%	1.03%	6.00%

Correlation

The correlation between PHYZX and JMSIX is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.68
Correlation (All Time) Calculated using the full available price history since Nov 7, 2014	0.68

The correlation between PHYZX and JMSIX has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.

Return for Risk

PHYZX vs. JMSIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PHYZX

PHYZX Risk / Return Rank: 62
PHYZX Sharpe Ratio Rank: 51
PHYZX Sortino Ratio Rank: 69
PHYZX Omega Ratio Rank: 71
PHYZX Calmar Ratio Rank: 55
PHYZX Martin Ratio Rank: 64

JMSIX

JMSIX Risk / Return Rank: 87
JMSIX Sharpe Ratio Rank: 80
JMSIX Sortino Ratio Rank: 92
JMSIX Omega Ratio Rank: 90
JMSIX Calmar Ratio Rank: 85
JMSIX Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PHYZX vs. JMSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund Class Z (PHYZX) and JPMorgan Income Fund Class I (JMSIX). 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.

	PHYZX	JMSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.88	-0.55
Sortino ratio: Return per unit of downside risk	2.30	3.52	-1.22
Omega ratio: Gain probability vs. loss probability	1.31	1.49	-0.18
Calmar ratio: Return relative to maximum drawdown	1.94	2.89	-0.95
Martin ratio: Return relative to average drawdown	7.98	11.55	-3.57

PHYZX vs. JMSIX - Sharpe Ratio Comparison

The current PHYZX Sharpe Ratio is 1.33, which is comparable to the JMSIX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of PHYZX and JMSIX, 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

PHYZX vs. JMSIX - Drawdown Comparison

The maximum PHYZX drawdown since its inception was -28.57%, which is greater than JMSIX's maximum drawdown of -18.40%. Use the drawdown chart below to compare losses from any high point for PHYZX and JMSIX.

Drawdown Indicators

	PHYZX	JMSIX	Difference
Max Drawdown Largest peak-to-trough decline	-28.57%	-18.40%	-10.17%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-1.62%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-3.76%	-2.25%	-1.51%
Max Drawdown (5Y) Largest decline over 5 years	-16.09%	-11.39%	-4.70%
Max Drawdown (10Y) Largest decline over 10 years	-21.09%	-18.40%	-2.69%
Current Drawdown Current decline from peak	-1.04%	-0.59%	-0.45%
Average Drawdown Average peak-to-trough decline	-2.75%	-2.54%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	0.41%	+0.19%

Volatility

PHYZX vs. JMSIX - Volatility Comparison

PGIM High Yield Fund Class Z (PHYZX) has a higher volatility of 0.67% compared to JPMorgan Income Fund Class I (JMSIX) at 0.53%. This indicates that PHYZX's price experiences larger fluctuations and is considered to be riskier than JMSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYZX	JMSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.53%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	1.94%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	2.50%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.10%	3.73%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.49%	3.86%	+1.63%

PHYZX vs. JMSIX - Expense Ratio Comparison

PHYZX has a 0.51% expense ratio, which is higher than JMSIX's 0.40% expense ratio.

Dividends

PHYZX vs. JMSIX - Dividend Comparison

PHYZX's dividend yield for the trailing twelve months is around 6.46%, more than JMSIX's 5.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMSIX JPMorgan Income Fund Class I	5.54%	5.95%	5.78%	4.43%	4.78%	4.00%	4.95%	5.10%	5.43%	5.42%	0.46%	0.00%
PHYZX PGIM High Yield Fund Class Z	6.46%	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 JMSIX in my portfolio?

PHYZX and JMSIX have a correlation of 0.64, 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 JMSIX?

PHYZX has higher volatility (0.67%) compared to JMSIX (0.53%). In terms of maximum drawdown, PHYZX dropped -28.57% vs JMSIX's -18.40%.

Which has better risk-adjusted returns?

JMSIX currently has the higher Sharpe Ratio (1.88 vs 1.33), 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.