PHYZX vs. PHYQX

Last updated Jun 4, 2026

PHYZX (PGIM High Yield Fund Class Z) and PHYQX (PGIM High Yield Fund Class R6) are both High Yield Bonds funds from PGIM. Over the past 10 years, PHYZX returned 6.03%/yr vs 5.87%/yr for PHYQX. Their correlation of 0.91 suggests significant overlap in exposure. PHYZX charges 0.51%/yr vs 0.38%/yr for PHYQX.

Performance

PHYZX vs. PHYQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM High Yield Fund Class Z (PHYZX) and PGIM High Yield Fund Class R6 (PHYQX). 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 1.80% return and PHYQX slightly higher at 1.85%. Both investments have delivered pretty close results over the past 10 years, with PHYZX having a 6.03% annualized return and PHYQX not far behind at 5.87%.

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%

PHYQX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 1.85%
• 6M: 2.35%
• 1Y: 7.76%
• 3Y*: 9.30%
• 5Y*: 4.13%
• 10Y*: 5.87%

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

PHYZX vs. PHYQX - 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%
PHYQX PGIM High Yield Fund Class R6	1.85%	9.18%	8.55%	12.34%	-12.22%	5.99%	5.79%	16.29%	-1.18%	7.74%

Correlation

The correlation between PHYZX and PHYQX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 1, 2011	0.91

The correlation between PHYZX and PHYQX has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.

Return for Risk

PHYZX vs. PHYQX — 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

PHYQX

PHYQX Risk / Return Rank: 75
PHYQX Sharpe Ratio Rank: 58
PHYQX Sortino Ratio Rank: 85
PHYQX Omega Ratio Rank: 84
PHYQX Calmar Ratio Rank: 70
PHYQX 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. PHYQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund Class Z (PHYZX) and PGIM High Yield Fund Class R6 (PHYQX). 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	PHYQX	Difference
Sharpe ratio Return per unit of total volatility	2.22	2.24	-0.02
Sortino ratio Return per unit of downside risk	4.01	4.04	-0.03
Omega ratio Gain probability vs. loss probability	1.57	1.56	0.00
Calmar ratio Return relative to maximum drawdown	3.19	3.24	-0.05
Martin ratio Return relative to average drawdown	14.06	14.54	-0.48
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. PHYQX - Sharpe Ratio Comparison

The current PHYZX Sharpe Ratio is 2.22, which is comparable to the PHYQX Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of PHYZX and PHYQX, 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	PHYQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.24	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.81	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	1.07	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	1.14	+0.06

Drawdowns

PHYZX vs. PHYQX - Drawdown Comparison

The maximum PHYZX drawdown since its inception was -28.57%, which is greater than PHYQX's maximum drawdown of -21.12%. Use the drawdown chart below to compare losses from any high point for PHYZX and PHYQX.

Drawdown Indicators

	PHYZX	PHYQX	Difference
Max Drawdown Largest peak-to-trough decline	-28.57%	-21.12%	-7.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-2.47%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-3.76%	-3.76%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-16.09%	-16.05%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	-21.09%	-21.12%	+0.03%
Current Drawdown Current decline from peak	-0.21%	-0.21%	0.00%
Average Drawdown Average peak-to-trough decline	-2.76%	-2.23%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.55%	+0.01%

Volatility

PHYZX vs. PHYQX - Volatility Comparison

PGIM High Yield Fund Class Z (PHYZX) and PGIM High Yield Fund Class R6 (PHYQX) have volatilities of 1.23% and 1.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYZX	PHYQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.24%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	2.83%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	3.59%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	5.10%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.54%	5.49%	+0.05%

PHYZX vs. PHYQX - Expense Ratio Comparison

PHYZX has a 0.51% expense ratio, which is higher than PHYQX's 0.38% expense ratio.

Dividends

PHYZX vs. PHYQX - Dividend Comparison

PHYZX's dividend yield for the trailing twelve months is around 6.98%, less than PHYQX's 7.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHYQX PGIM High Yield Fund Class R6	7.09%	7.07%	7.53%	7.09%	6.29%	6.23%	6.56%	6.32%	6.64%	6.38%	4.88%	7.05%
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 PHYQX in my portfolio?

With a correlation of 0.95, PHYZX and PHYQX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PHYZX or PHYQX?

PHYQX has higher volatility (1.24%) compared to PHYZX (1.23%). In terms of maximum drawdown, PHYZX dropped -28.57% vs PHYQX's -21.12%.

Which has better risk-adjusted returns?

PHYQX currently has the higher Sharpe Ratio (2.24 vs 2.22), 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.