PIAMX vs. PHYSX

Last updated Jun 4, 2026

PIAMX (PIA High Yield (MACS) Fund) and PHYSX (PIA High Yield Fund) are both High Yield Bonds funds from PIA Mutual Funds. Over the past 5 years, PIAMX returned 4.14%/yr vs 3.57%/yr for PHYSX. Their correlation of 0.91 suggests significant overlap in exposure. PIAMX charges 0.20%/yr vs 0.86%/yr for PHYSX.

Performance

PIAMX vs. PHYSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIA High Yield (MACS) Fund (PIAMX) and PIA High Yield Fund (PHYSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIAMX achieves a 0.79% return, which is significantly higher than PHYSX's 0.61% return.

PIAMX

• 1D: -0.12%
• 1M: 0.71%
• YTD: 0.79%
• 6M: 1.23%
• 1Y: 3.95%
• 3Y*: 7.53%
• 5Y*: 4.14%
• 10Y*: —

PHYSX

• 1D: 0.00%
• 1M: 0.67%
• YTD: 0.61%
• 6M: 1.04%
• 1Y: 3.48%
• 3Y*: 6.95%
• 5Y*: 3.57%
• 10Y*: 5.34%

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

PIAMX vs. PHYSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PIAMX PIA High Yield (MACS) Fund	0.79%	2.34%	11.23%	16.38%	-10.93%	7.82%	9.05%	11.77%	-2.63%
PHYSX PIA High Yield Fund	0.61%	1.82%	10.33%	16.17%	-11.70%	7.36%	8.03%	11.06%	-3.56%

Correlation

The correlation between PIAMX and PHYSX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 30, 2018	0.91

The correlation between PIAMX and PHYSX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

PIAMX vs. PHYSX — Risk / Return Rank

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

PIAMX

PIAMX Risk / Return Rank: 18
PIAMX Sharpe Ratio Rank: 22
PIAMX Sortino Ratio Rank: 19
PIAMX Omega Ratio Rank: 27
PIAMX Calmar Ratio Rank: 11
PIAMX Martin Ratio Rank: 11

PHYSX

PHYSX Risk / Return Rank: 14
PHYSX Sharpe Ratio Rank: 17
PHYSX Sortino Ratio Rank: 15
PHYSX Omega Ratio Rank: 19
PHYSX Calmar Ratio Rank: 10
PHYSX Martin Ratio Rank: 10

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.

PIAMX vs. PHYSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIA High Yield (MACS) Fund (PIAMX) and PIA High Yield Fund (PHYSX). 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.

	PIAMX	PHYSX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.16	+0.19
Sortino ratio: Return per unit of downside risk	1.84	1.59	+0.25
Omega ratio: Gain probability vs. loss probability	1.27	1.23	+0.04
Calmar ratio: Return relative to maximum drawdown	1.12	0.98	+0.15
Martin ratio: Return relative to average drawdown	3.37	2.89	+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.

PIAMX vs. PHYSX - Sharpe Ratio Comparison

The current PIAMX Sharpe Ratio is 1.35, which is comparable to the PHYSX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of PIAMX and PHYSX, 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

	PIAMX	PHYSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.16	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	0.89	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	1.63	-0.40

Drawdowns

PIAMX vs. PHYSX - Drawdown Comparison

The maximum PIAMX drawdown since its inception was -18.15%, smaller than the maximum PHYSX drawdown of -24.10%. Use the drawdown chart below to compare losses from any high point for PIAMX and PHYSX.

Drawdown Indicators

	PIAMX	PHYSX	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-24.10%	+5.95%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	-3.82%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	-6.11%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-13.92%	-13.99%	+0.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.86%	—
Current Drawdown Current decline from peak	-0.55%	-0.67%	+0.12%
Average Drawdown Average peak-to-trough decline	-2.34%	-1.88%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	1.29%	-0.04%

Volatility

PIAMX vs. PHYSX - Volatility Comparison

The current volatility for PIA High Yield (MACS) Fund (PIAMX) is 0.73%, while PIA High Yield Fund (PHYSX) has a volatility of 0.81%. This indicates that PIAMX experiences smaller price fluctuations and is considered to be less risky than PHYSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIAMX	PHYSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.81%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	2.44%	2.55%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	3.12%	3.23%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.04%	4.06%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.23%	4.10%	+0.13%

PIAMX vs. PHYSX - Expense Ratio Comparison

PIAMX has a 0.20% expense ratio, which is lower than PHYSX's 0.86% expense ratio.

Dividends

PIAMX vs. PHYSX - Dividend Comparison

PIAMX's dividend yield for the trailing twelve months is around 7.90%, more than PHYSX's 7.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PIAMX PIA High Yield (MACS) Fund	7.90%	9.12%	8.49%	8.12%	7.99%	8.64%	6.63%	6.96%	7.14%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIAMX and PHYSX in my portfolio?

With a correlation of 0.91, PIAMX and PHYSX 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, PIAMX or PHYSX?

PHYSX has higher volatility (0.81%) compared to PIAMX (0.73%). In terms of maximum drawdown, PIAMX dropped -18.15% vs PHYSX's -24.10%.

Which has better risk-adjusted returns?

PIAMX currently has the higher Sharpe Ratio (1.35 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.