PIFZX vs. PBHAX

Last updated Jun 5, 2026

PIFZX (PGIM Short-Term Corporate Bond Fund Class Z) and PBHAX (PGIM High Yield Fund) are both mutual funds - PIFZX is a Short-Term Bond fund actively managed by PGIM, while PBHAX is a High Yield Bonds fund managed by PGIM. Over the past 10 years, PIFZX returned 2.50%/yr vs 5.20%/yr for PBHAX. At a 0.27 correlation, their price movements are largely independent. PIFZX charges 0.47%/yr vs 0.75%/yr for PBHAX.

Performance

PIFZX vs. PBHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Short-Term Corporate Bond Fund Class Z (PIFZX) and PGIM High Yield Fund (PBHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIFZX achieves a 0.60% return, which is significantly lower than PBHAX's 1.48% return. Over the past 10 years, PIFZX has underperformed PBHAX with an annualized return of 2.50%, while PBHAX has yielded a comparatively higher 5.20% annualized return.

PIFZX

• 1D: -0.09%
• 1M: 0.17%
• YTD: 0.60%
• 6M: 0.95%
• 1Y: 4.28%
• 3Y*: 5.19%
• 5Y*: 1.96%
• 10Y*: 2.50%

PBHAX

• 1D: -0.21%
• 1M: 0.15%
• YTD: 1.48%
• 6M: 2.16%
• 1Y: 6.93%
• 3Y*: 8.03%
• 5Y*: 3.25%
• 10Y*: 5.20%

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

PIFZX vs. PBHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIFZX PGIM Short-Term Corporate Bond Fund Class Z	0.60%	6.66%	4.47%	6.20%	-6.85%	-0.60%	5.44%	6.76%	0.62%	2.23%
PBHAX PGIM High Yield Fund	1.48%	8.79%	6.89%	10.75%	-12.51%	5.63%	4.87%	15.86%	-1.53%	7.50%

Correlation

The correlation between PIFZX and PBHAX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Dec 17, 1996	0.27

Over the past year, PIFZX and PBHAX have become more correlated (0.62) than their long-term average of 0.27, meaning their price movements have been converging.

Return for Risk

PIFZX vs. PBHAX — Risk / Return Rank

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

PIFZX

PIFZX Risk / Return Rank: 57
PIFZX Sharpe Ratio Rank: 50
PIFZX Sortino Ratio Rank: 71
PIFZX Omega Ratio Rank: 68
PIFZX Calmar Ratio Rank: 50
PIFZX Martin Ratio Rank: 49

PBHAX

PBHAX Risk / Return Rank: 66
PBHAX Sharpe Ratio Rank: 47
PBHAX Sortino Ratio Rank: 70
PBHAX Omega Ratio Rank: 76
PBHAX Calmar Ratio Rank: 57
PBHAX Martin Ratio Rank: 79

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.

PIFZX vs. PBHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Short-Term Corporate Bond Fund Class Z (PIFZX) and PGIM High Yield Fund (PBHAX). 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.

	PIFZX	PBHAX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.02	+0.03
Sortino ratio: Return per unit of downside risk	3.48	3.49	-0.01
Omega ratio: Gain probability vs. loss probability	1.45	1.50	-0.05
Calmar ratio: Return relative to maximum drawdown	2.64	2.90	-0.26
Martin ratio: Return relative to average drawdown	9.77	14.52	-4.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIFZX vs. PBHAX - Sharpe Ratio Comparison

The current PIFZX Sharpe Ratio is 2.05, which is comparable to the PBHAX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of PIFZX and PBHAX, 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

	PIFZX	PBHAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.02	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.65	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	0.95	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	1.35	+0.09

Drawdowns

PIFZX vs. PBHAX - Drawdown Comparison

The maximum PIFZX drawdown since its inception was -10.46%, smaller than the maximum PBHAX drawdown of -28.80%. Use the drawdown chart below to compare losses from any high point for PIFZX and PBHAX.

Drawdown Indicators

	PIFZX	PBHAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.46%	-28.80%	+18.34%
Max Drawdown (1Y) Largest decline over 1 year	-1.74%	-2.48%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-1.74%	-4.06%	+2.32%
Max Drawdown (5Y) Largest decline over 5 years	-10.46%	-16.22%	+5.76%
Max Drawdown (10Y) Largest decline over 10 years	-10.46%	-21.14%	+10.68%
Current Drawdown Current decline from peak	-0.52%	-0.21%	-0.31%
Average Drawdown Average peak-to-trough decline	-0.91%	-2.87%	+1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.49%	-0.02%

Volatility

PIFZX vs. PBHAX - Volatility Comparison

The current volatility for PGIM Short-Term Corporate Bond Fund Class Z (PIFZX) is 0.78%, while PGIM High Yield Fund (PBHAX) has a volatility of 1.16%. This indicates that PIFZX experiences smaller price fluctuations and is considered to be less risky than PBHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIFZX	PBHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	1.16%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	2.71%	-1.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.24%	3.56%	-1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.93%	5.06%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.68%	5.49%	-2.81%

PIFZX vs. PBHAX - Expense Ratio Comparison

PIFZX has a 0.47% expense ratio, which is lower than PBHAX's 0.75% expense ratio.

Dividends

PIFZX vs. PBHAX - Dividend Comparison

PIFZX's dividend yield for the trailing twelve months is around 4.12%, less than PBHAX's 6.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBHAX PGIM High Yield Fund	6.74%	6.71%	6.01%	5.73%	5.94%	5.88%	5.70%	5.96%	6.26%	5.98%	4.61%	6.64%
PIFZX PGIM Short-Term Corporate Bond Fund Class Z	4.12%	3.99%	3.22%	2.85%	2.24%	1.99%	2.49%	2.85%	2.83%	2.77%	2.65%	2.82%

Frequently Asked Questions

Can I hold both PIFZX and PBHAX in my portfolio?

PIFZX and PBHAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIFZX or PBHAX?

PBHAX has higher volatility (1.16%) compared to PIFZX (0.78%). In terms of maximum drawdown, PIFZX dropped -10.46% vs PBHAX's -28.80%.

Which has better risk-adjusted returns?

PIFZX currently has the higher Sharpe Ratio (2.05 vs 2.02), 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.