PMTGX vs. PHYSX

Last updated Jun 3, 2026

PMTGX (PIA MBS Bond Fund) and PHYSX (PIA High Yield Fund) are both mutual funds - PMTGX is a Government Bonds fund managed by PIA Mutual Funds, while PHYSX is a High Yield Bonds fund managed by PIA Mutual Funds. Over the past 10 years, PMTGX returned 1.16%/yr vs 5.34%/yr for PHYSX. At a 0.10 correlation, their price movements are largely independent. PMTGX charges 0.23%/yr vs 0.86%/yr for PHYSX.

Performance

PMTGX vs. PHYSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIA MBS Bond Fund (PMTGX) 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, PMTGX achieves a -0.06% return, which is significantly lower than PHYSX's 0.61% return. Over the past 10 years, PMTGX has underperformed PHYSX with an annualized return of 1.16%, while PHYSX has yielded a comparatively higher 5.34% annualized return.

PMTGX

• 1D: -0.36%
• 1M: -0.18%
• YTD: -0.06%
• 6M: 0.23%
• 1Y: 6.07%
• 3Y*: 3.82%
• 5Y*: 0.14%
• 10Y*: 1.16%

PHYSX

• 1D: -0.24%
• 1M: 0.43%
• YTD: 0.61%
• 6M: 1.16%
• 1Y: 3.72%
• 3Y*: 6.95%
• 5Y*: 3.57%
• 10Y*: 5.34%

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

PMTGX vs. PHYSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMTGX PIA MBS Bond Fund	-0.06%	7.83%	0.96%	4.73%	-11.37%	-1.18%	3.85%	6.02%	0.76%	2.35%
PHYSX PIA High Yield Fund	0.61%	1.82%	10.33%	16.17%	-11.70%	7.36%	8.03%	11.06%	-2.77%	8.04%

Correlation

The correlation between PMTGX and PHYSX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Mar 2, 2006	0.10

Over the past year, PMTGX and PHYSX have become more correlated (0.39) than their long-term average of 0.10, meaning their price movements have been converging.

Return for Risk

PMTGX vs. PHYSX — Risk / Return Rank

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

PMTGX

PMTGX Risk / Return Rank: 19
PMTGX Sharpe Ratio Rank: 19
PMTGX Sortino Ratio Rank: 20
PMTGX Omega Ratio Rank: 19
PMTGX Calmar Ratio Rank: 18
PMTGX Martin Ratio Rank: 19

PHYSX

PHYSX Risk / Return Rank: 13
PHYSX Sharpe Ratio Rank: 16
PHYSX Sortino Ratio Rank: 14
PHYSX Omega Ratio Rank: 18
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.

PMTGX vs. PHYSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIA MBS Bond Fund (PMTGX) 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.

	PMTGX	PHYSX	Difference
Sharpe ratio Return per unit of total volatility	1.28	1.16	+0.12
Sortino ratio Return per unit of downside risk	1.88	1.59	+0.29
Omega ratio Gain probability vs. loss probability	1.23	1.23	0.00
Calmar ratio Return relative to maximum drawdown	1.58	1.04	+0.54
Martin ratio Return relative to average drawdown	5.19	3.07	+2.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMTGX vs. PHYSX - Sharpe Ratio Comparison

The current PMTGX Sharpe Ratio is 1.28, which is comparable to the PHYSX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of PMTGX 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

	PMTGX	PHYSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	1.16	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.89	-0.86
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	1.31	-1.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	1.63	-0.91

Drawdowns

PMTGX vs. PHYSX - Drawdown Comparison

The maximum PMTGX drawdown since its inception was -17.09%, smaller than the maximum PHYSX drawdown of -24.10%. Use the drawdown chart below to compare losses from any high point for PMTGX and PHYSX.

Drawdown Indicators

	PMTGX	PHYSX	Difference
Max Drawdown Largest peak-to-trough decline	-17.09%	-24.10%	+7.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-3.82%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-7.66%	-6.11%	-1.55%
Max Drawdown (5Y) Largest decline over 5 years	-16.86%	-13.99%	-2.87%
Max Drawdown (10Y) Largest decline over 10 years	-17.09%	-19.86%	+2.77%
Current Drawdown Current decline from peak	-2.20%	-0.67%	-1.53%
Average Drawdown Average peak-to-trough decline	-2.13%	-1.88%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	1.29%	-0.17%

Volatility

PMTGX vs. PHYSX - Volatility Comparison

PIA MBS Bond Fund (PMTGX) has a higher volatility of 1.89% compared to PIA High Yield Fund (PHYSX) at 0.84%. This indicates that PMTGX's price experiences larger fluctuations and is considered to be riskier than PHYSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMTGX	PHYSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.89%	0.84%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	3.26%	2.57%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	3.24%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.28%	4.06%	+2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.77%	4.10%	+0.67%

PMTGX vs. PHYSX - Expense Ratio Comparison

PMTGX has a 0.23% expense ratio, which is lower than PHYSX's 0.86% expense ratio.

Dividends

PMTGX vs. PHYSX - Dividend Comparison

PMTGX's dividend yield for the trailing twelve months is around 3.73%, less 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%
PMTGX PIA MBS Bond Fund	3.73%	4.10%	4.16%	3.48%	2.17%	0.79%	2.12%	2.96%	2.76%	2.75%	2.96%	2.79%

Frequently Asked Questions

Can I hold both PMTGX and PHYSX in my portfolio?

PMTGX and PHYSX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMTGX or PHYSX?

PMTGX has higher volatility (1.89%) compared to PHYSX (0.84%). In terms of maximum drawdown, PMTGX dropped -17.09% vs PHYSX's -24.10%.

Which has better risk-adjusted returns?

PMTGX currently has the higher Sharpe Ratio (1.28 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.