PNNT vs. USHY
PNNT (PennantPark Investment Corporation) is a stock, while USHY (iShares Broad USD High Yield Corporate Bond ETF) is High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Over the past 5 years, PNNT returned 0.83%/yr vs 4.21%/yr for USHY. At a 0.35 correlation, their price movements are largely independent.
Performance
PNNT vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, PNNT achieves a -29.84% return, which is significantly lower than USHY's 1.75% return.
PNNT
- 1D
- 1.58%
- 1M
- -8.53%
- YTD
- -29.84%
- 6M
- -27.65%
- 1Y
- -33.82%
- 3Y*
- 0.38%
- 5Y*
- 0.83%
- 10Y*
- 7.07%
USHY
- 1D
- 0.03%
- 1M
- 0.59%
- YTD
- 1.75%
- 6M
- 2.37%
- 1Y
- 6.90%
- 3Y*
- 8.94%
- 5Y*
- 4.21%
- 10Y*
- —
PNNT vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PNNT PennantPark Investment Corporation | -29.84% | -2.96% | 16.56% | 37.25% | -8.90% | 61.71% | -17.99% | 14.30% | 2.05% | -5.37% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.75% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between PNNT and USHY is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.35 |
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Return for Risk
PNNT vs. USHY — Risk / Return Rank
PNNT
USHY
PNNT vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PennantPark Investment Corporation (PNNT) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.
| PNNT | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.13 | ||
| Sortino ratioReturn per unit of downside risk | -4.53 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.36 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 2.85 | -3.65 |
| Martin ratioReturn relative to average drawdown | -1.65 | 12.77 | -14.42 |
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Drawdowns
PNNT vs. USHY - Drawdown Comparison
The maximum PNNT drawdown since its inception was -82.16%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for PNNT and USHY.
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Drawdown Indicators
| PNNT | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.16% | -22.44% | -59.72% |
Max Drawdown (1Y)Largest decline over 1 year | -42.61% | -2.43% | -40.18% |
Max Drawdown (3Y)Largest decline over 3 years | -42.61% | -4.66% | -37.95% |
Max Drawdown (5Y)Largest decline over 5 years | -42.61% | -15.56% | -27.05% |
Max Drawdown (10Y)Largest decline over 10 years | -69.14% | — | — |
Current DrawdownCurrent decline from peak | -40.28% | 0.00% | -40.28% |
Average DrawdownAverage peak-to-trough decline | -15.29% | -2.66% | -12.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.58% | 0.54% | +20.04% |
Volatility
PNNT vs. USHY - Volatility Comparison
PennantPark Investment Corporation (PNNT) has a higher volatility of 9.97% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.20%. This indicates that PNNT's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PNNT | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.97% | 1.20% | +8.77% |
Volatility (6M)Calculated over the trailing 6-month period | 23.95% | 2.96% | +20.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.06% | 3.69% | +23.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.79% | 7.35% | +16.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.76% | 8.24% | +24.52% |
Dividends
PNNT vs. USHY - Dividend Comparison
PNNT's dividend yield for the trailing twelve months is around 24.94%, more than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PNNT PennantPark Investment Corporation | 24.94% | 16.11% | 12.85% | 11.65% | 10.43% | 6.93% | 11.71% | 11.03% | 11.30% | 10.42% | 14.62% | 18.12% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
PNNT and USHY have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PNNT has higher volatility (9.97%) compared to USHY (1.20%). In terms of maximum drawdown, PNNT dropped -82.16% vs USHY's -22.44%.
USHY currently has the higher Sharpe Ratio (1.88 vs -1.25), 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.
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