PSH vs. HYZD

Last updated Aug 4, 2026

PSH (PGIM Short Duration High Yield ETF) and HYZD (WisdomTree Interest Rate Hedged High Yield Bond Fund) are both High Yield Bonds funds. PSH is actively managed, while HYZD is passively managed. Over the past year, PSH returned 5.13% vs 7.88% for HYZD. Their 0.38 correlation means their historical movements had little consistent relationship. PSH charges 0.45%/yr vs 0.43%/yr for HYZD.

Performance

PSH vs. HYZD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Short Duration High Yield ETF (PSH) and WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSH achieves a 2.46% return, which is significantly lower than HYZD's 3.90% return.

PSH

• 1D: -0.03%
• 1M: -0.09%
• 6M: 2.01%
• YTD: 2.46%
• 1Y: 5.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.91%

HYZD

• 1D: 0.39%
• 1M: 0.91%
• 6M: 3.28%
• YTD: 3.90%
• 1Y: 7.88%
• 3Y*: 8.79%
• 5Y*: 6.43%
• 10Y*: 5.40%
• ALL TIME*: 4.43%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund	$1.61M	$1.76M	$1.59M
PSH PGIM Short Duration High Yield ETF	$1.64M	$1.48M	$1.32M

PSH vs. HYZD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSH PGIM Short Duration High Yield ETF	2.46%	7.34%	7.96%	0.35%
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund	3.90%	7.67%	9.39%	0.33%

Correlation

The correlation between PSH and HYZD is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (All Time) Calculated using the full available price history since Dec 19, 2023	0.38

Return for Risk

PSH vs. HYZD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PSH

PSH Risk / Return Rank: 80
PSH Sharpe Ratio Rank: 73
PSH Sortino Ratio Rank: 80
PSH Omega Ratio Rank: 82
PSH Calmar Ratio Rank: 87
PSH Martin Ratio Rank: 79

HYZD

HYZD Risk / Return Rank: 94
HYZD Sharpe Ratio Rank: 94
HYZD Sortino Ratio Rank: 96
HYZD Omega Ratio Rank: 95
HYZD Calmar Ratio Rank: 91
HYZD Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PSH vs. HYZD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Short Duration High Yield ETF (PSH) and WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD). 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.

	PSH	HYZD	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.65	-0.90
Sortino ratio: Return per unit of downside risk	2.74	4.36	-1.61
Omega ratio: Gain probability vs. loss probability	1.36	1.55	-0.19
Calmar ratio: Return relative to maximum drawdown	3.64	4.14	-0.51
Martin ratio: Return relative to average drawdown	10.76	18.11	-7.34

PSH vs. HYZD - Sharpe Ratio Comparison

The current PSH Sharpe Ratio is 1.75, which is lower than the HYZD Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of PSH and HYZD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PSH vs. HYZD - Drawdown Comparison

The maximum PSH drawdown since its inception was -3.06%, smaller than the maximum HYZD drawdown of -25.66%. Use the drawdown chart below to compare losses from any high point for PSH and HYZD.

Drawdown Indicators

	PSH	HYZD	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-25.66%	+22.60%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-1.91%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.85%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.66%	—
Current Drawdown Current decline from peak	-0.19%	0.00%	-0.19%
Average Drawdown Average peak-to-trough decline	-0.26%	-2.18%	+1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.44%	+0.04%

Volatility

PSH vs. HYZD - Volatility Comparison

PGIM Short Duration High Yield ETF (PSH) has a higher volatility of 0.63% compared to WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD) at 0.57%. This indicates that PSH's price experiences larger fluctuations and is considered to be riskier than HYZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSH	HYZD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.57%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	2.41%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	2.99%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.20%	6.70%	-3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.20%	8.51%	-5.31%

PSH vs. HYZD - Expense Ratio Comparison

PSH has a 0.45% expense ratio, which is higher than HYZD's 0.43% expense ratio.

Dividends

PSH vs. HYZD - Dividend Comparison

PSH's dividend yield for the trailing twelve months is around 6.47%, more than HYZD's 5.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund	5.87%	6.05%	6.08%	5.94%	5.14%	4.02%	5.13%	5.50%	5.58%	4.94%	5.07%	4.38%
PSH PGIM Short Duration High Yield ETF	6.47%	6.62%	8.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSH and HYZD in my portfolio?

PSH and HYZD have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSH or HYZD?

PSH has higher volatility (0.63%) compared to HYZD (0.57%). In terms of maximum drawdown, PSH dropped -3.06% vs HYZD's -25.66%.

Which ETF is better, PSH or HYZD?

On 1-year performance, HYZD leads with 7.88% vs 5.13% for PSH. On fees, HYZD is cheaper at 0.43% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSH or HYZD?

Over the 1-year period, HYZD has performed better with a 7.88% return vs 5.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSH or HYZD?

HYZD is cheaper with a 0.43% expense ratio, compared with 0.45% for PSH.

Which ETF pays a higher dividend yield, PSH or HYZD?

PSH has the higher dividend yield at 6.47%, compared with 5.87% for HYZD.

What is the main difference between PSH and HYZD?

They also come from different issuers: PGIM and WisdomTree. Their fees differ too: 0.45% for PSH and 0.43% for HYZD.

Which has better risk-adjusted returns?

HYZD currently has the higher Sharpe Ratio (2.65 vs 1.75), 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.