PSH vs. IBHH
PSH (PGIM Short Duration High Yield ETF) and IBHH (iShares iBonds 2028 Term High Yield and Income ETF) are both High Yield Bonds funds. PSH is actively managed, while IBHH is passively managed. Over the past year, PSH returned 6.17% vs 6.09% for IBHH. A 0.67 correlation means they provide meaningful diversification when combined. PSH charges 0.45%/yr vs 0.35%/yr for IBHH.
Performance
PSH vs. IBHH - Performance Comparison
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Returns By Period
In the year-to-date period, PSH achieves a 2.28% return, which is significantly higher than IBHH's 1.92% return.
PSH
- 1D
- 0.13%
- 1M
- 0.43%
- YTD
- 2.28%
- 6M
- 2.58%
- 1Y
- 6.17%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBHH
- 1D
- 0.29%
- 1M
- 0.50%
- YTD
- 1.92%
- 6M
- 2.20%
- 1Y
- 6.09%
- 3Y*
- 8.44%
- 5Y*
- —
- 10Y*
- —
PSH vs. IBHH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PSH PGIM Short Duration High Yield ETF | 2.28% | 7.34% | 7.96% | 0.35% |
IBHH iShares iBonds 2028 Term High Yield and Income ETF | 1.92% | 8.02% | 7.53% | 0.71% |
Correlation
The correlation between PSH and IBHH is 0.68, 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 | 0.68 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2023 | 0.67 |
The correlation between PSH and IBHH has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.
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Return for Risk
PSH vs. IBHH — Risk / Return Rank
PSH
IBHH
PSH vs. IBHH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Short Duration High Yield ETF (PSH) and iShares iBonds 2028 Term High Yield and Income ETF (IBHH). 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 | IBHH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.44 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.46 | 5.26 | -0.80 |
| Martin ratioReturn relative to average drawdown | 13.19 | 21.04 | -7.85 |
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Drawdowns
PSH vs. IBHH - Drawdown Comparison
The maximum PSH drawdown since its inception was -3.06%, smaller than the maximum IBHH drawdown of -12.05%. Use the drawdown chart below to compare losses from any high point for PSH and IBHH.
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Drawdown Indicators
| PSH | IBHH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.06% | -12.05% | +8.99% |
Max Drawdown (1Y)Largest decline over 1 year | -1.42% | -1.22% | -0.20% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.66% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -2.28% | +2.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.31% | +0.17% |
Volatility
PSH vs. IBHH - Volatility Comparison
The current volatility for PGIM Short Duration High Yield ETF (PSH) is 0.61%, while iShares iBonds 2028 Term High Yield and Income ETF (IBHH) has a volatility of 0.72%. This indicates that PSH experiences smaller price fluctuations and is considered to be less risky than IBHH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSH | IBHH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.72% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.12% | 2.11% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 2.82% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.24% | 7.22% | -3.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.24% | 7.22% | -3.98% |
PSH vs. IBHH - Expense Ratio Comparison
PSH has a 0.45% expense ratio, which is higher than IBHH's 0.35% expense ratio.
Dividends
PSH vs. IBHH - Dividend Comparison
PSH's dividend yield for the trailing twelve months is around 6.64%, more than IBHH's 6.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
IBHH iShares iBonds 2028 Term High Yield and Income ETF | 6.25% | 6.39% | 6.93% | 6.65% | 5.36% |
PSH PGIM Short Duration High Yield ETF | 6.64% | 6.62% | 8.35% | 0.00% | 0.00% |
Frequently Asked Questions
PSH and IBHH have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBHH has higher volatility (0.72%) compared to PSH (0.61%). In terms of maximum drawdown, PSH dropped -3.06% vs IBHH's -12.05%.
On 1-year performance, PSH leads with 6.17% vs 6.09% for IBHH. On fees, IBHH is cheaper at 0.35% per year. On volatility, PSH has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PSH has performed better with a 6.17% return vs 6.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBHH is cheaper with a 0.35% expense ratio, compared with 0.45% for PSH.
PSH has the higher dividend yield at 6.64%, compared with 6.25% for IBHH.
They also come from different issuers: PGIM and iShares. Their fees differ too: 0.45% for PSH and 0.35% for IBHH.
IBHH currently has the higher Sharpe Ratio (2.29 vs 2.11), 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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