PSH vs. MHY

Last updated Jun 21, 2026

PSH (PGIM Short Duration High Yield ETF) and MHY (Man Active High Yield ETF) are both High Yield Bonds funds. Both are actively managed. A 0.60 correlation means they provide meaningful diversification when combined. PSH charges 0.45%/yr vs 0.69%/yr for MHY.

Performance

PSH vs. MHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Short Duration High Yield ETF (PSH) and Man Active High Yield ETF (MHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSH achieves a 2.28% return, which is significantly lower than MHY's 3.85% return.

PSH

• 1D: 0.13%
• 1M: 0.43%
• YTD: 2.28%
• 6M: 2.58%
• 1Y: 6.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MHY

• 1D: 0.31%
• 1M: 1.46%
• YTD: 3.85%
• 6M: 4.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSH vs. MHY - Yearly Performance Comparison

	2026 (YTD)	2025
PSH PGIM Short Duration High Yield ETF	2.28%	1.02%
MHY Man Active High Yield ETF	3.85%	1.54%

Correlation

The correlation between PSH and MHY is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025	0.60

Return for Risk

PSH vs. MHY — Risk / Return Rank

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

PSH

PSH Risk / Return Rank: 77
PSH Sharpe Ratio Rank: 68
PSH Sortino Ratio Rank: 79
PSH Omega Ratio Rank: 80
PSH Calmar Ratio Rank: 85
PSH Martin Ratio Rank: 73

MHY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PSH vs. MHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Short Duration High Yield ETF (PSH) and Man Active High Yield ETF (MHY). 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	MHY	Difference
Sharpe ratio: Return per unit of total volatility	2.11	—	—
Sortino ratio: Return per unit of downside risk	3.30	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	4.46	—	—
Martin ratio: Return relative to average drawdown	13.19	—	—

Drawdowns

PSH vs. MHY - Drawdown Comparison

The maximum PSH drawdown since its inception was -3.06%, which is greater than MHY's maximum drawdown of -1.58%. Use the drawdown chart below to compare losses from any high point for PSH and MHY.

Drawdown Indicators

	PSH	MHY	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-1.58%	-1.48%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.29%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	—	—

Volatility

Volatility by Period

	PSH	MHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.12%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.00%	2.99%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	2.99%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	2.99%	+0.25%

PSH vs. MHY - Expense Ratio Comparison

PSH has a 0.45% expense ratio, which is lower than MHY's 0.69% expense ratio.

Dividends

PSH vs. MHY - Dividend Comparison

PSH's dividend yield for the trailing twelve months is around 6.64%, more than MHY's 3.56% yield.

Position	TTM	2025	2024
MHY Man Active High Yield ETF	3.56%	3.42%	0.00%
PSH PGIM Short Duration High Yield ETF	6.64%	6.62%	8.35%

Frequently Asked Questions

Can I hold both PSH and MHY in my portfolio?

PSH and MHY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PSH or MHY?

On fees, PSH is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PSH or MHY?

PSH is cheaper with a 0.45% expense ratio, compared with 0.69% for MHY.

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

PSH has the higher dividend yield at 6.64%, compared with 3.56% for MHY.

What is the main difference between PSH and MHY?

They also come from different issuers: PGIM and Man Group. Their fees differ too: 0.45% for PSH and 0.69% for MHY.