PSHNX vs. ATPYX

Last updated Jun 5, 2026

PSHNX (Penn Capital Short Duration High Income Fund) and ATPYX (Aquila High Income Fund) are both High Yield Bonds funds. Their correlation of 0.95 suggests significant overlap in exposure. PSHNX charges 1.01%/yr vs 0.98%/yr for ATPYX.

Performance

PSHNX vs. ATPYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Penn Capital Short Duration High Income Fund (PSHNX) and Aquila High Income Fund (ATPYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PSHNX

• 1D: -0.10%
• 1M: 0.37%
• YTD: 1.52%
• 6M: 2.26%
• 1Y: 6.22%
• 3Y*: 7.29%
• 5Y*: 4.81%
• 10Y*: —

ATPYX

• 1D: -0.12%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSHNX vs. ATPYX - Yearly Performance Comparison

	2026 (YTD)
PSHNX Penn Capital Short Duration High Income Fund	0.00%
ATPYX Aquila High Income Fund	0.37%

Correlation

The correlation between PSHNX and ATPYX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.95

Return for Risk

PSHNX vs. ATPYX — Risk / Return Rank

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

PSHNX

PSHNX Risk / Return Rank: 96
PSHNX Sharpe Ratio Rank: 95
PSHNX Sortino Ratio Rank: 96
PSHNX Omega Ratio Rank: 95
PSHNX Calmar Ratio Rank: 95
PSHNX Martin Ratio Rank: 97

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.

PSHNX vs. ATPYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penn Capital Short Duration High Income Fund (PSHNX) and Aquila High Income Fund (ATPYX). 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.

	PSHNX	ATPYX	Difference
Sharpe ratio: Return per unit of total volatility	3.35	—	—
Sortino ratio: Return per unit of downside risk	5.46	—	—
Omega ratio: Gain probability vs. loss probability	1.79	—	—
Calmar ratio: Return relative to maximum drawdown	5.56	—	—
Martin ratio: Return relative to average drawdown	28.31	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PSHNX	ATPYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.35	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	5.35	-4.08

Drawdowns

PSHNX vs. ATPYX - Drawdown Comparison

The maximum PSHNX drawdown since its inception was -14.53%, which is greater than ATPYX's maximum drawdown of -0.24%. Use the drawdown chart below to compare losses from any high point for PSHNX and ATPYX.

Drawdown Indicators

	PSHNX	ATPYX	Difference
Max Drawdown Largest peak-to-trough decline	-14.53%	-0.24%	-14.29%
Max Drawdown (1Y) Largest decline over 1 year	-1.14%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.02%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.24%	+0.14%
Average Drawdown Average peak-to-trough decline	-0.89%	-0.12%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	—	—

Volatility

Volatility by Period

	PSHNX	ATPYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.48%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.90%	5.58%	-3.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.65%	5.58%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	5.58%	-2.42%

PSHNX vs. ATPYX - Expense Ratio Comparison

PSHNX has a 1.01% expense ratio, which is higher than ATPYX's 0.98% expense ratio.

Dividends

PSHNX vs. ATPYX - Dividend Comparison

PSHNX's dividend yield for the trailing twelve months is around 6.08%, more than ATPYX's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ATPYX Aquila High Income Fund	0.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSHNX Penn Capital Short Duration High Income Fund	6.08%	6.27%	6.43%	4.95%	3.47%	3.17%	3.95%	3.65%	3.13%	1.46%

Frequently Asked Questions

Can I hold both PSHNX and ATPYX in my portfolio?

With a correlation of 0.95, PSHNX and ATPYX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.