PSHNX vs. FIJWX

Last updated Jun 20, 2026

PSHNX (Penn Capital Short Duration High Income Fund) and FIJWX (Fidelity Advisor Short Duration High Income Fund Class Z) are both High Yield Bonds funds. Over the past 5 years, PSHNX returned 4.86%/yr vs 4.54%/yr for FIJWX. A 0.76 correlation means they provide meaningful diversification when combined. PSHNX charges 1.01%/yr vs 0.66%/yr for FIJWX.

Performance

PSHNX vs. FIJWX - Performance Comparison

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

Returns By Period

In the year-to-date period, PSHNX achieves a 1.84% return, which is significantly lower than FIJWX's 2.98% return.

PSHNX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 1.84%
• 6M: 2.16%
• 1Y: 6.11%
• 3Y*: 7.24%
• 5Y*: 4.86%
• 10Y*: —

FIJWX

• 1D: 0.00%
• 1M: 0.61%
• YTD: 2.98%
• 6M: 3.49%
• 1Y: 8.64%
• 3Y*: 8.56%
• 5Y*: 4.54%
• 10Y*: —

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

PSHNX vs. FIJWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PSHNX Penn Capital Short Duration High Income Fund	1.84%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	-1.41%
FIJWX Fidelity Advisor Short Duration High Income Fund Class Z	2.98%	7.84%	8.30%	10.24%	-7.26%	2.86%	3.97%	9.53%	-2.92%

Correlation

The correlation between PSHNX and FIJWX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.76

The correlation between PSHNX and FIJWX has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

Return for Risk

PSHNX vs. FIJWX — Risk / Return Rank

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

PSHNX

PSHNX Risk / Return Rank: 97
PSHNX Sharpe Ratio Rank: 97
PSHNX Sortino Ratio Rank: 97
PSHNX Omega Ratio Rank: 96
PSHNX Calmar Ratio Rank: 95
PSHNX Martin Ratio Rank: 98

FIJWX

FIJWX Risk / Return Rank: 96
FIJWX Sharpe Ratio Rank: 95
FIJWX Sortino Ratio Rank: 97
FIJWX Omega Ratio Rank: 96
FIJWX Calmar Ratio Rank: 95
FIJWX Martin Ratio Rank: 98

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. FIJWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penn Capital Short Duration High Income Fund (PSHNX) and Fidelity Advisor Short Duration High Income Fund Class Z (FIJWX). 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.

	PSHNX	FIJWX	Difference
Sharpe ratio: Return per unit of total volatility	3.31	3.01	+0.30
Sortino ratio: Return per unit of downside risk	5.39	5.68	-0.28
Omega ratio: Gain probability vs. loss probability	1.79	1.78	+0.01
Calmar ratio: Return relative to maximum drawdown	5.46	5.27	+0.19
Martin ratio: Return relative to average drawdown	27.70	26.54	+1.16

PSHNX vs. FIJWX - Sharpe Ratio Comparison

The current PSHNX Sharpe Ratio is 3.31, which is comparable to the FIJWX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of PSHNX and FIJWX, 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

PSHNX vs. FIJWX - Drawdown Comparison

The maximum PSHNX drawdown since its inception was -14.53%, smaller than the maximum FIJWX drawdown of -16.77%. Use the drawdown chart below to compare losses from any high point for PSHNX and FIJWX.

Drawdown Indicators

	PSHNX	FIJWX	Difference
Max Drawdown Largest peak-to-trough decline	-14.53%	-16.77%	+2.24%
Max Drawdown (1Y) Largest decline over 1 year	-1.14%	-1.67%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-2.83%	-3.18%	+0.35%
Max Drawdown (5Y) Largest decline over 5 years	-6.02%	-9.28%	+3.26%
Current Drawdown Current decline from peak	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-0.88%	-1.64%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.33%	-0.10%

Volatility

PSHNX vs. FIJWX - Volatility Comparison

The current volatility for Penn Capital Short Duration High Income Fund (PSHNX) is 0.51%, while Fidelity Advisor Short Duration High Income Fund Class Z (FIJWX) has a volatility of 0.88%. This indicates that PSHNX experiences smaller price fluctuations and is considered to be less risky than FIJWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSHNX	FIJWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.88%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	1.48%	2.32%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	1.89%	2.92%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.65%	3.84%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.15%	4.64%	-1.49%

PSHNX vs. FIJWX - Expense Ratio Comparison

PSHNX has a 1.01% expense ratio, which is higher than FIJWX's 0.66% expense ratio.

Dividends

PSHNX vs. FIJWX - Dividend Comparison

PSHNX's dividend yield for the trailing twelve months is around 6.06%, less than FIJWX's 7.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIJWX Fidelity Advisor Short Duration High Income Fund Class Z	7.38%	7.45%	6.59%	6.04%	2.92%	2.93%	3.57%	4.30%	1.29%	0.00%
PSHNX Penn Capital Short Duration High Income Fund	6.06%	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 FIJWX in my portfolio?

PSHNX and FIJWX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSHNX or FIJWX?

FIJWX has higher volatility (0.88%) compared to PSHNX (0.51%). In terms of maximum drawdown, PSHNX dropped -14.53% vs FIJWX's -16.77%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.31 vs 3.01), 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.