PSHNX vs. PRHYX

Last updated Jun 23, 2026

PSHNX (Penn Capital Short Duration High Income Fund) and PRHYX (T. Rowe Price High Yield Fund) are both High Yield Bonds funds. Over the past 5 years, PSHNX returned 4.86%/yr vs 6.21%/yr for PRHYX. A 0.71 correlation means they provide meaningful diversification when combined. PSHNX charges 1.01%/yr vs 0.70%/yr for PRHYX.

Performance

PSHNX vs. PRHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Penn Capital Short Duration High Income Fund (PSHNX) and T. Rowe Price High Yield Fund (PRHYX). 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 higher than PRHYX's 1.39% return.

PSHNX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 1.84%
• 6M: 2.05%
• 1Y: 6.11%
• 3Y*: 7.24%
• 5Y*: 4.86%
• 10Y*: —

PRHYX

• 1D: 0.00%
• 1M: 0.40%
• YTD: 1.39%
• 6M: 2.08%
• 1Y: 6.57%
• 3Y*: 11.74%
• 5Y*: 6.21%
• 10Y*: 6.43%

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

PSHNX vs. PRHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSHNX Penn Capital Short Duration High Income Fund	1.84%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	0.61%	0.65%
PRHYX T. Rowe Price High Yield Fund	1.39%	10.44%	12.07%	20.05%	-12.48%	5.22%	4.99%	14.69%	-3.30%	2.29%

Correlation

The correlation between PSHNX and PRHYX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017	0.71

The correlation between PSHNX and PRHYX shifts across timeframes, from 0.62 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PSHNX vs. PRHYX — 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

PRHYX

PRHYX Risk / Return Rank: 74
PRHYX Sharpe Ratio Rank: 58
PRHYX Sortino Ratio Rank: 79
PRHYX Omega Ratio Rank: 79
PRHYX Calmar Ratio Rank: 68
PRHYX Martin Ratio Rank: 84

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. PRHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penn Capital Short Duration High Income Fund (PSHNX) and T. Rowe Price High Yield Fund (PRHYX). 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	PRHYX	Difference
Sharpe ratio: Return per unit of total volatility	3.31	2.07	+1.23
Sortino ratio: Return per unit of downside risk	5.39	3.43	+1.97
Omega ratio: Gain probability vs. loss probability	1.79	1.47	+0.32
Calmar ratio: Return relative to maximum drawdown	5.46	3.03	+2.43
Martin ratio: Return relative to average drawdown	27.70	14.55	+13.15

PSHNX vs. PRHYX - Sharpe Ratio Comparison

The current PSHNX Sharpe Ratio is 3.31, which is higher than the PRHYX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of PSHNX and PRHYX, 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. PRHYX - Drawdown Comparison

The maximum PSHNX drawdown since its inception was -14.53%, smaller than the maximum PRHYX drawdown of -30.79%. Use the drawdown chart below to compare losses from any high point for PSHNX and PRHYX.

Drawdown Indicators

	PSHNX	PRHYX	Difference
Max Drawdown Largest peak-to-trough decline	-14.53%	-30.79%	+16.26%
Max Drawdown (1Y) Largest decline over 1 year	-1.14%	-2.17%	+1.03%
Max Drawdown (3Y) Largest decline over 3 years	-2.83%	-3.33%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-6.02%	-16.43%	+10.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.10%	—
Current Drawdown Current decline from peak	0.00%	-0.50%	+0.50%
Average Drawdown Average peak-to-trough decline	-0.88%	-3.63%	+2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.45%	-0.22%

Volatility

PSHNX vs. PRHYX - Volatility Comparison

The current volatility for Penn Capital Short Duration High Income Fund (PSHNX) is 0.51%, while T. Rowe Price High Yield Fund (PRHYX) has a volatility of 0.95%. This indicates that PSHNX experiences smaller price fluctuations and is considered to be less risky than PRHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSHNX	PRHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.95%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	1.48%	2.52%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	1.89%	3.18%	-1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.65%	5.34%	-2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.15%	5.59%	-2.44%

PSHNX vs. PRHYX - Expense Ratio Comparison

PSHNX has a 1.01% expense ratio, which is higher than PRHYX's 0.70% expense ratio.

Dividends

PSHNX vs. PRHYX - Dividend Comparison

PSHNX's dividend yield for the trailing twelve months is around 6.06%, less than PRHYX's 6.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRHYX T. Rowe Price High Yield Fund	6.74%	8.33%	11.50%	11.49%	4.68%	5.09%	5.19%	5.48%	6.25%	5.49%	6.02%	6.45%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSHNX and PRHYX in my portfolio?

PSHNX and PRHYX have a correlation of 0.62, 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 PRHYX?

PRHYX has higher volatility (0.95%) compared to PSHNX (0.51%). In terms of maximum drawdown, PSHNX dropped -14.53% vs PRHYX's -30.79%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.31 vs 2.07), 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.