PSHNX vs. PSCNX

Last updated Aug 1, 2026

PSHNX (Penn Capital Short Duration High Income Fund) and PSCNX (Penn Capital Special Situations Small Cap Equity Fund) are both mutual funds - PSHNX is a High Yield Bonds fund managed by Penn Capital, while PSCNX is a Small Cap Growth Equities fund managed by Penn Capital. Over the past 5 years, PSHNX returned 4.81%/yr vs 7.28%/yr for PSCNX. Their 0.46 correlation means their historical movements had little consistent relationship. PSHNX charges 1.01%/yr vs 1.71%/yr for PSCNX.

Performance

PSHNX vs. PSCNX - Performance Comparison

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

Returns By Period

In the year-to-date period, PSHNX achieves a 2.16% return, which is significantly lower than PSCNX's 19.59% return.

PSHNX

• 1D: 0.05%
• 1M: 0.05%
• 6M: 1.85%
• YTD: 2.16%
• 1Y: 5.54%
• 3Y*: 7.00%
• 5Y*: 4.81%
• 10Y*: —
• ALL TIME*: 3.98%

PSCNX

• 1D: 1.40%
• 1M: -4.67%
• 6M: 13.56%
• YTD: 19.59%
• 1Y: 26.84%
• 3Y*: 12.15%
• 5Y*: 7.28%
• 10Y*: 12.72%
• ALL TIME*: 12.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PSCNX Penn Capital Special Situations Small Cap Equity Fund	$0.00	$0.00	$0.00
PSHNX Penn Capital Short Duration High Income Fund	$0.00	$0.00	$0.00

PSHNX vs. PSCNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSHNX Penn Capital Short Duration High Income Fund	2.16%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	0.61%	0.65%
PSCNX Penn Capital Special Situations Small Cap Equity Fund	19.59%	12.07%	8.04%	14.14%	-17.98%	32.82%	27.62%	30.69%	-16.22%	10.42%

Correlation

The correlation between PSHNX and PSCNX is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.52
Correlation (5Y) Shows whether the relationship held over a longer period.	0.50
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017	0.46

The correlation between PSHNX and PSCNX has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.

Return for Risk

PSHNX vs. PSCNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 97
PSHNX Calmar Ratio Rank: 96
PSHNX Martin Ratio Rank: 98

PSCNX

PSCNX Risk / Return Rank: 41
PSCNX Sharpe Ratio Rank: 35
PSCNX Sortino Ratio Rank: 36
PSCNX Omega Ratio Rank: 33
PSCNX Calmar Ratio Rank: 53
PSCNX Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PSHNX vs. PSCNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penn Capital Short Duration High Income Fund (PSHNX) and Penn Capital Special Situations Small Cap Equity Fund (PSCNX). 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	PSCNX	Difference
Sharpe ratio: Return per unit of total volatility	2.88	1.15	+1.73
Sortino ratio: Return per unit of downside risk	4.59	1.70	+2.89
Omega ratio: Gain probability vs. loss probability	1.69	1.20	+0.49
Calmar ratio: Return relative to maximum drawdown	4.73	1.98	+2.75
Martin ratio: Return relative to average drawdown	24.06	6.68	+17.38

PSHNX vs. PSCNX - Sharpe Ratio Comparison

The current PSHNX Sharpe Ratio is 2.88, which is higher than the PSCNX Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of PSHNX and PSCNX, 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. PSCNX - Drawdown Comparison

The maximum PSHNX drawdown since its inception was -14.53%, smaller than the maximum PSCNX drawdown of -50.15%. Use the drawdown chart below to compare losses from any high point for PSHNX and PSCNX.

Drawdown Indicators

	PSHNX	PSCNX	Difference
Max Drawdown Largest peak-to-trough decline	-14.53%	-50.15%	+35.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.14%	-12.47%	+11.33%
Max Drawdown (3Y) Largest decline over 3 years	-2.83%	-27.88%	+25.05%
Max Drawdown (5Y) Largest decline over 5 years	-6.02%	-32.09%	+26.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.15%	—
Current Drawdown Current decline from peak	-0.05%	-7.24%	+7.19%
Average Drawdown Average peak-to-trough decline	-0.87%	-9.73%	+8.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	3.69%	-3.47%

Volatility

PSHNX vs. PSCNX - Volatility Comparison

The current volatility for Penn Capital Short Duration High Income Fund (PSHNX) is 0.42%, while Penn Capital Special Situations Small Cap Equity Fund (PSCNX) has a volatility of 5.22%. This indicates that PSHNX experiences smaller price fluctuations and is considered to be less risky than PSCNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSHNX	PSCNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	5.22%	-4.80%
Volatility (6M) Calculated over the trailing 6-month period	1.49%	15.76%	-14.27%
Volatility (1Y) Calculated over the trailing 1-year period	1.88%	21.48%	-19.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.65%	25.37%	-22.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.13%	25.87%	-22.74%

PSHNX vs. PSCNX - Expense Ratio Comparison

PSHNX has a 1.01% expense ratio, which is lower than PSCNX's 1.71% expense ratio.

Dividends

PSHNX vs. PSCNX - Dividend Comparison

PSHNX's dividend yield for the trailing twelve months is around 5.97%, less than PSCNX's 6.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PSCNX Penn Capital Special Situations Small Cap Equity Fund	6.26%	7.49%	1.56%	0.24%	1.76%	23.64%	0.00%	1.24%	9.83%	11.93%	7.11%
PSHNX Penn Capital Short Duration High Income Fund	5.97%	6.27%	6.43%	4.95%	3.47%	3.17%	3.95%	3.65%	3.13%	1.46%	0.00%

Frequently Asked Questions

Can I hold both PSHNX and PSCNX in my portfolio?

PSHNX and PSCNX have a correlation of 0.52, 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 PSCNX?

PSCNX has higher volatility (5.22%) compared to PSHNX (0.42%). In terms of maximum drawdown, PSHNX dropped -14.53% vs PSCNX's -50.15%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (2.88 vs 1.15), 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.