PSHNX vs. VWEAX

Last updated Jun 5, 2026

PSHNX (Penn Capital Short Duration High Income Fund) and VWEAX (Vanguard High-Yield Corporate Fund Admiral Shares) are both High Yield Bonds funds. Over the past 5 years, PSHNX returned 4.81%/yr vs 4.15%/yr for VWEAX. A 0.72 correlation means they provide meaningful diversification when combined. PSHNX charges 1.01%/yr vs 0.13%/yr for VWEAX.

Performance

PSHNX vs. VWEAX - Performance Comparison

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

Returns By Period

In the year-to-date period, PSHNX achieves a 1.52% return, which is significantly higher than VWEAX's 1.01% return.

PSHNX

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

VWEAX

• 1D: -0.18%
• 1M: 0.36%
• YTD: 1.01%
• 6M: 1.72%
• 1Y: 6.73%
• 3Y*: 8.21%
• 5Y*: 4.15%
• 10Y*: 5.24%

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

PSHNX vs. VWEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSHNX Penn Capital Short Duration High Income Fund	1.52%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	0.61%	0.65%
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares	1.01%	9.49%	6.42%	11.79%	-8.95%	3.04%	5.41%	15.92%	-2.80%	1.48%

Correlation

The correlation between PSHNX and VWEAX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jul 21, 2017	0.72

The correlation between PSHNX and VWEAX has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.

Return for Risk

PSHNX vs. VWEAX — 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

VWEAX

VWEAX Risk / Return Rank: 67
VWEAX Sharpe Ratio Rank: 52
VWEAX Sortino Ratio Rank: 76
VWEAX Omega Ratio Rank: 80
VWEAX Calmar Ratio Rank: 52
VWEAX Martin Ratio Rank: 74

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. VWEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penn Capital Short Duration High Income Fund (PSHNX) and Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX). 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	VWEAX	Difference
Sharpe ratio: Return per unit of total volatility	3.35	2.13	+1.22
Sortino ratio: Return per unit of downside risk	5.46	3.69	+1.77
Omega ratio: Gain probability vs. loss probability	1.79	1.53	+0.26
Calmar ratio: Return relative to maximum drawdown	5.56	2.76	+2.80
Martin ratio: Return relative to average drawdown	28.31	14.07	+14.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSHNX vs. VWEAX - Sharpe Ratio Comparison

The current PSHNX Sharpe Ratio is 3.35, which is higher than the VWEAX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of PSHNX and VWEAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSHNX	VWEAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.35	2.13	+1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.83	0.85	+0.98
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	1.23	+0.03

Drawdowns

PSHNX vs. VWEAX - Drawdown Comparison

The maximum PSHNX drawdown since its inception was -14.53%, smaller than the maximum VWEAX drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for PSHNX and VWEAX.

Drawdown Indicators

	PSHNX	VWEAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.53%	-30.05%	+15.52%
Max Drawdown (1Y) Largest decline over 1 year	-1.14%	-2.52%	+1.38%
Max Drawdown (3Y) Largest decline over 3 years	-2.83%	-3.32%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-6.02%	-13.77%	+7.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.68%	—
Current Drawdown Current decline from peak	-0.10%	-0.18%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.89%	-2.12%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.49%	-0.27%

Volatility

PSHNX vs. VWEAX - Volatility Comparison

The current volatility for Penn Capital Short Duration High Income Fund (PSHNX) is 0.69%, while Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) has a volatility of 0.98%. This indicates that PSHNX experiences smaller price fluctuations and is considered to be less risky than VWEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSHNX	VWEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.98%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	1.48%	2.56%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	1.90%	3.26%	-1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.65%	4.91%	-2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	5.28%	-2.12%

PSHNX vs. VWEAX - Expense Ratio Comparison

PSHNX has a 1.01% expense ratio, which is higher than VWEAX's 0.13% expense ratio.

Dividends

PSHNX vs. VWEAX - Dividend Comparison

PSHNX's dividend yield for the trailing twelve months is around 6.08%, less than VWEAX's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
VWEAX Vanguard High-Yield Corporate Fund Admiral Shares	6.37%	6.25%	6.20%	5.79%	5.21%	3.49%	4.71%	5.33%	6.07%	5.39%	5.51%	6.53%

Frequently Asked Questions

Can I hold both PSHNX and VWEAX in my portfolio?

PSHNX and VWEAX have a correlation of 0.66, 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 VWEAX?

VWEAX has higher volatility (0.98%) compared to PSHNX (0.69%). In terms of maximum drawdown, PSHNX dropped -14.53% vs VWEAX's -30.05%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.35 vs 2.13), 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.