PSHYX vs. SNSAX

Last updated Jun 24, 2026

PSHYX (Pioneer Short Term Income Fund) and SNSAX (SEI Asset Allocation Trust Defensive Strategy Fund) are both Short-Term Bond funds. Over the past 10 years, PSHYX returned 2.52%/yr vs 2.84%/yr for SNSAX. At a 0.29 correlation, their price movements are largely independent. PSHYX charges 0.46%/yr vs 0.61%/yr for SNSAX.

Performance

PSHYX vs. SNSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Short Term Income Fund (PSHYX) and SEI Asset Allocation Trust Defensive Strategy Fund (SNSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSHYX achieves a 0.55% return, which is significantly lower than SNSAX's 1.56% return. Over the past 10 years, PSHYX has underperformed SNSAX with an annualized return of 2.52%, while SNSAX has yielded a comparatively higher 2.84% annualized return.

PSHYX

• 1D: -0.11%
• 1M: 0.18%
• YTD: 0.55%
• 6M: 0.98%
• 1Y: 2.91%
• 3Y*: 4.56%
• 5Y*: 2.53%
• 10Y*: 2.52%

SNSAX

• 1D: -0.10%
• 1M: -0.10%
• YTD: 1.56%
• 6M: 1.66%
• 1Y: 4.68%
• 3Y*: 5.29%
• 5Y*: 2.93%
• 10Y*: 2.84%

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

PSHYX vs. SNSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSHYX Pioneer Short Term Income Fund	0.55%	4.96%	4.93%	5.64%	-3.42%	1.83%	1.79%	4.74%	1.77%	1.72%
SNSAX SEI Asset Allocation Trust Defensive Strategy Fund	1.56%	6.29%	5.12%	4.67%	-3.55%	2.35%	2.72%	6.25%	-0.26%	2.81%

Correlation

The correlation between PSHYX and SNSAX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jul 12, 2004	0.29

Over the past year, PSHYX and SNSAX have become more correlated (0.51) than their long-term average of 0.29, meaning their price movements have been converging.

Return for Risk

PSHYX vs. SNSAX — Risk / Return Rank

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

PSHYX

PSHYX Risk / Return Rank: 47
PSHYX Sharpe Ratio Rank: 32
PSHYX Sortino Ratio Rank: 54
PSHYX Omega Ratio Rank: 54
PSHYX Calmar Ratio Rank: 54
PSHYX Martin Ratio Rank: 41

SNSAX

SNSAX Risk / Return Rank: 85
SNSAX Sharpe Ratio Rank: 89
SNSAX Sortino Ratio Rank: 90
SNSAX Omega Ratio Rank: 87
SNSAX Calmar Ratio Rank: 80
SNSAX Martin Ratio Rank: 81

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.

PSHYX vs. SNSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Short Term Income Fund (PSHYX) and SEI Asset Allocation Trust Defensive Strategy Fund (SNSAX). 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.

	PSHYX	SNSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.71	-1.20
Sortino ratio: Return per unit of downside risk	2.82	4.08	-1.26
Omega ratio: Gain probability vs. loss probability	1.37	1.57	-0.19
Calmar ratio: Return relative to maximum drawdown	2.69	3.51	-0.82
Martin ratio: Return relative to average drawdown	8.34	14.02	-5.69

PSHYX vs. SNSAX - Sharpe Ratio Comparison

The current PSHYX Sharpe Ratio is 1.51, which is lower than the SNSAX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of PSHYX and SNSAX, 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

PSHYX vs. SNSAX - Drawdown Comparison

The maximum PSHYX drawdown since its inception was -12.98%, which is greater than SNSAX's maximum drawdown of -12.22%. Use the drawdown chart below to compare losses from any high point for PSHYX and SNSAX.

Drawdown Indicators

	PSHYX	SNSAX	Difference
Max Drawdown Largest peak-to-trough decline	-12.98%	-12.22%	-0.76%
Max Drawdown (1Y) Largest decline over 1 year	-1.13%	-1.41%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	-1.96%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-5.88%	-6.87%	+0.99%
Max Drawdown (10Y) Largest decline over 10 years	-12.98%	-6.87%	-6.11%
Current Drawdown Current decline from peak	-0.34%	-0.40%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.63%	-1.83%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.35%	+0.01%

Volatility

PSHYX vs. SNSAX - Volatility Comparison

Pioneer Short Term Income Fund (PSHYX) and SEI Asset Allocation Trust Defensive Strategy Fund (SNSAX) have volatilities of 0.64% and 0.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSHYX	SNSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.66%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	1.39%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	1.83%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.26%	2.80%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.49%	2.58%	-0.09%

PSHYX vs. SNSAX - Expense Ratio Comparison

PSHYX has a 0.46% expense ratio, which is lower than SNSAX's 0.61% expense ratio.

Dividends

PSHYX vs. SNSAX - Dividend Comparison

PSHYX's dividend yield for the trailing twelve months is around 5.10%, more than SNSAX's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSHYX Pioneer Short Term Income Fund	5.10%	5.20%	4.23%	3.96%	3.46%	2.47%	2.77%	3.35%	2.71%	2.24%	2.04%	1.85%
SNSAX SEI Asset Allocation Trust Defensive Strategy Fund	3.13%	3.19%	4.20%	3.08%	3.74%	3.47%	1.88%	2.40%	1.81%	1.85%	1.19%	1.21%

Frequently Asked Questions

Can I hold both PSHYX and SNSAX in my portfolio?

PSHYX and SNSAX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSHYX or SNSAX?

SNSAX has higher volatility (0.66%) compared to PSHYX (0.64%). In terms of maximum drawdown, PSHYX dropped -12.98% vs SNSAX's -12.22%.

Which has better risk-adjusted returns?

SNSAX currently has the higher Sharpe Ratio (2.71 vs 1.51), 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.