PYEQX vs. VHYAX

Last updated Aug 5, 2026

PYEQX (Pioneer Equity Income Y) and VHYAX (Vanguard High Dividend Yield Index Fund Admiral Shares) are both mutual funds - PYEQX is a Dividend fund managed by Amundi, while VHYAX is a Large Cap Value Equities fund tracking the FTSE High Dividend Yield Index. Over the past 5 years, PYEQX returned 8.90%/yr vs 12.32%/yr for VHYAX. Their correlation of 0.95 means they have usually moved in the same direction. PYEQX charges 0.81%/yr vs 0.08%/yr for VHYAX.

Performance

PYEQX vs. VHYAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer Equity Income Y (PYEQX) and Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PYEQX having a 15.20% return and VHYAX slightly lower at 14.76%.

PYEQX

• 1D: 0.77%
• 1M: 3.44%
• 6M: 8.68%
• YTD: 15.20%
• 1Y: 23.27%
• 3Y*: 13.73%
• 5Y*: 8.90%
• 10Y*: 9.76%
• ALL TIME*: 7.64%

VHYAX

• 1D: 0.53%
• 1M: 2.00%
• 6M: 8.39%
• YTD: 14.76%
• 1Y: 24.02%
• 3Y*: 17.66%
• 5Y*: 12.32%
• 10Y*: —
• ALL TIME*: 12.74%

*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)
PYEQX Pioneer Equity Income Y	$0.00	$0.00	$0.00
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	$0.00	$0.00	$0.00

PYEQX vs. VHYAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PYEQX Pioneer Equity Income Y	15.20%	11.46%	11.46%	7.54%	-7.92%	25.56%	0.09%	15.78%
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	14.76%	15.39%	17.39%	6.68%	-0.45%	26.08%	1.06%	16.67%

Correlation

The correlation between PYEQX and VHYAX is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.95

The correlation between PYEQX and VHYAX has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

Return for Risk

PYEQX vs. VHYAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PYEQX

PYEQX Risk / Return Rank: 80
PYEQX Sharpe Ratio Rank: 85
PYEQX Sortino Ratio Rank: 83
PYEQX Omega Ratio Rank: 77
PYEQX Calmar Ratio Rank: 82
PYEQX Martin Ratio Rank: 71

VHYAX

VHYAX Risk / Return Rank: 92
VHYAX Sharpe Ratio Rank: 94
VHYAX Sortino Ratio Rank: 93
VHYAX Omega Ratio Rank: 89
VHYAX Calmar Ratio Rank: 92
VHYAX Martin Ratio Rank: 93

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.

PYEQX vs. VHYAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Equity Income Y (PYEQX) and Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX). 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.

	PYEQX	VHYAX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.49	-0.32
Sortino ratio: Return per unit of downside risk	3.07	3.56	-0.49
Omega ratio: Gain probability vs. loss probability	1.38	1.46	-0.08
Calmar ratio: Return relative to maximum drawdown	3.09	3.78	-0.69
Martin ratio: Return relative to average drawdown	10.18	14.32	-4.14

PYEQX vs. VHYAX - Sharpe Ratio Comparison

The current PYEQX Sharpe Ratio is 2.17, which is comparable to the VHYAX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of PYEQX and VHYAX, 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

PYEQX vs. VHYAX - Drawdown Comparison

The maximum PYEQX drawdown since its inception was -53.72%, which is greater than VHYAX's maximum drawdown of -35.14%. Use the drawdown chart below to compare losses from any high point for PYEQX and VHYAX.

Drawdown Indicators

	PYEQX	VHYAX	Difference
Max Drawdown Largest peak-to-trough decline	-53.72%	-35.14%	-18.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-6.75%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-16.77%	-14.42%	-2.35%
Max Drawdown (5Y) Largest decline over 5 years	-20.14%	-15.87%	-4.27%
Max Drawdown (10Y) Largest decline over 10 years	-37.88%	—	—
Current Drawdown Current decline from peak	0.00%	-0.63%	+0.63%
Average Drawdown Average peak-to-trough decline	-7.62%	-3.71%	-3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	1.78%	+0.64%

Volatility

PYEQX vs. VHYAX - Volatility Comparison

Pioneer Equity Income Y (PYEQX) has a higher volatility of 3.32% compared to Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) at 2.38%. This indicates that PYEQX's price experiences larger fluctuations and is considered to be riskier than VHYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYEQX	VHYAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	2.38%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	8.36%	7.47%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	11.37%	10.27%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.24%	13.90%	+1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.17%	17.81%	-0.64%

PYEQX vs. VHYAX - Expense Ratio Comparison

PYEQX has a 0.81% expense ratio, which is higher than VHYAX's 0.08% expense ratio.

Dividends

PYEQX vs. VHYAX - Dividend Comparison

PYEQX's dividend yield for the trailing twelve months is around 7.82%, more than VHYAX's 2.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYEQX Pioneer Equity Income Y	7.82%	8.95%	39.97%	17.70%	12.73%	9.44%	1.77%	4.15%	7.99%	5.46%	13.20%	10.34%
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	2.21%	2.42%	2.72%	3.09%	2.98%	2.74%	3.16%	3.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PYEQX and VHYAX in my portfolio?

PYEQX and VHYAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYEQX or VHYAX?

PYEQX has higher volatility (3.32%) compared to VHYAX (2.38%). In terms of maximum drawdown, PYEQX dropped -53.72% vs VHYAX's -35.14%.

Which has better risk-adjusted returns?

VHYAX currently has the higher Sharpe Ratio (2.49 vs 2.17), 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.