RCRYX vs. PSHNX

Last updated Jun 23, 2026

RCRYX (Pioneer Corporate High Yield Fund) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. Over the past 5 years, RCRYX returned 2.81%/yr vs 4.86%/yr for PSHNX. A 0.59 correlation means they provide meaningful diversification when combined. RCRYX charges 0.60%/yr vs 1.01%/yr for PSHNX.

Performance

RCRYX vs. PSHNX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with RCRYX having a 1.81% return and PSHNX slightly higher at 1.84%.

RCRYX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.81%
• 6M: 2.29%
• 1Y: 6.27%
• 3Y*: 7.48%
• 5Y*: 2.81%
• 10Y*: 4.03%

PSHNX

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

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

RCRYX vs. PSHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RCRYX Pioneer Corporate High Yield Fund	1.81%	7.00%	8.07%	8.30%	-12.08%	5.65%	4.25%	9.77%	-2.08%	0.90%
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%

Correlation

The correlation between RCRYX and PSHNX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017	0.59

Over the past year, the correlation between RCRYX and PSHNX has dropped to 0.19 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

RCRYX vs. PSHNX — Risk / Return Rank

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

RCRYX

RCRYX Risk / Return Rank: 52
RCRYX Sharpe Ratio Rank: 23
RCRYX Sortino Ratio Rank: 26
RCRYX Omega Ratio Rank: 89
RCRYX Calmar Ratio Rank: 29
RCRYX Martin Ratio Rank: 92

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

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.

RCRYX vs. PSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer Corporate High Yield Fund (RCRYX) and Penn Capital Short Duration High Income Fund (PSHNX). 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.

	RCRYX	PSHNX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	3.31	-2.02
Sortino ratio: Return per unit of downside risk	1.98	5.39	-3.41
Omega ratio: Gain probability vs. loss probability	1.59	1.79	-0.19
Calmar ratio: Return relative to maximum drawdown	1.91	5.46	-3.55
Martin ratio: Return relative to average drawdown	17.74	27.70	-9.97

RCRYX vs. PSHNX - Sharpe Ratio Comparison

The current RCRYX Sharpe Ratio is 1.29, which is lower than the PSHNX Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of RCRYX and PSHNX, 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

RCRYX vs. PSHNX - Drawdown Comparison

The maximum RCRYX drawdown since its inception was -21.13%, which is greater than PSHNX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for RCRYX and PSHNX.

Drawdown Indicators

	RCRYX	PSHNX	Difference
Max Drawdown Largest peak-to-trough decline	-21.13%	-14.53%	-6.60%
Max Drawdown (1Y) Largest decline over 1 year	-3.23%	-1.14%	-2.09%
Max Drawdown (3Y) Largest decline over 3 years	-3.94%	-2.83%	-1.11%
Max Drawdown (5Y) Largest decline over 5 years	-14.92%	-6.02%	-8.90%
Max Drawdown (10Y) Largest decline over 10 years	-21.13%	—	—
Current Drawdown Current decline from peak	-0.71%	0.00%	-0.71%
Average Drawdown Average peak-to-trough decline	-2.43%	-0.88%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.23%	+0.12%

Volatility

RCRYX vs. PSHNX - Volatility Comparison

Pioneer Corporate High Yield Fund (RCRYX) has a higher volatility of 0.99% compared to Penn Capital Short Duration High Income Fund (PSHNX) at 0.51%. This indicates that RCRYX's price experiences larger fluctuations and is considered to be riskier than PSHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RCRYX	PSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	0.51%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	4.54%	1.48%	+3.06%
Volatility (1Y) Calculated over the trailing 1-year period	4.80%	1.89%	+2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.58%	2.65%	+1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.69%	3.15%	+1.54%

RCRYX vs. PSHNX - Expense Ratio Comparison

RCRYX has a 0.60% expense ratio, which is lower than PSHNX's 1.01% expense ratio.

Dividends

RCRYX vs. PSHNX - Dividend Comparison

RCRYX's dividend yield for the trailing twelve months is around 5.25%, less than PSHNX's 6.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
RCRYX Pioneer Corporate High Yield Fund	5.25%	5.39%	5.13%	3.95%	4.45%	4.71%	4.76%	4.51%	4.44%	5.01%	6.44%	4.43%

Frequently Asked Questions

Can I hold both RCRYX and PSHNX in my portfolio?

RCRYX and PSHNX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RCRYX or PSHNX?

RCRYX has higher volatility (0.99%) compared to PSHNX (0.51%). In terms of maximum drawdown, RCRYX dropped -21.13% vs PSHNX's -14.53%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.31 vs 1.29), 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.