TGHYX vs. PSHNX

Last updated Jul 9, 2026

TGHYX (TCW High Yield Bond Fund) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. A 0.64 correlation means they provide meaningful diversification when combined. TGHYX charges 0.55%/yr vs 1.01%/yr for PSHNX.

Performance

TGHYX vs. PSHNX - Performance Comparison

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

Returns By Period

TGHYX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PSHNX

• 1D: 0.00%
• 1M: 0.79%
• 6M: 2.01%
• YTD: 2.22%
• 1Y: 5.88%
• 3Y*: 7.39%
• 5Y*: 4.83%
• 10Y*: —

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

TGHYX vs. PSHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGHYX TCW High Yield Bond Fund	0.00%	0.00%	6.19%	10.65%	-8.76%	3.46%	10.03%	12.98%	0.01%	1.55%
PSHNX Penn Capital Short Duration High Income Fund	2.22%	7.72%	7.19%	8.72%	-2.26%	3.43%	0.88%	7.40%	0.61%	0.65%

Correlation

The correlation between TGHYX and PSHNX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017	0.64

The correlation between TGHYX and PSHNX shifts across timeframes, from 0.51 (3 years) to 0.67 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TGHYX vs. PSHNX — Risk / Return Rank

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

TGHYX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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: 96
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.

TGHYX vs. PSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW High Yield Bond Fund (TGHYX) 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.

	TGHYX	PSHNX	Difference
Sharpe ratio: Return per unit of total volatility	—	3.10	—
Sortino ratio: Return per unit of downside risk	—	5.04	—
Omega ratio: Gain probability vs. loss probability	—	1.74	—
Calmar ratio: Return relative to maximum drawdown	—	5.07	—
Martin ratio: Return relative to average drawdown	—	25.91	—

Drawdowns

Drawdown Indicators

	TGHYX	PSHNX	Difference
Max Drawdown Largest peak-to-trough decline	—	-14.53%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.14%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-2.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-6.02%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.88%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.22%	—

Volatility

Volatility by Period

	TGHYX	PSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.88%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	2.65%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.14%	—

TGHYX vs. PSHNX - Expense Ratio Comparison

TGHYX has a 0.55% expense ratio, which is lower than PSHNX's 1.01% expense ratio.

Dividends

TGHYX vs. PSHNX - Dividend Comparison

TGHYX has not paid dividends to shareholders, while PSHNX's dividend yield for the trailing twelve months is around 6.06%.

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%
TGHYX TCW High Yield Bond Fund	0.00%	0.00%	5.04%	5.91%	5.32%	5.70%	3.84%	4.32%	5.17%	4.35%	4.12%	4.50%

Frequently Asked Questions

Can I hold both TGHYX and PSHNX in my portfolio?

TGHYX and PSHNX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.