THYUX vs. PSHNX

Last updated Jun 23, 2026

THYUX (Morgan Stanley Pathway Funds High Yield Fund) and PSHNX (Penn Capital Short Duration High Income Fund) are both High Yield Bonds funds. Over the past 5 years, THYUX returned 3.10%/yr vs 4.86%/yr for PSHNX. A 0.68 correlation means they provide meaningful diversification when combined. THYUX charges 0.76%/yr vs 1.01%/yr for PSHNX.

Performance

THYUX vs. PSHNX - Performance Comparison

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

Returns By Period

In the year-to-date period, THYUX achieves a 2.00% return, which is significantly higher than PSHNX's 1.84% return.

THYUX

• 1D: 0.00%
• 1M: 0.84%
• YTD: 2.00%
• 6M: 2.26%
• 1Y: 4.90%
• 3Y*: 7.24%
• 5Y*: 3.10%
• 10Y*: 4.49%

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)

THYUX vs. PSHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THYUX Morgan Stanley Pathway Funds High Yield Fund	2.00%	4.96%	7.43%	12.70%	-12.01%	4.45%	2.02%	14.10%	-2.87%	1.56%
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 THYUX and PSHNX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017	0.68

The correlation between THYUX and PSHNX shifts across timeframes, from 0.52 (1 year) to 0.71 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

THYUX vs. PSHNX — Risk / Return Rank

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

THYUX

THYUX Risk / Return Rank: 41
THYUX Sharpe Ratio Rank: 31
THYUX Sortino Ratio Rank: 30
THYUX Omega Ratio Rank: 49
THYUX Calmar Ratio Rank: 51
THYUX Martin Ratio Rank: 44

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.

THYUX vs. PSHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds High Yield Fund (THYUX) 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.

	THYUX	PSHNX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	3.31	-1.83
Sortino ratio: Return per unit of downside risk	2.12	5.39	-3.27
Omega ratio: Gain probability vs. loss probability	1.35	1.79	-0.44
Calmar ratio: Return relative to maximum drawdown	2.61	5.46	-2.85
Martin ratio: Return relative to average drawdown	8.81	27.70	-18.89

THYUX vs. PSHNX - Sharpe Ratio Comparison

The current THYUX Sharpe Ratio is 1.48, which is lower than the PSHNX Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of THYUX 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

THYUX vs. PSHNX - Drawdown Comparison

The maximum THYUX drawdown since its inception was -35.28%, which is greater than PSHNX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for THYUX and PSHNX.

Drawdown Indicators

	THYUX	PSHNX	Difference
Max Drawdown Largest peak-to-trough decline	-35.28%	-14.53%	-20.75%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-1.14%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-4.72%	-2.83%	-1.89%
Max Drawdown (5Y) Largest decline over 5 years	-15.49%	-6.02%	-9.47%
Max Drawdown (10Y) Largest decline over 10 years	-21.20%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.68%	-0.88%	-3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	0.23%	+0.37%

Volatility

THYUX vs. PSHNX - Volatility Comparison

Morgan Stanley Pathway Funds High Yield Fund (THYUX) has a higher volatility of 0.87% compared to Penn Capital Short Duration High Income Fund (PSHNX) at 0.51%. This indicates that THYUX'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

	THYUX	PSHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	0.51%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	1.48%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	1.89%	+1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.23%	2.65%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.48%	3.15%	+2.33%

THYUX vs. PSHNX - Expense Ratio Comparison

THYUX has a 0.76% expense ratio, which is lower than PSHNX's 1.01% expense ratio.

Dividends

THYUX vs. PSHNX - Dividend Comparison

THYUX's dividend yield for the trailing twelve months is around 4.80%, 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%
THYUX Morgan Stanley Pathway Funds High Yield Fund	4.80%	4.24%	7.54%	6.35%	6.62%	4.93%	4.22%	5.20%	6.43%	6.04%	6.21%	7.43%

Frequently Asked Questions

Can I hold both THYUX and PSHNX in my portfolio?

THYUX and PSHNX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THYUX or PSHNX?

THYUX has higher volatility (0.87%) compared to PSHNX (0.51%). In terms of maximum drawdown, THYUX dropped -35.28% vs PSHNX's -14.53%.

Which has better risk-adjusted returns?

PSHNX currently has the higher Sharpe Ratio (3.31 vs 1.48), 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.