TYHYX vs. HFXI

Last updated Jun 23, 2026

TYHYX (Pioneer High Yield Fund) and HFXI (IQ 50 Percent Hedged FTSE International ETF) are both funds - TYHYX is a High Yield Bonds fund managed by Amundi, while HFXI is a Foreign Large Cap Equities fund tracking the FTSE Developed ex North America 50% Hedged to USD Index. Over the past 10 years, TYHYX returned 4.80%/yr vs 12.35%/yr for HFXI. At a 0.48 correlation, their price movements are largely independent. TYHYX charges 0.85%/yr vs 0.20%/yr for HFXI.

Performance

TYHYX vs. HFXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer High Yield Fund (TYHYX) and IQ 50 Percent Hedged FTSE International ETF (HFXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TYHYX achieves a 1.85% return, which is significantly lower than HFXI's 20.17% return. Over the past 10 years, TYHYX has underperformed HFXI with an annualized return of 4.80%, while HFXI has yielded a comparatively higher 12.35% annualized return.

TYHYX

• 1D: -0.11%
• 1M: 0.84%
• YTD: 1.85%
• 6M: 2.45%
• 1Y: 6.84%
• 3Y*: 7.12%
• 5Y*: 3.06%
• 10Y*: 4.80%

HFXI

• 1D: 0.08%
• 1M: 5.03%
• YTD: 20.17%
• 6M: 20.99%
• 1Y: 40.27%
• 3Y*: 21.76%
• 5Y*: 12.98%
• 10Y*: 12.35%

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

TYHYX vs. HFXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TYHYX Pioneer High Yield Fund	1.85%	7.99%	6.55%	9.17%	-11.19%	5.99%	3.35%	14.36%	-3.30%	7.87%
HFXI IQ 50 Percent Hedged FTSE International ETF	20.17%	30.10%	7.58%	19.56%	-10.71%	13.96%	6.88%	23.67%	-12.69%	22.68%

Correlation

The correlation between TYHYX and HFXI is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jul 22, 2015	0.48

Return for Risk

TYHYX vs. HFXI — Risk / Return Rank

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

TYHYX

TYHYX Risk / Return Rank: 72
TYHYX Sharpe Ratio Rank: 60
TYHYX Sortino Ratio Rank: 82
TYHYX Omega Ratio Rank: 81
TYHYX Calmar Ratio Rank: 58
TYHYX Martin Ratio Rank: 79

HFXI

HFXI Risk / Return Rank: 81
HFXI Sharpe Ratio Rank: 84
HFXI Sortino Ratio Rank: 83
HFXI Omega Ratio Rank: 84
HFXI Calmar Ratio Rank: 75
HFXI Martin Ratio Rank: 78

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.

TYHYX vs. HFXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer High Yield Fund (TYHYX) and IQ 50 Percent Hedged FTSE International ETF (HFXI). 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.

	TYHYX	HFXI	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.59	-0.50
Sortino ratio: Return per unit of downside risk	3.56	3.52	+0.04
Omega ratio: Gain probability vs. loss probability	1.49	1.49	0.00
Calmar ratio: Return relative to maximum drawdown	2.80	3.73	-0.93
Martin ratio: Return relative to average drawdown	13.75	14.66	-0.91

TYHYX vs. HFXI - Sharpe Ratio Comparison

The current TYHYX Sharpe Ratio is 2.09, which is comparable to the HFXI Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of TYHYX and HFXI, 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

TYHYX vs. HFXI - Drawdown Comparison

The maximum TYHYX drawdown since its inception was -40.86%, which is greater than HFXI's maximum drawdown of -32.42%. Use the drawdown chart below to compare losses from any high point for TYHYX and HFXI.

Drawdown Indicators

	TYHYX	HFXI	Difference
Max Drawdown Largest peak-to-trough decline	-40.86%	-32.42%	-8.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-10.84%	+8.35%
Max Drawdown (3Y) Largest decline over 3 years	-4.19%	-13.52%	+9.33%
Max Drawdown (5Y) Largest decline over 5 years	-14.11%	-22.35%	+8.24%
Max Drawdown (10Y) Largest decline over 10 years	-23.73%	-32.42%	+8.69%
Current Drawdown Current decline from peak	-0.23%	0.00%	-0.23%
Average Drawdown Average peak-to-trough decline	-3.98%	-5.44%	+1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	2.75%	-2.24%

Volatility

TYHYX vs. HFXI - Volatility Comparison

The current volatility for Pioneer High Yield Fund (TYHYX) is 0.89%, while IQ 50 Percent Hedged FTSE International ETF (HFXI) has a volatility of 6.27%. This indicates that TYHYX experiences smaller price fluctuations and is considered to be less risky than HFXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TYHYX	HFXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	6.27%	-5.38%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	13.62%	-10.83%
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	15.65%	-12.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.47%	15.05%	-10.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	16.65%	-11.43%

TYHYX vs. HFXI - Expense Ratio Comparison

TYHYX has a 0.85% expense ratio, which is higher than HFXI's 0.20% expense ratio.

Dividends

TYHYX vs. HFXI - Dividend Comparison

TYHYX's dividend yield for the trailing twelve months is around 5.81%, more than HFXI's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFXI IQ 50 Percent Hedged FTSE International ETF	3.22%	4.19%	2.68%	2.49%	4.65%	3.10%	2.00%	3.19%	4.33%	2.56%	2.71%	0.78%
TYHYX Pioneer High Yield Fund	5.81%	5.91%	4.13%	4.10%	5.23%	4.44%	5.23%	5.17%	5.13%	4.97%	5.12%	6.29%

Frequently Asked Questions

Can I hold both TYHYX and HFXI in my portfolio?

TYHYX and HFXI have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TYHYX or HFXI?

HFXI has higher volatility (6.27%) compared to TYHYX (0.89%). In terms of maximum drawdown, TYHYX dropped -40.86% vs HFXI's -32.42%.

Which has better risk-adjusted returns?

HFXI currently has the higher Sharpe Ratio (2.59 vs 2.09), 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.