TYHYX vs. HIMYX

Last updated Jun 5, 2026

TYHYX (Pioneer High Yield Fund) and HIMYX (Pioneer High Income Municipal Fund) are both mutual funds - TYHYX is a High Yield Bonds fund managed by Amundi, while HIMYX is a High Yield Muni fund managed by Amundi. Over the past 10 years, TYHYX returned 4.83%/yr vs 2.27%/yr for HIMYX. At a 0.15 correlation, their price movements are largely independent. TYHYX charges 0.85%/yr vs 0.55%/yr for HIMYX.

Performance

TYHYX vs. HIMYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer High Yield Fund (TYHYX) and Pioneer High Income Municipal Fund (HIMYX). 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 higher than HIMYX's 1.70% return. Over the past 10 years, TYHYX has outperformed HIMYX with an annualized return of 4.83%, while HIMYX has yielded a comparatively lower 2.27% annualized return.

TYHYX

• 1D: -0.11%
• 1M: 0.39%
• YTD: 1.85%
• 6M: 2.56%
• 1Y: 7.21%
• 3Y*: 7.34%
• 5Y*: 3.06%
• 10Y*: 4.83%

HIMYX

• 1D: -0.18%
• 1M: 0.48%
• YTD: 1.70%
• 6M: 1.49%
• 1Y: 2.79%
• 3Y*: 2.91%
• 5Y*: -0.34%
• 10Y*: 2.27%

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

TYHYX vs. HIMYX - 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%
HIMYX Pioneer High Income Municipal Fund	1.70%	-1.50%	6.07%	3.64%	-13.08%	6.69%	1.85%	9.56%	4.15%	8.33%

Correlation

The correlation between TYHYX and HIMYX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 19, 2006	0.15

Over the past year, TYHYX and HIMYX have become more correlated (0.42) than their long-term average of 0.15, meaning their price movements have been converging.

Return for Risk

TYHYX vs. HIMYX — Risk / Return Rank

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

TYHYX

TYHYX Risk / Return Rank: 73
TYHYX Sharpe Ratio Rank: 59
TYHYX Sortino Ratio Rank: 81
TYHYX Omega Ratio Rank: 81
TYHYX Calmar Ratio Rank: 62
TYHYX Martin Ratio Rank: 81

HIMYX

HIMYX Risk / Return Rank: 8
HIMYX Sharpe Ratio Rank: 7
HIMYX Sortino Ratio Rank: 8
HIMYX Omega Ratio Rank: 9
HIMYX Calmar Ratio Rank: 7
HIMYX Martin Ratio Rank: 7

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. HIMYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer High Yield Fund (TYHYX) and Pioneer High Income Municipal Fund (HIMYX). 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.

	TYHYX	HIMYX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	0.52	+1.73
Sortino ratio: Return per unit of downside risk	3.84	0.99	+2.85
Omega ratio: Gain probability vs. loss probability	1.54	1.13	+0.41
Calmar ratio: Return relative to maximum drawdown	3.00	0.67	+2.33
Martin ratio: Return relative to average drawdown	14.80	1.70	+13.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TYHYX vs. HIMYX - Sharpe Ratio Comparison

The current TYHYX Sharpe Ratio is 2.25, which is higher than the HIMYX Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of TYHYX and HIMYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TYHYX	HIMYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	0.52	+1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	-0.06	+0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	0.45	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.54	+0.38

Drawdowns

TYHYX vs. HIMYX - Drawdown Comparison

The maximum TYHYX drawdown since its inception was -40.86%, which is greater than HIMYX's maximum drawdown of -35.00%. Use the drawdown chart below to compare losses from any high point for TYHYX and HIMYX.

Drawdown Indicators

	TYHYX	HIMYX	Difference
Max Drawdown Largest peak-to-trough decline	-40.86%	-35.00%	-5.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-4.22%	+1.73%
Max Drawdown (3Y) Largest decline over 3 years	-4.19%	-7.79%	+3.60%
Max Drawdown (5Y) Largest decline over 5 years	-14.11%	-19.32%	+5.21%
Max Drawdown (10Y) Largest decline over 10 years	-23.73%	-19.32%	-4.41%
Current Drawdown Current decline from peak	-0.11%	-4.29%	+4.18%
Average Drawdown Average peak-to-trough decline	-3.98%	-5.65%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	1.65%	-1.15%

Volatility

TYHYX vs. HIMYX - Volatility Comparison

The current volatility for Pioneer High Yield Fund (TYHYX) is 1.03%, while Pioneer High Income Municipal Fund (HIMYX) has a volatility of 1.54%. This indicates that TYHYX experiences smaller price fluctuations and is considered to be less risky than HIMYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TYHYX	HIMYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.54%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	3.10%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	3.33%	5.46%	-2.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.46%	5.68%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.22%	5.07%	+0.15%

TYHYX vs. HIMYX - Expense Ratio Comparison

TYHYX has a 0.85% expense ratio, which is higher than HIMYX's 0.55% expense ratio.

Dividends

TYHYX vs. HIMYX - Dividend Comparison

TYHYX's dividend yield for the trailing twelve months is around 5.81%, less than HIMYX's 8.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIMYX Pioneer High Income Municipal Fund	8.66%	8.63%	5.32%	4.97%	3.88%	3.71%	3.96%	5.35%	5.20%	5.00%	5.66%	5.65%
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 HIMYX in my portfolio?

TYHYX and HIMYX have a correlation of 0.42, 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 HIMYX?

HIMYX has higher volatility (1.54%) compared to TYHYX (1.03%). In terms of maximum drawdown, TYHYX dropped -40.86% vs HIMYX's -35.00%.

Which has better risk-adjusted returns?

TYHYX currently has the higher Sharpe Ratio (2.25 vs 0.52), 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.