VVIAX vs. PHYSX

Last updated Jun 5, 2026

VVIAX (Vanguard Value Index Fund Admiral Shares) and PHYSX (PIA High Yield Fund) are both mutual funds - VVIAX is a Large Cap Value Equities fund tracking the CRSP US Large Cap Value Index, while PHYSX is a High Yield Bonds fund managed by PIA Mutual Funds. Over the past 10 years, VVIAX returned 12.46%/yr vs 5.34%/yr for PHYSX. At a 0.24 correlation, their price movements are largely independent. VVIAX charges 0.05%/yr vs 0.86%/yr for PHYSX.

Performance

VVIAX vs. PHYSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Value Index Fund Admiral Shares (VVIAX) and PIA High Yield Fund (PHYSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VVIAX achieves a 12.21% return, which is significantly higher than PHYSX's 0.61% return. Over the past 10 years, VVIAX has outperformed PHYSX with an annualized return of 12.46%, while PHYSX has yielded a comparatively lower 5.34% annualized return.

VVIAX

• 1D: -0.02%
• 1M: 3.21%
• YTD: 12.21%
• 6M: 13.06%
• 1Y: 26.79%
• 3Y*: 18.23%
• 5Y*: 11.21%
• 10Y*: 12.46%

PHYSX

• 1D: 0.00%
• 1M: 0.79%
• YTD: 0.61%
• 6M: 1.04%
• 1Y: 3.25%
• 3Y*: 6.95%
• 5Y*: 3.55%
• 10Y*: 5.34%

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

VVIAX vs. PHYSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VVIAX Vanguard Value Index Fund Admiral Shares	12.21%	15.27%	16.00%	9.22%	-2.07%	26.51%	2.29%	25.81%	-5.45%	17.13%
PHYSX PIA High Yield Fund	0.61%	1.82%	10.33%	16.17%	-11.70%	7.36%	8.03%	11.06%	-2.77%	8.04%

Correlation

The correlation between VVIAX and PHYSX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Nov 14, 2000	0.24

The correlation between VVIAX and PHYSX shifts across timeframes, from 0.24 (all time) to 0.39 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VVIAX vs. PHYSX — Risk / Return Rank

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

VVIAX

VVIAX Risk / Return Rank: 79
VVIAX Sharpe Ratio Rank: 79
VVIAX Sortino Ratio Rank: 77
VVIAX Omega Ratio Rank: 69
VVIAX Calmar Ratio Rank: 86
VVIAX Martin Ratio Rank: 83

PHYSX

PHYSX Risk / Return Rank: 13
PHYSX Sharpe Ratio Rank: 15
PHYSX Sortino Ratio Rank: 14
PHYSX Omega Ratio Rank: 17
PHYSX Calmar Ratio Rank: 10
PHYSX Martin Ratio Rank: 10

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.

VVIAX vs. PHYSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Value Index Fund Admiral Shares (VVIAX) and PIA High Yield Fund (PHYSX). 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.

	VVIAX	PHYSX	Difference
Sharpe ratio: Return per unit of total volatility	2.61	1.09	+1.52
Sortino ratio: Return per unit of downside risk	3.73	1.49	+2.23
Omega ratio: Gain probability vs. loss probability	1.47	1.22	+0.25
Calmar ratio: Return relative to maximum drawdown	4.13	0.92	+3.21
Martin ratio: Return relative to average drawdown	15.57	2.70	+12.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VVIAX vs. PHYSX - Sharpe Ratio Comparison

The current VVIAX Sharpe Ratio is 2.61, which is higher than the PHYSX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of VVIAX and PHYSX, 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

	VVIAX	PHYSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	1.09	+1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.88	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	1.31	-0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.63	-1.21

Drawdowns

VVIAX vs. PHYSX - Drawdown Comparison

The maximum VVIAX drawdown since its inception was -59.32%, which is greater than PHYSX's maximum drawdown of -24.10%. Use the drawdown chart below to compare losses from any high point for VVIAX and PHYSX.

Drawdown Indicators

	VVIAX	PHYSX	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-24.10%	-35.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-3.82%	-2.54%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-6.11%	-8.28%
Max Drawdown (5Y) Largest decline over 5 years	-17.14%	-13.99%	-3.15%
Max Drawdown (10Y) Largest decline over 10 years	-36.80%	-19.86%	-16.94%
Current Drawdown Current decline from peak	-0.02%	-0.67%	+0.65%
Average Drawdown Average peak-to-trough decline	-9.61%	-1.88%	-7.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.29%	+0.40%

Volatility

VVIAX vs. PHYSX - Volatility Comparison

Vanguard Value Index Fund Admiral Shares (VVIAX) has a higher volatility of 2.57% compared to PIA High Yield Fund (PHYSX) at 0.77%. This indicates that VVIAX's price experiences larger fluctuations and is considered to be riskier than PHYSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VVIAX	PHYSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	0.77%	+1.80%
Volatility (6M) Calculated over the trailing 6-month period	7.59%	2.54%	+5.05%
Volatility (1Y) Calculated over the trailing 1-year period	10.09%	3.23%	+6.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	4.06%	+9.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.74%	4.10%	+12.64%

VVIAX vs. PHYSX - Expense Ratio Comparison

VVIAX has a 0.05% expense ratio, which is lower than PHYSX's 0.86% expense ratio.

Dividends

VVIAX vs. PHYSX - Dividend Comparison

VVIAX's dividend yield for the trailing twelve months is around 1.85%, less than PHYSX's 7.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHYSX PIA High Yield Fund	7.41%	8.44%	7.66%	7.12%	7.60%	6.14%	6.31%	6.76%	6.51%	6.37%	6.10%	6.40%
VVIAX Vanguard Value Index Fund Admiral Shares	1.85%	2.04%	2.30%	2.45%	2.51%	2.14%	2.55%	2.49%	2.72%	2.29%	2.45%	2.60%

Frequently Asked Questions

Can I hold both VVIAX and PHYSX in my portfolio?

VVIAX and PHYSX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VVIAX or PHYSX?

VVIAX has higher volatility (2.57%) compared to PHYSX (0.77%). In terms of maximum drawdown, VVIAX dropped -59.32% vs PHYSX's -24.10%.

Which has better risk-adjusted returns?

VVIAX currently has the higher Sharpe Ratio (2.61 vs 1.09), 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.