A perpendicular magnetic recording disk has a soft magnetic underlayer (SUL) that has high corrosion resistance as well as high moment. The material of the SUL is an alloy comprising Co, Fe, X, and Y; where X is Ta or Nb, Y is Zr or Hf, and the combined amount of X and Y present in the alloy is between about 10 and 20 atomic percent. The atomic ratio of Co to Fe in the alloy is between about 90:10 to 10:90, preferably between about 25:75 and 35:65. The SUL may be a single-layer SUL or a multilayer SUL formed of multiple soft magnetic layers separated by an interlayer film or films.