BTSIX vs. PADZX

Last updated Jun 5, 2026

BTSIX (BTS Managed Income Fund) and PADZX (PGIM Absolute Return Bond Fund) are both Nontraditional Bonds funds. Over the past 5 years, BTSIX returned 0.59%/yr vs 3.95%/yr for PADZX. At a 0.05 correlation, their price movements are largely independent. BTSIX charges 1.50%/yr vs 0.72%/yr for PADZX.

Performance

BTSIX vs. PADZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BTS Managed Income Fund (BTSIX) and PGIM Absolute Return Bond Fund (PADZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTSIX achieves a 1.51% return, which is significantly lower than PADZX's 2.29% return.

BTSIX

• 1D: -0.10%
• 1M: 0.21%
• YTD: 1.51%
• 6M: 1.78%
• 1Y: 6.26%
• 3Y*: 5.21%
• 5Y*: 0.59%
• 10Y*: —

PADZX

• 1D: 0.00%
• 1M: 0.50%
• YTD: 2.29%
• 6M: 2.78%
• 1Y: 5.92%
• 3Y*: 6.49%
• 5Y*: 3.95%
• 10Y*: 4.32%

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

BTSIX vs. PADZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BTSIX BTS Managed Income Fund	1.51%	5.68%	4.37%	5.65%	-12.34%	-1.14%	8.63%	4.06%
PADZX PGIM Absolute Return Bond Fund	2.29%	5.10%	7.48%	6.11%	-1.55%	1.87%	0.59%	10.99%

Correlation

The correlation between BTSIX and PADZX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019	0.05

The correlation between BTSIX and PADZX shifts across timeframes, from -0.03 (5 years) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BTSIX vs. PADZX — Risk / Return Rank

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

BTSIX

BTSIX Risk / Return Rank: 46
BTSIX Sharpe Ratio Rank: 43
BTSIX Sortino Ratio Rank: 45
BTSIX Omega Ratio Rank: 45
BTSIX Calmar Ratio Rank: 46
BTSIX Martin Ratio Rank: 49

PADZX

PADZX Risk / Return Rank: 96
PADZX Sharpe Ratio Rank: 86
PADZX Sortino Ratio Rank: 98
PADZX Omega Ratio Rank: 99
PADZX Calmar Ratio Rank: 98
PADZX 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.

BTSIX vs. PADZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BTS Managed Income Fund (BTSIX) and PGIM Absolute Return Bond Fund (PADZX). 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.

	BTSIX	PADZX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.78	-0.92
Sortino ratio: Return per unit of downside risk	2.77	6.26	-3.50
Omega ratio: Gain probability vs. loss probability	1.35	2.86	-1.51
Calmar ratio: Return relative to maximum drawdown	2.53	7.71	-5.18
Martin ratio: Return relative to average drawdown	9.97	38.13	-28.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTSIX vs. PADZX - Sharpe Ratio Comparison

The current BTSIX Sharpe Ratio is 1.87, which is lower than the PADZX Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of BTSIX and PADZX, 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

	BTSIX	PADZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.78	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	1.84	-1.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	1.20	-0.82

Drawdowns

BTSIX vs. PADZX - Drawdown Comparison

The maximum BTSIX drawdown since its inception was -16.28%, smaller than the maximum PADZX drawdown of -17.99%. Use the drawdown chart below to compare losses from any high point for BTSIX and PADZX.

Drawdown Indicators

	BTSIX	PADZX	Difference
Max Drawdown Largest peak-to-trough decline	-16.28%	-17.99%	+1.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-0.76%	-1.81%
Max Drawdown (3Y) Largest decline over 3 years	-6.22%	-0.98%	-5.24%
Max Drawdown (5Y) Largest decline over 5 years	-16.28%	-4.05%	-12.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.99%	—
Current Drawdown Current decline from peak	-0.27%	-0.76%	+0.49%
Average Drawdown Average peak-to-trough decline	-4.64%	-0.95%	-3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.15%	+0.50%

Volatility

BTSIX vs. PADZX - Volatility Comparison

The current volatility for BTS Managed Income Fund (BTSIX) is 0.95%, while PGIM Absolute Return Bond Fund (PADZX) has a volatility of 1.42%. This indicates that BTSIX experiences smaller price fluctuations and is considered to be less risky than PADZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTSIX	PADZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	1.42%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	1.77%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.49%	2.10%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.24%	2.16%	+3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.25%	3.16%	+2.09%

BTSIX vs. PADZX - Expense Ratio Comparison

BTSIX has a 1.50% expense ratio, which is higher than PADZX's 0.72% expense ratio.

Dividends

BTSIX vs. PADZX - Dividend Comparison

BTSIX's dividend yield for the trailing twelve months is around 5.59%, more than PADZX's 5.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTSIX BTS Managed Income Fund	5.59%	5.62%	2.59%	2.51%	2.59%	1.37%	1.34%	2.01%	0.00%	0.00%	0.00%	0.00%
PADZX PGIM Absolute Return Bond Fund	5.08%	5.07%	5.18%	4.09%	2.89%	2.40%	3.41%	10.79%	5.02%	2.75%	2.36%	2.38%

Frequently Asked Questions

Can I hold both BTSIX and PADZX in my portfolio?

BTSIX and PADZX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTSIX or PADZX?

PADZX has higher volatility (1.42%) compared to BTSIX (0.95%). In terms of maximum drawdown, BTSIX dropped -16.28% vs PADZX's -17.99%.

Which has better risk-adjusted returns?

PADZX currently has the higher Sharpe Ratio (2.78 vs 1.87), 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.