CABNX vs. PDX

Last updated Jun 27, 2026

CABNX (AB Global Risk Allocation Fund) and PDX (PIMCO Dynamic Income Strategy Fund) are both Tactical Allocation funds. Over the past 5 years, CABNX returned 4.66%/yr vs 21.47%/yr for PDX. At a 0.45 correlation, their price movements are largely independent. CABNX charges 1.29%/yr vs 2.31%/yr for PDX.

Performance

CABNX vs. PDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Global Risk Allocation Fund (CABNX) and PIMCO Dynamic Income Strategy Fund (PDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CABNX achieves a 5.39% return, which is significantly lower than PDX's 14.17% return.

CABNX

• 1D: 0.49%
• 1M: -1.08%
• YTD: 5.39%
• 6M: 4.52%
• 1Y: 12.28%
• 3Y*: 10.65%
• 5Y*: 4.66%
• 10Y*: 6.82%

PDX

• 1D: -1.29%
• 1M: -3.57%
• YTD: 14.17%
• 6M: 16.15%
• 1Y: 4.61%
• 3Y*: 24.12%
• 5Y*: 21.47%
• 10Y*: —

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

CABNX vs. PDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CABNX AB Global Risk Allocation Fund	5.39%	13.72%	7.37%	6.10%	-9.95%	11.98%	10.61%	11.21%
PDX PIMCO Dynamic Income Strategy Fund	14.17%	-10.59%	36.99%	44.51%	23.02%	68.79%	-44.20%	-9.89%

Correlation

The correlation between CABNX and PDX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 30, 2019	0.45

Over the past year, the correlation between CABNX and PDX has dropped to 0.16 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

Return for Risk

CABNX vs. PDX — Risk / Return Rank

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

CABNX

CABNX Risk / Return Rank: 40
CABNX Sharpe Ratio Rank: 42
CABNX Sortino Ratio Rank: 38
CABNX Omega Ratio Rank: 40
CABNX Calmar Ratio Rank: 39
CABNX Martin Ratio Rank: 44

PDX

PDX Risk / Return Rank: 6
PDX Sharpe Ratio Rank: 6
PDX Sortino Ratio Rank: 6
PDX Omega Ratio Rank: 6
PDX Calmar Ratio Rank: 6
PDX Martin Ratio Rank: 5

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.

CABNX vs. PDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Global Risk Allocation Fund (CABNX) and PIMCO Dynamic Income Strategy Fund (PDX). 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.

	CABNX	PDX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	0.33	+1.23
Sortino ratio: Return per unit of downside risk	2.13	0.55	+1.57
Omega ratio: Gain probability vs. loss probability	1.28	1.07	+0.21
Calmar ratio: Return relative to maximum drawdown	2.03	0.30	+1.73
Martin ratio: Return relative to average drawdown	8.09	0.67	+7.42

CABNX vs. PDX - Sharpe Ratio Comparison

The current CABNX Sharpe Ratio is 1.56, which is higher than the PDX Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of CABNX and PDX, 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

CABNX vs. PDX - Drawdown Comparison

The maximum CABNX drawdown since its inception was -43.79%, smaller than the maximum PDX drawdown of -80.63%. Use the drawdown chart below to compare losses from any high point for CABNX and PDX.

Drawdown Indicators

	CABNX	PDX	Difference
Max Drawdown Largest peak-to-trough decline	-43.79%	-80.63%	+36.84%
Max Drawdown (1Y) Largest decline over 1 year	-6.40%	-15.65%	+9.25%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-37.24%	+18.49%
Max Drawdown (5Y) Largest decline over 5 years	-18.75%	-37.24%	+18.49%
Max Drawdown (10Y) Largest decline over 10 years	-24.51%	—	—
Current Drawdown Current decline from peak	-2.03%	-17.07%	+15.04%
Average Drawdown Average peak-to-trough decline	-5.53%	-18.81%	+13.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	6.91%	-5.31%

Volatility

CABNX vs. PDX - Volatility Comparison

AB Global Risk Allocation Fund (CABNX) has a higher volatility of 3.16% compared to PIMCO Dynamic Income Strategy Fund (PDX) at 2.41%. This indicates that CABNX's price experiences larger fluctuations and is considered to be riskier than PDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CABNX	PDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	2.41%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	6.95%	9.66%	-2.71%
Volatility (1Y) Calculated over the trailing 1-year period	8.33%	14.24%	-5.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.00%	25.50%	-12.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.28%	36.33%	-25.05%

CABNX vs. PDX - Expense Ratio Comparison

CABNX has a 1.29% expense ratio, which is lower than PDX's 2.31% expense ratio.

Dividends

CABNX vs. PDX - Dividend Comparison

CABNX's dividend yield for the trailing twelve months is around 8.85%, less than PDX's 22.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CABNX AB Global Risk Allocation Fund	8.85%	9.32%	16.76%	1.39%	8.47%	9.67%	3.02%	1.32%	0.60%	3.16%	5.53%	0.06%
PDX PIMCO Dynamic Income Strategy Fund	22.17%	24.34%	6.31%	4.30%	5.89%	5.28%	14.11%	9.58%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CABNX and PDX in my portfolio?

CABNX and PDX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CABNX or PDX?

CABNX has higher volatility (3.16%) compared to PDX (2.41%). In terms of maximum drawdown, CABNX dropped -43.79% vs PDX's -80.63%.

Which has better risk-adjusted returns?

CABNX currently has the higher Sharpe Ratio (1.56 vs 0.33), 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.