CBYYX vs. PADZX

Last updated Jun 3, 2026

CBYYX (Victory Pioneer Cat Bond Fund Class Y) and PADZX (PGIM Absolute Return Bond Fund) are both Nontraditional Bonds funds. Over the past year, CBYYX returned 10.95% vs 5.81% for PADZX. At a 0.02 correlation, their price movements are largely independent. CBYYX charges 1.46%/yr vs 0.72%/yr for PADZX.

Performance

CBYYX vs. PADZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Pioneer Cat Bond Fund Class Y (CBYYX) and PGIM Absolute Return Bond Fund (PADZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CBYYX having a 2.27% return and PADZX slightly higher at 2.29%.

CBYYX

• 1D: 0.09%
• 1M: 0.63%
• YTD: 2.27%
• 6M: 2.65%
• 1Y: 10.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PADZX

• 1D: -0.76%
• 1M: 0.50%
• YTD: 2.29%
• 6M: 2.78%
• 1Y: 5.81%
• 3Y*: 6.49%
• 5Y*: 3.97%
• 10Y*: 4.32%

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

CBYYX vs. PADZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CBYYX Victory Pioneer Cat Bond Fund Class Y	2.27%	11.09%	15.69%	3.43%
PADZX PGIM Absolute Return Bond Fund	2.29%	5.10%	7.48%	2.11%

Correlation

The correlation between CBYYX and PADZX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Sep 7, 2023	0.02

Return for Risk

CBYYX vs. PADZX — Risk / Return Rank

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

CBYYX

CBYYX Risk / Return Rank: 100
CBYYX Sharpe Ratio Rank: 100
CBYYX Sortino Ratio Rank: 100
CBYYX Omega Ratio Rank: 100
CBYYX Calmar Ratio Rank: 100
CBYYX Martin Ratio Rank: 100

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: 99

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.

CBYYX vs. PADZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Pioneer Cat Bond Fund Class Y (CBYYX) 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.

	CBYYX	PADZX	Difference
Sharpe ratio Return per unit of total volatility	9.05	2.78	+6.27
Sortino ratio Return per unit of downside risk	30.28	6.26	+24.01
Omega ratio Gain probability vs. loss probability	8.80	2.86	+5.94
Calmar ratio Return relative to maximum drawdown	120.57	8.43	+112.14
Martin ratio Return relative to average drawdown	425.21	46.43	+378.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBYYX vs. PADZX - Sharpe Ratio Comparison

The current CBYYX Sharpe Ratio is 9.05, which is higher than the PADZX Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of CBYYX 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

	CBYYX	PADZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	9.05	2.78	+6.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	1.20	+0.25

Drawdowns

CBYYX vs. PADZX - Drawdown Comparison

The maximum CBYYX drawdown since its inception was -8.72%, smaller than the maximum PADZX drawdown of -17.99%. Use the drawdown chart below to compare losses from any high point for CBYYX and PADZX.

Drawdown Indicators

	CBYYX	PADZX	Difference
Max Drawdown Largest peak-to-trough decline	-8.72%	-17.99%	+9.27%
Max Drawdown (1Y) Largest decline over 1 year	-0.09%	-0.76%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.98%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-4.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.99%	—
Current Drawdown Current decline from peak	0.00%	-0.76%	+0.76%
Average Drawdown Average peak-to-trough decline	-1.31%	-0.95%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.14%	-0.11%

Volatility

CBYYX vs. PADZX - Volatility Comparison

The current volatility for Victory Pioneer Cat Bond Fund Class Y (CBYYX) is 0.20%, while PGIM Absolute Return Bond Fund (PADZX) has a volatility of 1.43%. This indicates that CBYYX 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

	CBYYX	PADZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	1.43%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	0.61%	1.82%	-1.21%
Volatility (1Y) Calculated over the trailing 1-year period	1.23%	2.10%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.22%	2.16%	+6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.22%	3.16%	+5.06%

CBYYX vs. PADZX - Expense Ratio Comparison

CBYYX has a 1.46% expense ratio, which is higher than PADZX's 0.72% expense ratio.

Dividends

CBYYX vs. PADZX - Dividend Comparison

CBYYX's dividend yield for the trailing twelve months is around 8.93%, more than PADZX's 5.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBYYX Victory Pioneer Cat Bond Fund Class Y	8.93%	9.14%	10.33%	9.41%	0.00%	0.00%	0.00%	0.00%	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 CBYYX and PADZX in my portfolio?

CBYYX and PADZX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBYYX or PADZX?

PADZX has higher volatility (1.43%) compared to CBYYX (0.20%). In terms of maximum drawdown, CBYYX dropped -8.72% vs PADZX's -17.99%.

Which has better risk-adjusted returns?

CBYYX currently has the higher Sharpe Ratio (9.05 vs 2.78), 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.