DFAIX vs. SDMZX

Last updated Jun 23, 2026

DFAIX (DFA Short-Duration Real Return Portfolio) and SDMZX (PGIM Short Duration Multi-Sector Bond Fund) are both Short-Term Bond funds. Over the past 10 years, DFAIX returned 3.28%/yr vs 3.10%/yr for SDMZX. At a 0.35 correlation, their price movements are largely independent. DFAIX charges 0.22%/yr vs 0.46%/yr for SDMZX.

Performance

DFAIX vs. SDMZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Short-Duration Real Return Portfolio (DFAIX) and PGIM Short Duration Multi-Sector Bond Fund (SDMZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAIX achieves a 2.29% return, which is significantly higher than SDMZX's 0.92% return. Over the past 10 years, DFAIX has outperformed SDMZX with an annualized return of 3.28%, while SDMZX has yielded a comparatively lower 3.10% annualized return.

DFAIX

• 1D: 0.09%
• 1M: 0.09%
• YTD: 2.29%
• 6M: 2.38%
• 1Y: 4.27%
• 3Y*: 5.69%
• 5Y*: 3.83%
• 10Y*: 3.28%

SDMZX

• 1D: 0.11%
• 1M: 0.40%
• YTD: 0.92%
• 6M: 1.33%
• 1Y: 4.79%
• 3Y*: 5.76%
• 5Y*: 2.76%
• 10Y*: 3.10%

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

DFAIX vs. SDMZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFAIX DFA Short-Duration Real Return Portfolio	2.29%	4.86%	6.38%	5.64%	-2.77%	5.40%	2.75%	5.63%	0.11%	1.71%
SDMZX PGIM Short Duration Multi-Sector Bond Fund	0.92%	6.18%	5.64%	6.25%	-4.82%	-0.19%	3.97%	7.92%	0.95%	3.96%

Correlation

The correlation between DFAIX and SDMZX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.35

The correlation between DFAIX and SDMZX shifts across timeframes, from 0.25 (3 years) to 0.35 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DFAIX vs. SDMZX — Risk / Return Rank

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

DFAIX

DFAIX Risk / Return Rank: 98
DFAIX Sharpe Ratio Rank: 98
DFAIX Sortino Ratio Rank: 98
DFAIX Omega Ratio Rank: 98
DFAIX Calmar Ratio Rank: 99
DFAIX Martin Ratio Rank: 99

SDMZX

SDMZX Risk / Return Rank: 53
SDMZX Sharpe Ratio Rank: 33
SDMZX Sortino Ratio Rank: 43
SDMZX Omega Ratio Rank: 81
SDMZX Calmar Ratio Rank: 55
SDMZX Martin Ratio Rank: 51

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.

DFAIX vs. SDMZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Short-Duration Real Return Portfolio (DFAIX) and PGIM Short Duration Multi-Sector Bond Fund (SDMZX). 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.

	DFAIX	SDMZX	Difference
Sharpe ratio: Return per unit of total volatility	3.77	1.53	+2.24
Sortino ratio: Return per unit of downside risk	6.11	2.55	+3.56
Omega ratio: Gain probability vs. loss probability	2.12	1.49	+0.63
Calmar ratio: Return relative to maximum drawdown	9.35	2.72	+6.63
Martin ratio: Return relative to average drawdown	40.24	9.79	+30.45

DFAIX vs. SDMZX - Sharpe Ratio Comparison

The current DFAIX Sharpe Ratio is 3.77, which is higher than the SDMZX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of DFAIX and SDMZX, 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

DFAIX vs. SDMZX - Drawdown Comparison

The maximum DFAIX drawdown since its inception was -5.63%, smaller than the maximum SDMZX drawdown of -9.76%. Use the drawdown chart below to compare losses from any high point for DFAIX and SDMZX.

Drawdown Indicators

	DFAIX	SDMZX	Difference
Max Drawdown Largest peak-to-trough decline	-5.63%	-9.76%	+4.13%
Max Drawdown (1Y) Largest decline over 1 year	-0.47%	-1.77%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-3.12%	-1.77%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-5.46%	-8.51%	+3.05%
Max Drawdown (10Y) Largest decline over 10 years	-5.63%	-9.76%	+4.13%
Current Drawdown Current decline from peak	-0.28%	-1.66%	+1.38%
Average Drawdown Average peak-to-trough decline	-0.94%	-0.99%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.49%	-0.38%

Volatility

DFAIX vs. SDMZX - Volatility Comparison

The current volatility for DFA Short-Duration Real Return Portfolio (DFAIX) is 0.48%, while PGIM Short Duration Multi-Sector Bond Fund (SDMZX) has a volatility of 2.49%. This indicates that DFAIX experiences smaller price fluctuations and is considered to be less risky than SDMZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAIX	SDMZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	2.49%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	0.99%	2.83%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	1.17%	3.15%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.18%	2.56%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.55%	2.58%	-0.03%

DFAIX vs. SDMZX - Expense Ratio Comparison

DFAIX has a 0.22% expense ratio, which is lower than SDMZX's 0.46% expense ratio.

Dividends

DFAIX vs. SDMZX - Dividend Comparison

DFAIX's dividend yield for the trailing twelve months is around 4.55%, less than SDMZX's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAIX DFA Short-Duration Real Return Portfolio	4.55%	4.65%	4.14%	3.66%	1.68%	0.98%	0.82%	2.53%	2.72%	1.71%	1.41%	1.29%
SDMZX PGIM Short Duration Multi-Sector Bond Fund	4.70%	4.62%	4.57%	3.36%	4.70%	2.76%	3.10%	6.18%	3.47%	2.64%	2.76%	3.34%

Frequently Asked Questions

Can I hold both DFAIX and SDMZX in my portfolio?

DFAIX and SDMZX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAIX or SDMZX?

SDMZX has higher volatility (2.49%) compared to DFAIX (0.48%). In terms of maximum drawdown, DFAIX dropped -5.63% vs SDMZX's -9.76%.

Which has better risk-adjusted returns?

DFAIX currently has the higher Sharpe Ratio (3.77 vs 1.53), 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.