EGRIX vs. PADZX

Last updated Jun 6, 2026

EGRIX (Eaton Vance Global Macro Absolute Return Advantage Fund) and PADZX (PGIM Absolute Return Bond Fund) are both Nontraditional Bonds funds. Over the past 10 years, EGRIX returned 6.54%/yr vs 4.31%/yr for PADZX. At a 0.25 correlation, their price movements are largely independent. EGRIX charges 1.05%/yr vs 0.72%/yr for PADZX.

Performance

EGRIX vs. PADZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Global Macro Absolute Return Advantage Fund (EGRIX) 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, EGRIX achieves a 6.84% return, which is significantly higher than PADZX's 2.29% return. Over the past 10 years, EGRIX has outperformed PADZX with an annualized return of 6.54%, while PADZX has yielded a comparatively lower 4.31% annualized return.

EGRIX

• 1D: 0.16%
• 1M: 0.48%
• YTD: 6.84%
• 6M: 8.22%
• 1Y: 19.59%
• 3Y*: 13.53%
• 5Y*: 8.70%
• 10Y*: 6.54%

PADZX

• 1D: 0.00%
• 1M: 0.50%
• YTD: 2.29%
• 6M: 2.78%
• 1Y: 5.92%
• 3Y*: 6.49%
• 5Y*: 3.95%
• 10Y*: 4.31%

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

EGRIX vs. PADZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EGRIX Eaton Vance Global Macro Absolute Return Advantage Fund	6.84%	20.36%	9.50%	8.37%	-1.94%	3.66%	4.71%	14.80%	-8.34%	5.78%
PADZX PGIM Absolute Return Bond Fund	2.29%	5.10%	7.48%	6.11%	-1.55%	1.87%	0.59%	11.10%	0.71%	6.67%

Correlation

The correlation between EGRIX and PADZX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Apr 4, 2011	0.25

The correlation between EGRIX and PADZX shifts across timeframes, from 0.04 (3 years) to 0.25 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EGRIX vs. PADZX — Risk / Return Rank

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

EGRIX

EGRIX Risk / Return Rank: 97
EGRIX Sharpe Ratio Rank: 100
EGRIX Sortino Ratio Rank: 99
EGRIX Omega Ratio Rank: 99
EGRIX Calmar Ratio Rank: 95
EGRIX Martin Ratio Rank: 95

PADZX

PADZX Risk / Return Rank: 96
PADZX Sharpe Ratio Rank: 88
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.

EGRIX vs. PADZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Global Macro Absolute Return Advantage Fund (EGRIX) 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.

	EGRIX	PADZX	Difference
Sharpe ratio: Return per unit of total volatility	5.58	2.84	+2.74
Sortino ratio: Return per unit of downside risk	7.92	6.43	+1.48
Omega ratio: Gain probability vs. loss probability	2.51	2.97	-0.45
Calmar ratio: Return relative to maximum drawdown	5.85	7.86	-2.02
Martin ratio: Return relative to average drawdown	21.15	37.13	-15.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EGRIX vs. PADZX - Sharpe Ratio Comparison

The current EGRIX Sharpe Ratio is 5.58, which is higher than the PADZX Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of EGRIX 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

	EGRIX	PADZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.58	2.84	+2.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.17	1.84	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.65	1.37	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	1.20	+0.13

Drawdowns

EGRIX vs. PADZX - Drawdown Comparison

The maximum EGRIX drawdown since its inception was -14.17%, smaller than the maximum PADZX drawdown of -17.99%. Use the drawdown chart below to compare losses from any high point for EGRIX and PADZX.

Drawdown Indicators

	EGRIX	PADZX	Difference
Max Drawdown Largest peak-to-trough decline	-14.17%	-17.99%	+3.82%
Max Drawdown (1Y) Largest decline over 1 year	-3.37%	-0.76%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-3.37%	-0.98%	-2.39%
Max Drawdown (5Y) Largest decline over 5 years	-10.18%	-4.05%	-6.13%
Max Drawdown (10Y) Largest decline over 10 years	-14.17%	-17.99%	+3.82%
Current Drawdown Current decline from peak	0.00%	-0.76%	+0.76%
Average Drawdown Average peak-to-trough decline	-1.84%	-0.95%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.16%	+0.77%

Volatility

EGRIX vs. PADZX - Volatility Comparison

The current volatility for Eaton Vance Global Macro Absolute Return Advantage Fund (EGRIX) is 0.86%, while PGIM Absolute Return Bond Fund (PADZX) has a volatility of 1.42%. This indicates that EGRIX 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

	EGRIX	PADZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	1.42%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	3.19%	1.77%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	3.54%	2.10%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.03%	2.16%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	3.16%	+0.81%

EGRIX vs. PADZX - Expense Ratio Comparison

EGRIX has a 1.05% expense ratio, which is higher than PADZX's 0.72% expense ratio.

Dividends

EGRIX vs. PADZX - Dividend Comparison

EGRIX's dividend yield for the trailing twelve months is around 6.23%, more than PADZX's 5.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EGRIX Eaton Vance Global Macro Absolute Return Advantage Fund	6.23%	6.65%	6.00%	3.40%	4.82%	4.89%	5.82%	4.15%	0.06%	3.22%	1.78%	6.67%
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 EGRIX and PADZX in my portfolio?

EGRIX and PADZX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EGRIX or PADZX?

PADZX has higher volatility (1.42%) compared to EGRIX (0.86%). In terms of maximum drawdown, EGRIX dropped -14.17% vs PADZX's -17.99%.

Which has better risk-adjusted returns?

EGRIX currently has the higher Sharpe Ratio (5.58 vs 2.84), 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.