ISD vs. CPMPX
Compare and contrast key facts about PGIM High Yield Bond Fund (ISD) and Changing Parameters Fund (CPMPX).
ISD is managed by PGIM. It was launched on Apr 30, 2012. CPMPX is managed by Changing Parameters. It was launched on Oct 2, 2006.
Performance
ISD vs. CPMPX - Performance Comparison
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ISD vs. CPMPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISD PGIM High Yield Bond Fund | -7.71% | 15.63% | 22.05% | 15.05% | -18.42% | 15.72% | 6.66% | 28.41% | -5.03% | 3.59% |
CPMPX Changing Parameters Fund | 0.09% | 6.65% | -3.47% | 8.13% | -0.22% | 3.86% | 13.43% | 6.82% | -1.19% | 5.29% |
Returns By Period
In the year-to-date period, ISD achieves a -7.71% return, which is significantly lower than CPMPX's 0.09% return. Over the past 10 years, ISD has outperformed CPMPX with an annualized return of 7.39%, while CPMPX has yielded a comparatively lower 4.32% annualized return.
ISD
- 1D
- 4.36%
- 1M
- -9.30%
- YTD
- -7.71%
- 6M
- -4.38%
- 1Y
- 0.94%
- 3Y*
- 12.75%
- 5Y*
- 5.94%
- 10Y*
- 7.39%
CPMPX
- 1D
- 0.00%
- 1M
- -1.12%
- YTD
- 0.09%
- 6M
- 1.24%
- 1Y
- 6.34%
- 3Y*
- 3.14%
- 5Y*
- 2.65%
- 10Y*
- 4.32%
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ISD vs. CPMPX - Expense Ratio Comparison
ISD has a 0.02% expense ratio, which is lower than CPMPX's 2.90% expense ratio.
Return for Risk
ISD vs. CPMPX — Risk / Return Rank
ISD
CPMPX
ISD vs. CPMPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Bond Fund (ISD) and Changing Parameters Fund (CPMPX). 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.
| ISD | CPMPX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.06 | 3.43 | -3.37 |
Sortino ratioReturn per unit of downside risk | 0.18 | 5.56 | -5.39 |
Omega ratioGain probability vs. loss probability | 1.03 | 1.91 | -0.88 |
Calmar ratioReturn relative to maximum drawdown | 0.09 | 4.84 | -4.75 |
Martin ratioReturn relative to average drawdown | 0.34 | 19.28 | -18.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ISD | CPMPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.06 | 3.43 | -3.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.70 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 1.38 | -0.88 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 1.10 | -0.67 |
Correlation
The correlation between ISD and CPMPX is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
ISD vs. CPMPX - Dividend Comparison
ISD's dividend yield for the trailing twelve months is around 9.57%, more than CPMPX's 3.82% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISD PGIM High Yield Bond Fund | 9.57% | 8.71% | 9.21% | 10.23% | 10.61% | 7.85% | 8.40% | 7.86% | 7.89% | 8.46% | 8.28% | 9.64% |
CPMPX Changing Parameters Fund | 3.82% | 3.83% | 0.00% | 4.26% | 5.03% | 4.24% | 6.94% | 2.85% | 1.71% | 3.32% | 2.25% | 1.51% |
Drawdowns
ISD vs. CPMPX - Drawdown Comparison
The maximum ISD drawdown since its inception was -38.88%, which is greater than CPMPX's maximum drawdown of -8.87%. Use the drawdown chart below to compare losses from any high point for ISD and CPMPX.
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Drawdown Indicators
| ISD | CPMPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.88% | -8.87% | -30.01% |
Max Drawdown (1Y)Largest decline over 1 year | -13.52% | -1.31% | -12.21% |
Max Drawdown (5Y)Largest decline over 5 years | -25.45% | -8.13% | -17.32% |
Max Drawdown (10Y)Largest decline over 10 years | -38.88% | -8.13% | -30.75% |
Current DrawdownCurrent decline from peak | -9.67% | -1.83% | -7.84% |
Average DrawdownAverage peak-to-trough decline | -5.56% | -1.87% | -3.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.58% | 0.33% | +3.25% |
Volatility
ISD vs. CPMPX - Volatility Comparison
PGIM High Yield Bond Fund (ISD) has a higher volatility of 7.95% compared to Changing Parameters Fund (CPMPX) at 0.78%. This indicates that ISD's price experiences larger fluctuations and is considered to be riskier than CPMPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISD | CPMPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.95% | 0.78% | +7.17% |
Volatility (6M)Calculated over the trailing 6-month period | 9.69% | 1.38% | +8.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 1.90% | +13.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.30% | 3.83% | +9.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.57% | 3.13% | +11.44% |