PABFX vs. PABAX

Last updated Jun 3, 2026

PABFX (PGIM Balanced Fund) and PABAX (Putnam Dynamic Asset Allocation Balanced Fund) are both Diversified Portfolio funds. Over the past 10 years, PABFX returned 9.79%/yr vs 8.72%/yr for PABAX. Their correlation of 0.94 suggests significant overlap in exposure. PABFX charges 0.78%/yr vs 0.94%/yr for PABAX.

Performance

PABFX vs. PABAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Balanced Fund (PABFX) and Putnam Dynamic Asset Allocation Balanced Fund (PABAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PABFX achieves a 7.72% return, which is significantly higher than PABAX's 7.06% return. Over the past 10 years, PABFX has outperformed PABAX with an annualized return of 9.79%, while PABAX has yielded a comparatively lower 8.72% annualized return.

PABFX

• 1D: -0.30%
• 1M: 2.74%
• YTD: 7.72%
• 6M: 8.79%
• 1Y: 21.66%
• 3Y*: 17.84%
• 5Y*: 9.13%
• 10Y*: 9.79%

PABAX

• 1D: 0.17%
• 1M: 2.73%
• YTD: 7.06%
• 6M: 8.06%
• 1Y: 19.01%
• 3Y*: 15.22%
• 5Y*: 7.77%
• 10Y*: 8.72%

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

PABFX vs. PABAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PABFX PGIM Balanced Fund	7.72%	15.83%	19.80%	17.08%	-16.07%	14.68%	9.12%	21.77%	-5.16%	14.36%
PABAX Putnam Dynamic Asset Allocation Balanced Fund	7.06%	14.90%	15.25%	15.80%	-15.76%	13.25%	11.81%	17.31%	-7.21%	15.21%

Correlation

The correlation between PABFX and PABAX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 8, 1994	0.94

The correlation between PABFX and PABAX has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

Return for Risk

PABFX vs. PABAX — Risk / Return Rank

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

PABFX

PABFX Risk / Return Rank: 77
PABFX Sharpe Ratio Rank: 81
PABFX Sortino Ratio Rank: 79
PABFX Omega Ratio Rank: 75
PABFX Calmar Ratio Rank: 71
PABFX Martin Ratio Rank: 80

PABAX

PABAX Risk / Return Rank: 68
PABAX Sharpe Ratio Rank: 66
PABAX Sortino Ratio Rank: 66
PABAX Omega Ratio Rank: 62
PABAX Calmar Ratio Rank: 70
PABAX Martin Ratio Rank: 78

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.

PABFX vs. PABAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Balanced Fund (PABFX) and Putnam Dynamic Asset Allocation Balanced Fund (PABAX). 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.

	PABFX	PABAX	Difference
Sharpe ratio Return per unit of total volatility	2.62	2.38	+0.24
Sortino ratio Return per unit of downside risk	3.76	3.41	+0.35
Omega ratio Gain probability vs. loss probability	1.50	1.44	+0.05
Calmar ratio Return relative to maximum drawdown	3.27	3.25	+0.01
Martin ratio Return relative to average drawdown	14.93	14.64	+0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PABFX vs. PABAX - Sharpe Ratio Comparison

The current PABFX Sharpe Ratio is 2.62, which is comparable to the PABAX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of PABFX and PABAX, 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

	PABFX	PABAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.38	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.62	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.74	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.65	+0.05

Drawdowns

PABFX vs. PABAX - Drawdown Comparison

The maximum PABFX drawdown since its inception was -40.90%, smaller than the maximum PABAX drawdown of -45.92%. Use the drawdown chart below to compare losses from any high point for PABFX and PABAX.

Drawdown Indicators

	PABFX	PABAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.90%	-45.92%	+5.02%
Max Drawdown (1Y) Largest decline over 1 year	-6.74%	-5.93%	-0.81%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-18.28%	+4.99%
Max Drawdown (5Y) Largest decline over 5 years	-21.24%	-20.98%	-0.26%
Max Drawdown (10Y) Largest decline over 10 years	-26.46%	-22.31%	-4.15%
Current Drawdown Current decline from peak	-0.30%	0.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-4.78%	-5.67%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	1.32%	+0.15%

Volatility

PABFX vs. PABAX - Volatility Comparison

PGIM Balanced Fund (PABFX) has a higher volatility of 2.69% compared to Putnam Dynamic Asset Allocation Balanced Fund (PABAX) at 2.33%. This indicates that PABFX's price experiences larger fluctuations and is considered to be riskier than PABAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PABFX	PABAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	2.33%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	6.78%	6.46%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	8.41%	8.15%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.95%	12.56%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.61%	11.81%	-0.20%

PABFX vs. PABAX - Expense Ratio Comparison

PABFX has a 0.78% expense ratio, which is lower than PABAX's 0.94% expense ratio.

Dividends

PABFX vs. PABAX - Dividend Comparison

PABFX's dividend yield for the trailing twelve months is around 8.83%, more than PABAX's 6.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PABAX Putnam Dynamic Asset Allocation Balanced Fund	6.58%	7.60%	10.79%	1.63%	6.10%	11.51%	1.35%	1.81%	8.72%	6.15%	2.39%	7.06%
PABFX PGIM Balanced Fund	8.83%	9.57%	13.25%	2.35%	2.09%	12.40%	1.66%	5.18%	7.55%	5.78%	4.79%	8.06%

Frequently Asked Questions

Can I hold both PABFX and PABAX in my portfolio?

With a correlation of 0.98, PABFX and PABAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PABFX or PABAX?

PABFX has higher volatility (2.69%) compared to PABAX (2.33%). In terms of maximum drawdown, PABFX dropped -40.90% vs PABAX's -45.92%.

Which has better risk-adjusted returns?

PABFX currently has the higher Sharpe Ratio (2.62 vs 2.38), 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.