PADZX vs. AGOVX

Last updated Jun 4, 2026

PADZX (PGIM Absolute Return Bond Fund) and AGOVX (Invesco Income Fund) are both Nontraditional Bonds funds. Over the past 10 years, PADZX returned 4.32%/yr vs 1.13%/yr for AGOVX. At a 0.07 correlation, their price movements are largely independent. PADZX charges 0.72%/yr vs 0.96%/yr for AGOVX.

Performance

PADZX vs. AGOVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Absolute Return Bond Fund (PADZX) and Invesco Income Fund (AGOVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PADZX achieves a 2.29% return, which is significantly higher than AGOVX's 0.62% return. Over the past 10 years, PADZX has outperformed AGOVX with an annualized return of 4.32%, while AGOVX has yielded a comparatively lower 1.13% annualized return.

PADZX

• 1D: 0.00%
• 1M: 0.50%
• YTD: 2.29%
• 6M: 2.78%
• 1Y: 5.81%
• 3Y*: 6.49%
• 5Y*: 3.97%
• 10Y*: 4.32%

AGOVX

• 1D: 0.00%
• 1M: 0.40%
• YTD: 0.62%
• 6M: 0.75%
• 1Y: 4.40%
• 3Y*: 5.45%
• 5Y*: 1.60%
• 10Y*: 1.13%

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

PADZX vs. AGOVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
AGOVX Invesco Income Fund	0.62%	6.61%	7.01%	4.57%	-10.05%	3.90%	-6.66%	10.04%	-2.86%	1.68%

Correlation

The correlation between PADZX and AGOVX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Apr 4, 2011	0.07

Over the past year, PADZX and AGOVX have become more correlated (0.33) than their long-term average of 0.07, meaning their price movements have been converging.

Return for Risk

PADZX vs. AGOVX — Risk / Return Rank

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

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

AGOVX

AGOVX Risk / Return Rank: 25
AGOVX Sharpe Ratio Rank: 25
AGOVX Sortino Ratio Rank: 30
AGOVX Omega Ratio Rank: 34
AGOVX Calmar Ratio Rank: 19
AGOVX Martin Ratio Rank: 19

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.

PADZX vs. AGOVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Absolute Return Bond Fund (PADZX) and Invesco Income Fund (AGOVX). 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.

	PADZX	AGOVX	Difference
Sharpe ratio Return per unit of total volatility	2.78	1.44	+1.35
Sortino ratio Return per unit of downside risk	6.26	2.29	+3.98
Omega ratio Gain probability vs. loss probability	2.86	1.31	+1.55
Calmar ratio Return relative to maximum drawdown	7.71	1.61	+6.11
Martin ratio Return relative to average drawdown	40.05	5.09	+34.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PADZX vs. AGOVX - Sharpe Ratio Comparison

The current PADZX Sharpe Ratio is 2.78, which is higher than the AGOVX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PADZX and AGOVX, 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

	PADZX	AGOVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	1.44	+1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.85	0.47	+1.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.37	0.21	+1.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	0.78	+0.42

Drawdowns

PADZX vs. AGOVX - Drawdown Comparison

The maximum PADZX drawdown since its inception was -17.99%, smaller than the maximum AGOVX drawdown of -33.41%. Use the drawdown chart below to compare losses from any high point for PADZX and AGOVX.

Drawdown Indicators

	PADZX	AGOVX	Difference
Max Drawdown Largest peak-to-trough decline	-17.99%	-33.41%	+15.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.76%	-2.67%	+1.91%
Max Drawdown (3Y) Largest decline over 3 years	-0.98%	-3.60%	+2.62%
Max Drawdown (5Y) Largest decline over 5 years	-4.05%	-11.79%	+7.74%
Max Drawdown (10Y) Largest decline over 10 years	-17.99%	-33.41%	+15.42%
Current Drawdown Current decline from peak	-0.76%	-1.19%	+0.43%
Average Drawdown Average peak-to-trough decline	-0.95%	-2.39%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	0.84%	-0.69%

Volatility

PADZX vs. AGOVX - Volatility Comparison

PGIM Absolute Return Bond Fund (PADZX) has a higher volatility of 1.42% compared to Invesco Income Fund (AGOVX) at 1.23%. This indicates that PADZX's price experiences larger fluctuations and is considered to be riskier than AGOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PADZX	AGOVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	1.23%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	2.51%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	2.10%	2.98%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.16%	3.42%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	5.33%	-2.17%

PADZX vs. AGOVX - Expense Ratio Comparison

PADZX has a 0.72% expense ratio, which is lower than AGOVX's 0.96% expense ratio.

Dividends

PADZX vs. AGOVX - Dividend Comparison

PADZX's dividend yield for the trailing twelve months is around 5.08%, which matches AGOVX's 5.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGOVX Invesco Income Fund	5.07%	5.09%	5.12%	4.61%	3.45%	2.96%	4.14%	4.69%	2.76%	1.89%	1.72%	1.55%
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 PADZX and AGOVX in my portfolio?

PADZX and AGOVX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PADZX or AGOVX?

PADZX has higher volatility (1.42%) compared to AGOVX (1.23%). In terms of maximum drawdown, PADZX dropped -17.99% vs AGOVX's -33.41%.

Which has better risk-adjusted returns?

PADZX currently has the higher Sharpe Ratio (2.78 vs 1.44), 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.