PADZX vs. BGCIX

Last updated Aug 1, 2026

PADZX (PGIM Absolute Return Bond Fund) and BGCIX (BlackRock Global Long/Short Credit Fund) are both Nontraditional Bonds funds. Over the past 10 years, PADZX returned 4.13%/yr vs 4.13%/yr for BGCIX. Their 0.29 correlation means their historical movements had little consistent relationship. PADZX charges 0.72%/yr vs 1.12%/yr for BGCIX.

Performance

PADZX vs. BGCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Absolute Return Bond Fund (PADZX) and BlackRock Global Long/Short Credit Fund (BGCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PADZX achieves a 2.45% return, which is significantly higher than BGCIX's 1.44% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: PADZX at 4.13% and BGCIX at 4.13%.

PADZX

• 1D: 0.22%
• 1M: -0.22%
• 6M: 1.81%
• YTD: 2.45%
• 1Y: 4.84%
• 3Y*: 5.80%
• 5Y*: 3.88%
• 10Y*: 4.13%
• ALL TIME*: 3.45%

BGCIX

• 1D: 0.22%
• 1M: -0.11%
• 6M: 1.10%
• YTD: 1.44%
• 1Y: 3.04%
• 3Y*: 6.93%
• 5Y*: 3.31%
• 10Y*: 4.13%
• ALL TIME*: 3.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BGCIX BlackRock Global Long/Short Credit Fund	$0.00	$0.00	$0.00
PADZX PGIM Absolute Return Bond Fund	$0.00	$0.00	$0.00

PADZX vs. BGCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PADZX PGIM Absolute Return Bond Fund	2.45%	5.10%	7.48%	6.11%	-1.55%	1.87%	0.59%	11.10%	0.71%	6.67%
BGCIX BlackRock Global Long/Short Credit Fund	1.44%	6.55%	8.47%	8.87%	-8.02%	3.48%	10.71%	7.43%	-1.78%	3.46%

Correlation

The correlation between PADZX and BGCIX is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (10Y) Provides a long-term view across more market conditions.	0.26
Correlation (All Time) Calculated using the full available price history since Oct 3, 2011	0.29

The correlation between PADZX and BGCIX shifts across timeframes, from 0.12 (3 years) to 0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PADZX vs. BGCIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PADZX

PADZX Risk / Return Rank: 97
PADZX Sharpe Ratio Rank: 94
PADZX Sortino Ratio Rank: 98
PADZX Omega Ratio Rank: 99
PADZX Calmar Ratio Rank: 98
PADZX Martin Ratio Rank: 96

BGCIX

BGCIX Risk / Return Rank: 91
BGCIX Sharpe Ratio Rank: 91
BGCIX Sortino Ratio Rank: 93
BGCIX Omega Ratio Rank: 94
BGCIX Calmar Ratio Rank: 88
BGCIX Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PADZX vs. BGCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Absolute Return Bond Fund (PADZX) and BlackRock Global Long/Short Credit Fund (BGCIX). 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.

	PADZX	BGCIX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.32	+0.18
Sortino ratio: Return per unit of downside risk	5.35	3.71	+1.64
Omega ratio: Gain probability vs. loss probability	2.32	1.57	+0.75
Calmar ratio: Return relative to maximum drawdown	6.14	3.19	+2.95
Martin ratio: Return relative to average drawdown	17.77	12.87	+4.91

PADZX vs. BGCIX - Sharpe Ratio Comparison

The current PADZX Sharpe Ratio is 2.50, which is comparable to the BGCIX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of PADZX and BGCIX, 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

PADZX vs. BGCIX - Drawdown Comparison

The maximum PADZX drawdown since its inception was -17.99%, which is greater than BGCIX's maximum drawdown of -10.37%. Use the drawdown chart below to compare losses from any high point for PADZX and BGCIX.

Drawdown Indicators

	PADZX	BGCIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.99%	-10.37%	-7.62%
Max Drawdown (1Y) Largest decline over 1 year	-0.86%	-0.99%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-0.98%	-2.18%	+1.20%
Max Drawdown (5Y) Largest decline over 5 years	-4.05%	-9.78%	+5.73%
Max Drawdown (10Y) Largest decline over 10 years	-17.99%	-10.37%	-7.62%
Current Drawdown Current decline from peak	-0.60%	-0.22%	-0.38%
Average Drawdown Average peak-to-trough decline	-0.95%	-1.26%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.25%	+0.05%

Volatility

PADZX vs. BGCIX - Volatility Comparison

The current volatility for PGIM Absolute Return Bond Fund (PADZX) is 0.43%, while BlackRock Global Long/Short Credit Fund (BGCIX) has a volatility of 0.49%. This indicates that PADZX experiences smaller price fluctuations and is considered to be less risky than BGCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PADZX	BGCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	0.49%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.80%	1.07%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	2.12%	1.36%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.16%	1.91%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.14%	3.14%	0.00%

PADZX vs. BGCIX - Expense Ratio Comparison

PADZX has a 0.72% expense ratio, which is lower than BGCIX's 1.12% expense ratio.

Dividends

PADZX vs. BGCIX - Dividend Comparison

PADZX's dividend yield for the trailing twelve months is around 4.61%, less than BGCIX's 5.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGCIX BlackRock Global Long/Short Credit Fund	5.74%	5.83%	7.13%	3.33%	8.25%	3.57%	9.87%	3.75%	6.01%	1.16%	0.00%	5.11%
PADZX PGIM Absolute Return Bond Fund	4.61%	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 BGCIX in my portfolio?

PADZX and BGCIX have a correlation of 0.38, 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 BGCIX?

BGCIX has higher volatility (0.49%) compared to PADZX (0.43%). In terms of maximum drawdown, PADZX dropped -17.99% vs BGCIX's -10.37%.

Which has better risk-adjusted returns?

PADZX currently has the higher Sharpe Ratio (2.50 vs 2.32), 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.