PADZX vs. GIOIX

Last updated Jun 3, 2026

PADZX (PGIM Absolute Return Bond Fund) and GIOIX (Guggenheim Macro Opportunities Fund) are both Nontraditional Bonds funds. Over the past 10 years, PADZX returned 4.32%/yr vs 4.33%/yr for GIOIX. At a 0.31 correlation, their price movements are largely independent. PADZX charges 0.72%/yr vs 0.96%/yr for GIOIX.

Performance

PADZX vs. GIOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Absolute Return Bond Fund (PADZX) and Guggenheim Macro Opportunities Fund (GIOIX). 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 GIOIX's 1.12% return. Both investments have delivered pretty close results over the past 10 years, with PADZX having a 4.32% annualized return and GIOIX not far ahead at 4.33%.

PADZX

• 1D: -0.76%
• 1M: 0.50%
• YTD: 2.29%
• 6M: 2.78%
• 1Y: 5.81%
• 3Y*: 6.49%
• 5Y*: 3.97%
• 10Y*: 4.32%

GIOIX

• 1D: -0.08%
• 1M: 0.36%
• YTD: 1.12%
• 6M: 1.74%
• 1Y: 6.11%
• 3Y*: 7.59%
• 5Y*: 3.25%
• 10Y*: 4.33%

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

PADZX vs. GIOIX - 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%
GIOIX Guggenheim Macro Opportunities Fund	1.12%	7.64%	7.78%	9.69%	-9.57%	1.71%	11.09%	2.25%	0.46%	5.32%

Correlation

The correlation between PADZX and GIOIX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	0.31

The correlation between PADZX and GIOIX shifts across timeframes, from 0.11 (5 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PADZX vs. GIOIX — 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

GIOIX

GIOIX Risk / Return Rank: 80
GIOIX Sharpe Ratio Rank: 71
GIOIX Sortino Ratio Rank: 92
GIOIX Omega Ratio Rank: 88
GIOIX Calmar Ratio Rank: 69
GIOIX Martin Ratio Rank: 82

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. GIOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Absolute Return Bond Fund (PADZX) and Guggenheim Macro Opportunities Fund (GIOIX). 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	GIOIX	Difference
Sharpe ratio Return per unit of total volatility	2.78	2.46	+0.32
Sortino ratio Return per unit of downside risk	6.26	4.58	+1.69
Omega ratio Gain probability vs. loss probability	2.86	1.62	+1.24
Calmar ratio Return relative to maximum drawdown	8.43	3.21	+5.22
Martin ratio Return relative to average drawdown	46.43	15.38	+31.05
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. GIOIX - Sharpe Ratio Comparison

The current PADZX Sharpe Ratio is 2.78, which is comparable to the GIOIX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of PADZX and GIOIX, 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	GIOIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	2.46	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.85	1.03	+0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.37	1.50	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	1.73	-0.53

Drawdowns

PADZX vs. GIOIX - Drawdown Comparison

The maximum PADZX drawdown since its inception was -17.99%, which is greater than GIOIX's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for PADZX and GIOIX.

Drawdown Indicators

	PADZX	GIOIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.99%	-13.38%	-4.61%
Max Drawdown (1Y) Largest decline over 1 year	-0.76%	-2.12%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	-0.98%	-2.12%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-4.05%	-13.38%	+9.33%
Max Drawdown (10Y) Largest decline over 10 years	-17.99%	-13.38%	-4.61%
Current Drawdown Current decline from peak	-0.76%	-0.08%	-0.68%
Average Drawdown Average peak-to-trough decline	-0.95%	-1.42%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.14%	0.44%	-0.30%

Volatility

PADZX vs. GIOIX - Volatility Comparison

PGIM Absolute Return Bond Fund (PADZX) has a higher volatility of 1.43% compared to Guggenheim Macro Opportunities Fund (GIOIX) at 1.00%. This indicates that PADZX's price experiences larger fluctuations and is considered to be riskier than GIOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PADZX	GIOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	1.00%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	2.05%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	2.10%	2.48%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.16%	3.18%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	2.89%	+0.27%

PADZX vs. GIOIX - Expense Ratio Comparison

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

Dividends

PADZX vs. GIOIX - Dividend Comparison

PADZX's dividend yield for the trailing twelve months is around 5.08%, less than GIOIX's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIOIX Guggenheim Macro Opportunities Fund	6.09%	5.86%	5.88%	6.45%	3.78%	3.10%	3.61%	3.29%	3.55%	3.54%	5.38%	5.82%
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 GIOIX in my portfolio?

PADZX and GIOIX have a correlation of 0.41, 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 GIOIX?

PADZX has higher volatility (1.43%) compared to GIOIX (1.00%). In terms of maximum drawdown, PADZX dropped -17.99% vs GIOIX's -13.38%.

Which has better risk-adjusted returns?

PADZX currently has the higher Sharpe Ratio (2.78 vs 2.46), 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.