PADZX vs. NTIIX

Last updated Jun 3, 2026

PADZX (PGIM Absolute Return Bond Fund) and NTIIX (Navigator Tactical Investment Grade Bond Fund) are both Nontraditional Bonds funds. Over the past 3 years, PADZX returned 6.49%/yr vs 3.49%/yr for NTIIX. At a correlation of -0.10, they often move in opposite directions. PADZX charges 0.72%/yr vs 1.01%/yr for NTIIX.

Performance

PADZX vs. NTIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Absolute Return Bond Fund (PADZX) and Navigator Tactical Investment Grade Bond Fund (NTIIX). 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 NTIIX's -0.99% return.

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%

NTIIX

• 1D: 0.00%
• 1M: 0.23%
• YTD: -0.99%
• 6M: -1.06%
• 1Y: 4.18%
• 3Y*: 3.49%
• 5Y*: —
• 10Y*: —

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

PADZX vs. NTIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PADZX PGIM Absolute Return Bond Fund	2.29%	5.10%	7.48%	6.11%	-1.55%	-0.06%
NTIIX Navigator Tactical Investment Grade Bond Fund	-0.99%	2.16%	-0.85%	9.79%	-6.51%	-2.29%

Correlation

The correlation between PADZX and NTIIX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Sep 1, 2021	-0.10

The correlation between PADZX and NTIIX shifts across timeframes, from -0.12 (3 years) to 0.03 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PADZX vs. NTIIX — 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

NTIIX

NTIIX Risk / Return Rank: 12
NTIIX Sharpe Ratio Rank: 13
NTIIX Sortino Ratio Rank: 13
NTIIX Omega Ratio Rank: 14
NTIIX Calmar Ratio Rank: 12
NTIIX Martin Ratio Rank: 9

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. NTIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Absolute Return Bond Fund (PADZX) and Navigator Tactical Investment Grade Bond Fund (NTIIX). 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	NTIIX	Difference
Sharpe ratio Return per unit of total volatility	2.78	0.99	+1.80
Sortino ratio Return per unit of downside risk	6.26	1.45	+4.81
Omega ratio Gain probability vs. loss probability	2.86	1.20	+1.66
Calmar ratio Return relative to maximum drawdown	8.43	1.18	+7.25
Martin ratio Return relative to average drawdown	46.43	2.91	+43.52
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. NTIIX - Sharpe Ratio Comparison

The current PADZX Sharpe Ratio is 2.78, which is higher than the NTIIX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of PADZX and NTIIX, 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	NTIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	0.99	+1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.85	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	0.02	+1.18

Drawdowns

PADZX vs. NTIIX - Drawdown Comparison

The maximum PADZX drawdown since its inception was -17.99%, which is greater than NTIIX's maximum drawdown of -12.35%. Use the drawdown chart below to compare losses from any high point for PADZX and NTIIX.

Drawdown Indicators

	PADZX	NTIIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.99%	-12.35%	-5.64%
Max Drawdown (1Y) Largest decline over 1 year	-0.76%	-3.35%	+2.59%
Max Drawdown (3Y) Largest decline over 3 years	-0.98%	-8.52%	+7.54%
Max Drawdown (5Y) Largest decline over 5 years	-4.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-17.99%	—	—
Current Drawdown Current decline from peak	-0.76%	-3.59%	+2.83%
Average Drawdown Average peak-to-trough decline	-0.95%	-5.16%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.14%	1.35%	-1.21%

Volatility

PADZX vs. NTIIX - Volatility Comparison

PGIM Absolute Return Bond Fund (PADZX) has a higher volatility of 1.43% compared to Navigator Tactical Investment Grade Bond Fund (NTIIX) at 0.16%. This indicates that PADZX's price experiences larger fluctuations and is considered to be riskier than NTIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PADZX	NTIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	0.16%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	2.55%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	2.10%	4.02%	-1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.16%	4.99%	-2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	4.99%	-1.83%

PADZX vs. NTIIX - Expense Ratio Comparison

PADZX has a 0.72% expense ratio, which is lower than NTIIX's 1.01% expense ratio.

Dividends

PADZX vs. NTIIX - Dividend Comparison

PADZX's dividend yield for the trailing twelve months is around 5.08%, more than NTIIX's 4.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NTIIX Navigator Tactical Investment Grade Bond Fund	4.28%	4.07%	4.24%	3.85%	1.63%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 NTIIX in my portfolio?

PADZX and NTIIX have a correlation of 0.03, 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 NTIIX?

PADZX has higher volatility (1.43%) compared to NTIIX (0.16%). In terms of maximum drawdown, PADZX dropped -17.99% vs NTIIX's -12.35%.

Which has better risk-adjusted returns?

PADZX currently has the higher Sharpe Ratio (2.78 vs 0.99), 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.