PBCAX vs. PALDX

Last updated Jun 23, 2026

PBCAX (PGIM California Muni Income Fund) and PALDX (PGIM 60/40 Allocation Fund) are both mutual funds - PBCAX is a Municipal Bonds fund managed by PGIM, while PALDX is a Diversified Portfolio fund managed by PGIM. Over the past 5 years, PBCAX returned 0.93%/yr vs 9.57%/yr for PALDX. At a 0.09 correlation, their price movements are largely independent. PBCAX charges 0.69%/yr vs 0.03%/yr for PALDX.

Performance

PBCAX vs. PALDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM California Muni Income Fund (PBCAX) and PGIM 60/40 Allocation Fund (PALDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBCAX achieves a 1.01% return, which is significantly lower than PALDX's 7.39% return.

PBCAX

• 1D: 0.00%
• 1M: 1.16%
• YTD: 1.01%
• 6M: 1.36%
• 1Y: 5.60%
• 3Y*: 3.82%
• 5Y*: 0.93%
• 10Y*: 1.64%

PALDX

• 1D: 0.60%
• 1M: 0.94%
• YTD: 7.39%
• 6M: 7.16%
• 1Y: 20.27%
• 3Y*: 16.07%
• 5Y*: 9.57%
• 10Y*: —

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

PBCAX vs. PALDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBCAX PGIM California Muni Income Fund	1.01%	5.68%	1.76%	4.42%	-7.96%	0.64%	3.34%	6.93%	0.38%	0.46%
PALDX PGIM 60/40 Allocation Fund	7.39%	13.62%	18.96%	18.90%	-15.65%	16.30%	10.68%	22.27%	-4.12%	5.95%

Correlation

The correlation between PBCAX and PALDX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Sep 13, 2017	0.09

The correlation between PBCAX and PALDX shifts across timeframes, from 0.09 (all time) to 0.21 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PBCAX vs. PALDX — Risk / Return Rank

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

PBCAX

PBCAX Risk / Return Rank: 69
PBCAX Sharpe Ratio Rank: 92
PBCAX Sortino Ratio Rank: 93
PBCAX Omega Ratio Rank: 95
PBCAX Calmar Ratio Rank: 32
PBCAX Martin Ratio Rank: 30

PALDX

PALDX Risk / Return Rank: 81
PALDX Sharpe Ratio Rank: 80
PALDX Sortino Ratio Rank: 79
PALDX Omega Ratio Rank: 77
PALDX Calmar Ratio Rank: 79
PALDX Martin Ratio Rank: 88

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.

PBCAX vs. PALDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM California Muni Income Fund (PBCAX) and PGIM 60/40 Allocation Fund (PALDX). 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.

	PBCAX	PALDX	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.43	+0.43
Sortino ratio: Return per unit of downside risk	4.42	3.45	+0.97
Omega ratio: Gain probability vs. loss probability	1.75	1.46	+0.29
Calmar ratio: Return relative to maximum drawdown	2.04	3.40	-1.36
Martin ratio: Return relative to average drawdown	6.53	15.74	-9.21

PBCAX vs. PALDX - Sharpe Ratio Comparison

The current PBCAX Sharpe Ratio is 2.86, which is comparable to the PALDX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of PBCAX and PALDX, 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

PBCAX vs. PALDX - Drawdown Comparison

The maximum PBCAX drawdown since its inception was -13.25%, smaller than the maximum PALDX drawdown of -26.16%. Use the drawdown chart below to compare losses from any high point for PBCAX and PALDX.

Drawdown Indicators

	PBCAX	PALDX	Difference
Max Drawdown Largest peak-to-trough decline	-13.25%	-26.16%	+12.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-5.96%	+3.20%
Max Drawdown (3Y) Largest decline over 3 years	-3.54%	-16.06%	+12.52%
Max Drawdown (5Y) Largest decline over 5 years	-11.41%	-20.47%	+9.06%
Max Drawdown (10Y) Largest decline over 10 years	-11.72%	—	—
Current Drawdown Current decline from peak	-0.86%	-0.46%	-0.40%
Average Drawdown Average peak-to-trough decline	-1.93%	-4.07%	+2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	1.29%	-0.43%

Volatility

PBCAX vs. PALDX - Volatility Comparison

The current volatility for PGIM California Muni Income Fund (PBCAX) is 0.57%, while PGIM 60/40 Allocation Fund (PALDX) has a volatility of 3.29%. This indicates that PBCAX experiences smaller price fluctuations and is considered to be less risky than PALDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBCAX	PALDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	3.29%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	6.78%	-5.21%
Volatility (1Y) Calculated over the trailing 1-year period	1.97%	8.34%	-6.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.87%	12.17%	-9.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.45%	12.70%	-9.25%

PBCAX vs. PALDX - Expense Ratio Comparison

PBCAX has a 0.69% expense ratio, which is higher than PALDX's 0.03% expense ratio.

Dividends

PBCAX vs. PALDX - Dividend Comparison

PBCAX's dividend yield for the trailing twelve months is around 2.90%, less than PALDX's 5.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PALDX PGIM 60/40 Allocation Fund	5.05%	5.42%	10.40%	2.94%	6.19%	6.87%	2.58%	4.58%	3.65%	1.48%	0.00%	0.00%
PBCAX PGIM California Muni Income Fund	2.90%	3.74%	2.66%	1.94%	1.73%	1.76%	2.51%	2.78%	3.35%	3.32%	3.57%	3.70%

Frequently Asked Questions

Can I hold both PBCAX and PALDX in my portfolio?

PBCAX and PALDX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBCAX or PALDX?

PALDX has higher volatility (3.29%) compared to PBCAX (0.57%). In terms of maximum drawdown, PBCAX dropped -13.25% vs PALDX's -26.16%.

Which has better risk-adjusted returns?

PBCAX currently has the higher Sharpe Ratio (2.86 vs 2.43), 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.