PBSMX vs. FPNIX

Last updated Jun 24, 2026

PBSMX (PGIM Short-Term Corporate Bond Fund) and FPNIX (FPA New Income Fund) are both Short-Term Bond funds. Over the past 10 years, PBSMX returned 2.20%/yr vs 2.78%/yr for FPNIX. At a 0.49 correlation, their price movements are largely independent. PBSMX charges 0.71%/yr vs 0.45%/yr for FPNIX.

Performance

PBSMX vs. FPNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Short-Term Corporate Bond Fund (PBSMX) and FPA New Income Fund (FPNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBSMX achieves a 0.22% return, which is significantly higher than FPNIX's -0.22% return. Over the past 10 years, PBSMX has underperformed FPNIX with an annualized return of 2.20%, while FPNIX has yielded a comparatively higher 2.78% annualized return.

PBSMX

• 1D: -0.19%
• 1M: 0.24%
• YTD: 0.22%
• 6M: 0.63%
• 1Y: 3.64%
• 3Y*: 4.96%
• 5Y*: 1.75%
• 10Y*: 2.20%

FPNIX

• 1D: -0.20%
• 1M: 0.22%
• YTD: -0.22%
• 6M: -0.03%
• 1Y: 3.22%
• 3Y*: 5.24%
• 5Y*: 2.90%
• 10Y*: 2.78%

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

PBSMX vs. FPNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBSMX PGIM Short-Term Corporate Bond Fund	0.22%	6.41%	4.25%	5.98%	-7.06%	-0.71%	5.16%	6.47%	0.35%	1.86%
FPNIX FPA New Income Fund	-0.22%	6.71%	4.58%	6.78%	-3.10%	0.84%	2.51%	3.81%	2.30%	2.67%

Correlation

The correlation between PBSMX and FPNIX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Aug 31, 1989	0.49

Over the past year, PBSMX and FPNIX have become more correlated (0.81) than their long-term average of 0.49, meaning their price movements have been converging.

Return for Risk

PBSMX vs. FPNIX — Risk / Return Rank

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

PBSMX

PBSMX Risk / Return Rank: 49
PBSMX Sharpe Ratio Rank: 45
PBSMX Sortino Ratio Rank: 63
PBSMX Omega Ratio Rank: 57
PBSMX Calmar Ratio Rank: 41
PBSMX Martin Ratio Rank: 39

FPNIX

FPNIX Risk / Return Rank: 28
FPNIX Sharpe Ratio Rank: 31
FPNIX Sortino Ratio Rank: 31
FPNIX Omega Ratio Rank: 34
FPNIX Calmar Ratio Rank: 25
FPNIX Martin Ratio Rank: 20

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.

PBSMX vs. FPNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Short-Term Corporate Bond Fund (PBSMX) and FPA New Income Fund (FPNIX). 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.

	PBSMX	FPNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.47	+0.35
Sortino ratio: Return per unit of downside risk	3.04	2.15	+0.88
Omega ratio: Gain probability vs. loss probability	1.38	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	2.33	1.75	+0.58
Martin ratio: Return relative to average drawdown	8.06	4.62	+3.44

PBSMX vs. FPNIX - Sharpe Ratio Comparison

The current PBSMX Sharpe Ratio is 1.82, which is comparable to the FPNIX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of PBSMX and FPNIX, 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

PBSMX vs. FPNIX - Drawdown Comparison

The maximum PBSMX drawdown since its inception was -10.70%, smaller than the maximum FPNIX drawdown of -22.95%. Use the drawdown chart below to compare losses from any high point for PBSMX and FPNIX.

Drawdown Indicators

	PBSMX	FPNIX	Difference
Max Drawdown Largest peak-to-trough decline	-10.70%	-22.95%	+12.25%
Max Drawdown (1Y) Largest decline over 1 year	-1.65%	-1.97%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-1.65%	-1.97%	+0.32%
Max Drawdown (5Y) Largest decline over 5 years	-10.70%	-4.67%	-6.03%
Max Drawdown (10Y) Largest decline over 10 years	-10.70%	-4.67%	-6.03%
Current Drawdown Current decline from peak	-0.77%	-1.54%	+0.77%
Average Drawdown Average peak-to-trough decline	-0.88%	-1.86%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.74%	-0.26%

Volatility

PBSMX vs. FPNIX - Volatility Comparison

The current volatility for PGIM Short-Term Corporate Bond Fund (PBSMX) is 0.67%, while FPA New Income Fund (FPNIX) has a volatility of 0.77%. This indicates that PBSMX experiences smaller price fluctuations and is considered to be less risky than FPNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBSMX	FPNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.77%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	1.59%	1.74%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.12%	2.34%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.90%	2.46%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.64%	1.91%	+0.73%

PBSMX vs. FPNIX - Expense Ratio Comparison

PBSMX has a 0.71% expense ratio, which is higher than FPNIX's 0.45% expense ratio.

Dividends

PBSMX vs. FPNIX - Dividend Comparison

PBSMX's dividend yield for the trailing twelve months is around 3.88%, more than FPNIX's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPNIX FPA New Income Fund	3.83%	3.36%	4.39%	3.37%	2.13%	1.24%	2.17%	2.63%	3.10%	2.84%	2.31%	1.87%
PBSMX PGIM Short-Term Corporate Bond Fund	3.88%	3.74%	3.00%	2.65%	2.02%	1.79%	2.22%	2.57%	2.57%	2.40%	2.40%	2.56%

Frequently Asked Questions

Can I hold both PBSMX and FPNIX in my portfolio?

PBSMX and FPNIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBSMX or FPNIX?

FPNIX has higher volatility (0.77%) compared to PBSMX (0.67%). In terms of maximum drawdown, PBSMX dropped -10.70% vs FPNIX's -22.95%.

Which has better risk-adjusted returns?

PBSMX currently has the higher Sharpe Ratio (1.82 vs 1.47), 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.