PDBAX vs. FTBFX

Last updated Jun 4, 2026

PDBAX (PGIM Total Return Bond Fund) and FTBFX (Fidelity Total Bond Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, PDBAX returned 2.47%/yr vs 2.47%/yr for FTBFX. Their correlation of 0.90 suggests significant overlap in exposure. PDBAX charges 0.76%/yr vs 0.45%/yr for FTBFX.

Performance

PDBAX vs. FTBFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Total Return Bond Fund (PDBAX) and Fidelity Total Bond Fund (FTBFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDBAX achieves a 0.53% return, which is significantly lower than FTBFX's 0.57% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: PDBAX at 2.47% and FTBFX at 2.47%.

PDBAX

• 1D: 0.08%
• 1M: 0.55%
• YTD: 0.53%
• 6M: 0.48%
• 1Y: 5.96%
• 3Y*: 4.53%
• 5Y*: 0.34%
• 10Y*: 2.47%

FTBFX

• 1D: 0.00%
• 1M: 0.47%
• YTD: 0.57%
• 6M: 0.40%
• 1Y: 5.75%
• 3Y*: 4.84%
• 5Y*: 0.76%
• 10Y*: 2.47%

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

PDBAX vs. FTBFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDBAX PGIM Total Return Bond Fund	0.53%	7.50%	1.82%	6.51%	-14.52%	-1.77%	7.78%	14.71%	-0.97%	6.30%
FTBFX Fidelity Total Bond Fund	0.57%	7.50%	2.13%	7.25%	-13.58%	-0.44%	9.34%	9.89%	-0.66%	4.19%

Correlation

The correlation between PDBAX and FTBFX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 17, 2002	0.90

The correlation between PDBAX and FTBFX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

Return for Risk

PDBAX vs. FTBFX — Risk / Return Rank

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

PDBAX

PDBAX Risk / Return Rank: 24
PDBAX Sharpe Ratio Rank: 23
PDBAX Sortino Ratio Rank: 24
PDBAX Omega Ratio Rank: 23
PDBAX Calmar Ratio Rank: 27
PDBAX Martin Ratio Rank: 22

FTBFX

FTBFX Risk / Return Rank: 27
FTBFX Sharpe Ratio Rank: 28
FTBFX Sortino Ratio Rank: 30
FTBFX Omega Ratio Rank: 27
FTBFX Calmar Ratio Rank: 28
FTBFX Martin Ratio Rank: 24

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.

PDBAX vs. FTBFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Total Return Bond Fund (PDBAX) and Fidelity Total Bond Fund (FTBFX). 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.

	PDBAX	FTBFX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.49	-0.13
Sortino ratio: Return per unit of downside risk	2.06	2.24	-0.18
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	1.95	1.99	-0.05
Martin ratio: Return relative to average drawdown	5.73	6.10	-0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDBAX vs. FTBFX - Sharpe Ratio Comparison

The current PDBAX Sharpe Ratio is 1.36, which is comparable to the FTBFX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of PDBAX and FTBFX, 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

	PDBAX	FTBFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.49	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.13	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.52	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	0.93	+0.17

Drawdowns

PDBAX vs. FTBFX - Drawdown Comparison

The maximum PDBAX drawdown since its inception was -21.24%, which is greater than FTBFX's maximum drawdown of -18.25%. Use the drawdown chart below to compare losses from any high point for PDBAX and FTBFX.

Drawdown Indicators

	PDBAX	FTBFX	Difference
Max Drawdown Largest peak-to-trough decline	-21.24%	-18.25%	-2.99%
Max Drawdown (1Y) Largest decline over 1 year	-3.07%	-2.89%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-5.99%	-5.82%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	-18.25%	-2.76%
Max Drawdown (10Y) Largest decline over 10 years	-21.24%	-18.25%	-2.99%
Current Drawdown Current decline from peak	-1.59%	-1.31%	-0.28%
Average Drawdown Average peak-to-trough decline	-2.47%	-2.32%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.94%	+0.10%

Volatility

PDBAX vs. FTBFX - Volatility Comparison

PGIM Total Return Bond Fund (PDBAX) has a higher volatility of 2.09% compared to Fidelity Total Bond Fund (FTBFX) at 1.40%. This indicates that PDBAX's price experiences larger fluctuations and is considered to be riskier than FTBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDBAX	FTBFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.09%	1.40%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	3.31%	2.80%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.40%	3.88%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.04%	5.67%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.35%	4.73%	+0.62%

PDBAX vs. FTBFX - Expense Ratio Comparison

PDBAX has a 0.76% expense ratio, which is higher than FTBFX's 0.45% expense ratio.

Dividends

PDBAX vs. FTBFX - Dividend Comparison

PDBAX's dividend yield for the trailing twelve months is around 4.31%, less than FTBFX's 4.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTBFX Fidelity Total Bond Fund	4.36%	4.36%	4.15%	4.15%	2.54%	1.89%	5.22%	3.03%	3.19%	2.97%	3.61%	3.30%
PDBAX PGIM Total Return Bond Fund	4.31%	4.27%	3.76%	3.55%	5.49%	2.47%	2.68%	10.32%	3.74%	2.60%	3.65%	2.94%

Frequently Asked Questions

Can I hold both PDBAX and FTBFX in my portfolio?

With a correlation of 0.96, PDBAX and FTBFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PDBAX or FTBFX?

PDBAX has higher volatility (2.09%) compared to FTBFX (1.40%). In terms of maximum drawdown, PDBAX dropped -21.24% vs FTBFX's -18.25%.

Which has better risk-adjusted returns?

FTBFX currently has the higher Sharpe Ratio (1.49 vs 1.36), 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.