PDX vs. PAAA
PDX (PIMCO Dynamic Income Strategy Fund) and PAAA (PGIM AAA CLO ETF) are both funds - PDX is a Tactical Allocation fund actively managed by PIMCO, while PAAA is a CLO fund actively managed by PGIM. Both are actively managed. Over the past year, PDX returned 4.63% vs 5.13% for PAAA. At a 0.03 correlation, their price movements are largely independent. PDX charges 2.31%/yr vs 0.19%/yr for PAAA.
Performance
PDX vs. PAAA - Performance Comparison
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Returns By Period
In the year-to-date period, PDX achieves a 15.17% return, which is significantly higher than PAAA's 2.24% return.
PDX
- 1D
- 0.10%
- 1M
- -3.76%
- YTD
- 15.17%
- 6M
- 16.19%
- 1Y
- 4.63%
- 3Y*
- 25.27%
- 5Y*
- 21.66%
- 10Y*
- —
PAAA
- 1D
- 0.02%
- 1M
- 0.26%
- YTD
- 2.24%
- 6M
- 2.39%
- 1Y
- 5.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PDX vs. PAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PDX PIMCO Dynamic Income Strategy Fund | 15.17% | -10.59% | 36.99% | 27.58% |
PAAA PGIM AAA CLO ETF | 2.24% | 5.37% | 7.47% | 3.83% |
Correlation
The correlation between PDX and PAAA is 0.01, 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 | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2023 | 0.03 |
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Return for Risk
PDX vs. PAAA — Risk / Return Rank
PDX
PAAA
PDX vs. PAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Dynamic Income Strategy Fund (PDX) and PGIM AAA CLO ETF (PAAA). 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.
| PDX | PAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.68 | ||
| Sortino ratioReturn per unit of downside risk | -20.88 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 6.78 | -5.71 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | 29.61 | -29.31 |
| Martin ratioReturn relative to average drawdown | 0.67 | 183.59 | -182.91 |
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Drawdowns
PDX vs. PAAA - Drawdown Comparison
The maximum PDX drawdown since its inception was -80.63%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for PDX and PAAA.
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Drawdown Indicators
| PDX | PAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.63% | -1.04% | -79.59% |
Max Drawdown (1Y)Largest decline over 1 year | -15.65% | -0.17% | -15.48% |
Max Drawdown (3Y)Largest decline over 3 years | -37.24% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -37.24% | — | — |
Current DrawdownCurrent decline from peak | -16.35% | 0.00% | -16.35% |
Average DrawdownAverage peak-to-trough decline | -18.81% | -0.02% | -18.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.89% | 0.03% | +6.86% |
Volatility
PDX vs. PAAA - Volatility Comparison
PIMCO Dynamic Income Strategy Fund (PDX) has a higher volatility of 2.06% compared to PGIM AAA CLO ETF (PAAA) at 0.10%. This indicates that PDX's price experiences larger fluctuations and is considered to be riskier than PAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PDX | PAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.06% | 0.10% | +1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 10.13% | 0.35% | +9.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.24% | 0.47% | +13.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.50% | 0.97% | +24.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.36% | 0.97% | +35.39% |
PDX vs. PAAA - Expense Ratio Comparison
PDX has a 2.31% expense ratio, which is higher than PAAA's 0.19% expense ratio.
Dividends
PDX vs. PAAA - Dividend Comparison
PDX's dividend yield for the trailing twelve months is around 21.98%, more than PAAA's 4.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
PAAA PGIM AAA CLO ETF | 4.87% | 5.12% | 5.88% | 2.76% | 0.00% | 0.00% | 0.00% | 0.00% |
PDX PIMCO Dynamic Income Strategy Fund | 21.98% | 24.34% | 6.31% | 4.30% | 5.89% | 5.28% | 14.11% | 9.58% |
Frequently Asked Questions
PDX and PAAA have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDX has higher volatility (2.06%) compared to PAAA (0.10%). In terms of maximum drawdown, PDX dropped -80.63% vs PAAA's -1.04%.
PAAA currently has the higher Sharpe Ratio (11.01 vs 0.33), 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.
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