PGVAX vs. PDBZX

Last updated Jun 4, 2026

PGVAX (PGIM Government Income Fund) and PDBZX (PGIM Total Return Bond Fund Class Z) are both mutual funds - PGVAX is a Government Bonds fund managed by PGIM, while PDBZX is a Intermediate Core-Plus Bond fund managed by PGIM. Over the past 10 years, PGVAX returned 0.30%/yr vs 2.85%/yr for PDBZX. Their correlation of 0.84 suggests significant overlap in exposure. PGVAX charges 1.08%/yr vs 0.49%/yr for PDBZX.

Performance

PGVAX vs. PDBZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Government Income Fund (PGVAX) and PGIM Total Return Bond Fund Class Z (PDBZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGVAX achieves a 0.07% return, which is significantly lower than PDBZX's 0.47% return. Over the past 10 years, PGVAX has underperformed PDBZX with an annualized return of 0.30%, while PDBZX has yielded a comparatively higher 2.85% annualized return.

PGVAX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 0.07%
• 6M: -0.01%
• 1Y: 4.94%
• 3Y*: 3.02%
• 5Y*: -1.07%
• 10Y*: 0.30%

PDBZX

• 1D: -0.25%
• 1M: 0.16%
• YTD: 0.47%
• 6M: 0.68%
• 1Y: 5.35%
• 3Y*: 5.28%
• 5Y*: 0.78%
• 10Y*: 2.85%

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

PGVAX vs. PDBZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGVAX PGIM Government Income Fund	0.07%	7.10%	0.10%	3.89%	-14.24%	-4.05%	5.88%	5.91%	0.12%	2.09%
PDBZX PGIM Total Return Bond Fund Class Z	0.47%	7.70%	2.87%	7.70%	-14.33%	-1.46%	8.01%	14.76%	-0.72%	6.60%

Correlation

The correlation between PGVAX and PDBZX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 17, 1996	0.84

The correlation between PGVAX and PDBZX shifts across timeframes, from 0.84 (all time) to 0.95 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PGVAX vs. PDBZX — Risk / Return Rank

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

PGVAX

PGVAX Risk / Return Rank: 16
PGVAX Sharpe Ratio Rank: 17
PGVAX Sortino Ratio Rank: 17
PGVAX Omega Ratio Rank: 16
PGVAX Calmar Ratio Rank: 15
PGVAX Martin Ratio Rank: 15

PDBZX

PDBZX Risk / Return Rank: 25
PDBZX Sharpe Ratio Rank: 23
PDBZX Sortino Ratio Rank: 25
PDBZX Omega Ratio Rank: 24
PDBZX Calmar Ratio Rank: 29
PDBZX 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.

PGVAX vs. PDBZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Government Income Fund (PGVAX) and PGIM Total Return Bond Fund Class Z (PDBZX). 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.

	PGVAX	PDBZX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.38	-0.20
Sortino ratio: Return per unit of downside risk	1.75	2.09	-0.34
Omega ratio: Gain probability vs. loss probability	1.21	1.25	-0.05
Calmar ratio: Return relative to maximum drawdown	1.38	2.00	-0.62
Martin ratio: Return relative to average drawdown	4.27	5.92	-1.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGVAX vs. PDBZX - Sharpe Ratio Comparison

The current PGVAX Sharpe Ratio is 1.18, which is comparable to the PDBZX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of PGVAX and PDBZX, 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

	PGVAX	PDBZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.38	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	0.13	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.53	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.09	-0.22

Drawdowns

PGVAX vs. PDBZX - Drawdown Comparison

The maximum PGVAX drawdown since its inception was -22.05%, which is greater than PDBZX's maximum drawdown of -20.88%. Use the drawdown chart below to compare losses from any high point for PGVAX and PDBZX.

Drawdown Indicators

	PGVAX	PDBZX	Difference
Max Drawdown Largest peak-to-trough decline	-22.05%	-20.88%	-1.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.49%	-3.00%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-6.46%	-5.51%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-19.98%	-20.81%	+0.83%
Max Drawdown (10Y) Largest decline over 10 years	-22.05%	-20.88%	-1.17%
Current Drawdown Current decline from peak	-9.09%	-1.54%	-7.55%
Average Drawdown Average peak-to-trough decline	-3.02%	-2.31%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	1.01%	+0.12%

Volatility

PGVAX vs. PDBZX - Volatility Comparison

The current volatility for PGIM Government Income Fund (PGVAX) is 1.43%, while PGIM Total Return Bond Fund Class Z (PDBZX) has a volatility of 2.06%. This indicates that PGVAX experiences smaller price fluctuations and is considered to be less risky than PDBZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGVAX	PDBZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	2.06%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	3.28%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	4.10%	4.35%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.14%	6.05%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.01%	5.37%	-0.36%

PGVAX vs. PDBZX - Expense Ratio Comparison

PGVAX has a 1.08% expense ratio, which is higher than PDBZX's 0.49% expense ratio.

Dividends

PGVAX vs. PDBZX - Dividend Comparison

PGVAX's dividend yield for the trailing twelve months is around 3.45%, less than PDBZX's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDBZX PGIM Total Return Bond Fund Class Z	4.58%	4.54%	4.79%	4.60%	5.73%	2.73%	2.94%	10.36%	4.01%	2.87%	3.92%	3.33%
PGVAX PGIM Government Income Fund	3.45%	3.40%	2.93%	2.40%	2.08%	3.35%	1.66%	2.04%	2.02%	2.08%	1.90%	2.10%

Frequently Asked Questions

Can I hold both PGVAX and PDBZX in my portfolio?

With a correlation of 0.94, PGVAX and PDBZX 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, PGVAX or PDBZX?

PDBZX has higher volatility (2.06%) compared to PGVAX (1.43%). In terms of maximum drawdown, PGVAX dropped -22.05% vs PDBZX's -20.88%.

Which has better risk-adjusted returns?

PDBZX currently has the higher Sharpe Ratio (1.38 vs 1.18), 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.