PIFZX vs. PIMSX

Last updated Jun 24, 2026

PIFZX (PGIM Short-Term Corporate Bond Fund Class Z) and PIMSX (Virtus Newfleet Multi-Sector S/T Bd I) are both Short-Term Bond funds. Over the past 10 years, PIFZX returned 2.46%/yr vs 3.11%/yr for PIMSX. A 0.56 correlation means they provide meaningful diversification when combined. PIFZX charges 0.47%/yr vs 0.65%/yr for PIMSX.

Performance

PIFZX vs. PIMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Short-Term Corporate Bond Fund Class Z (PIFZX) and Virtus Newfleet Multi-Sector S/T Bd I (PIMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIFZX achieves a 0.42% return, which is significantly lower than PIMSX's 1.25% return. Over the past 10 years, PIFZX has underperformed PIMSX with an annualized return of 2.46%, while PIMSX has yielded a comparatively higher 3.11% annualized return.

PIFZX

• 1D: -0.09%
• 1M: 0.36%
• YTD: 0.42%
• 6M: 0.85%
• 1Y: 3.99%
• 3Y*: 5.22%
• 5Y*: 1.98%
• 10Y*: 2.46%

PIMSX

• 1D: -0.22%
• 1M: 0.40%
• YTD: 1.25%
• 6M: 1.66%
• 1Y: 4.76%
• 3Y*: 6.07%
• 5Y*: 2.87%
• 10Y*: 3.11%

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

PIFZX vs. PIMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIFZX PGIM Short-Term Corporate Bond Fund Class Z	0.42%	6.66%	4.47%	6.20%	-6.85%	-0.60%	5.44%	6.76%	0.62%	2.23%
PIMSX Virtus Newfleet Multi-Sector S/T Bd I	1.25%	6.08%	5.90%	7.16%	-5.52%	0.20%	4.58%	6.40%	-0.53%	3.93%

Correlation

The correlation between PIFZX and PIMSX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 6, 2008	0.56

The correlation between PIFZX and PIMSX shifts across timeframes, from 0.56 (all time) to 0.72 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PIFZX vs. PIMSX — Risk / Return Rank

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

PIFZX

PIFZX Risk / Return Rank: 50
PIFZX Sharpe Ratio Rank: 45
PIFZX Sortino Ratio Rank: 63
PIFZX Omega Ratio Rank: 60
PIFZX Calmar Ratio Rank: 42
PIFZX Martin Ratio Rank: 42

PIMSX

PIMSX Risk / Return Rank: 76
PIMSX Sharpe Ratio Rank: 51
PIMSX Sortino Ratio Rank: 78
PIMSX Omega Ratio Rank: 87
PIMSX Calmar Ratio Rank: 83
PIMSX Martin Ratio Rank: 83

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.

PIFZX vs. PIMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Short-Term Corporate Bond Fund Class Z (PIFZX) and Virtus Newfleet Multi-Sector S/T Bd I (PIMSX). 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.

	PIFZX	PIMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.95	-0.13
Sortino ratio: Return per unit of downside risk	3.04	3.39	-0.36
Omega ratio: Gain probability vs. loss probability	1.39	1.56	-0.17
Calmar ratio: Return relative to maximum drawdown	2.36	3.66	-1.30
Martin ratio: Return relative to average drawdown	8.46	14.46	-6.00

PIFZX vs. PIMSX - Sharpe Ratio Comparison

The current PIFZX Sharpe Ratio is 1.82, which is comparable to the PIMSX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of PIFZX and PIMSX, 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

PIFZX vs. PIMSX - Drawdown Comparison

The maximum PIFZX drawdown since its inception was -10.46%, smaller than the maximum PIMSX drawdown of -18.10%. Use the drawdown chart below to compare losses from any high point for PIFZX and PIMSX.

Drawdown Indicators

	PIFZX	PIMSX	Difference
Max Drawdown Largest peak-to-trough decline	-10.46%	-18.10%	+7.64%
Max Drawdown (1Y) Largest decline over 1 year	-1.74%	-1.30%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-1.74%	-1.30%	-0.44%
Max Drawdown (5Y) Largest decline over 5 years	-10.46%	-8.06%	-2.40%
Max Drawdown (10Y) Largest decline over 10 years	-10.46%	-10.69%	+0.23%
Current Drawdown Current decline from peak	-0.70%	-0.44%	-0.26%
Average Drawdown Average peak-to-trough decline	-0.91%	-1.49%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.33%	+0.15%

Volatility

PIFZX vs. PIMSX - Volatility Comparison

The current volatility for PGIM Short-Term Corporate Bond Fund Class Z (PIFZX) is 0.81%, while Virtus Newfleet Multi-Sector S/T Bd I (PIMSX) has a volatility of 0.90%. This indicates that PIFZX experiences smaller price fluctuations and is considered to be less risky than PIMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIFZX	PIMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.90%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	1.71%	1.89%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	2.46%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.94%	2.72%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.68%	2.72%	-0.04%

PIFZX vs. PIMSX - Expense Ratio Comparison

PIFZX has a 0.47% expense ratio, which is lower than PIMSX's 0.65% expense ratio.

Dividends

PIFZX vs. PIMSX - Dividend Comparison

PIFZX's dividend yield for the trailing twelve months is around 4.13%, less than PIMSX's 4.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIFZX PGIM Short-Term Corporate Bond Fund Class Z	4.13%	3.99%	3.22%	2.85%	2.24%	1.99%	2.49%	2.85%	2.83%	2.77%	2.65%	2.82%
PIMSX Virtus Newfleet Multi-Sector S/T Bd I	4.66%	4.77%	4.60%	3.66%	2.77%	1.89%	2.92%	3.18%	3.16%	3.23%	3.16%	3.18%

Frequently Asked Questions

Can I hold both PIFZX and PIMSX in my portfolio?

PIFZX and PIMSX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIFZX or PIMSX?

PIMSX has higher volatility (0.90%) compared to PIFZX (0.81%). In terms of maximum drawdown, PIFZX dropped -10.46% vs PIMSX's -18.10%.

Which has better risk-adjusted returns?

PIMSX currently has the higher Sharpe Ratio (1.95 vs 1.82), 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.