PQTSX vs. SDMZX

Last updated Jun 3, 2026

PQTSX (PGIM TIPS Fund) and SDMZX (PGIM Short Duration Multi-Sector Bond Fund) are both mutual funds - PQTSX is a Inflation-Protected Bonds fund managed by PGIM, while SDMZX is a Short-Term Bond fund managed by PGIM. Over the past 5 years, PQTSX returned 0.86%/yr vs 2.80%/yr for SDMZX. A 0.59 correlation means they provide meaningful diversification when combined. PQTSX charges 0.39%/yr vs 0.46%/yr for SDMZX.

Performance

PQTSX vs. SDMZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM TIPS Fund (PQTSX) and PGIM Short Duration Multi-Sector Bond Fund (SDMZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PQTSX achieves a 1.83% return, which is significantly higher than SDMZX's 1.15% return.

PQTSX

• 1D: 0.00%
• 1M: 0.07%
• YTD: 1.83%
• 6M: 1.51%
• 1Y: 5.14%
• 3Y*: 3.72%
• 5Y*: 0.86%
• 10Y*: —

SDMZX

• 1D: -1.44%
• 1M: 0.29%
• YTD: 1.15%
• 6M: 1.67%
• 1Y: 5.15%
• 3Y*: 5.84%
• 5Y*: 2.80%
• 10Y*: 3.15%

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

PQTSX vs. SDMZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQTSX PGIM TIPS Fund	1.83%	6.58%	1.74%	2.34%	-13.56%	7.91%	10.20%	8.19%	-1.64%	0.92%
SDMZX PGIM Short Duration Multi-Sector Bond Fund	1.15%	6.18%	5.64%	6.25%	-4.82%	-0.19%	3.97%	7.92%	0.95%	3.96%

Correlation

The correlation between PQTSX and SDMZX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.59

The correlation between PQTSX and SDMZX has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.

Return for Risk

PQTSX vs. SDMZX — Risk / Return Rank

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

PQTSX

PQTSX Risk / Return Rank: 28
PQTSX Sharpe Ratio Rank: 19
PQTSX Sortino Ratio Rank: 22
PQTSX Omega Ratio Rank: 20
PQTSX Calmar Ratio Rank: 42
PQTSX Martin Ratio Rank: 36

SDMZX

SDMZX Risk / Return Rank: 65
SDMZX Sharpe Ratio Rank: 31
SDMZX Sortino Ratio Rank: 43
SDMZX Omega Ratio Rank: 80
SDMZX Calmar Ratio Rank: 83
SDMZX Martin Ratio Rank: 87

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.

PQTSX vs. SDMZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM TIPS Fund (PQTSX) and PGIM Short Duration Multi-Sector Bond Fund (SDMZX). 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.

	PQTSX	SDMZX	Difference
Sharpe ratio Return per unit of total volatility	1.25	1.62	-0.36
Sortino ratio Return per unit of downside risk	1.98	2.74	-0.75
Omega ratio Gain probability vs. loss probability	1.24	1.52	-0.28
Calmar ratio Return relative to maximum drawdown	2.49	3.85	-1.37
Martin ratio Return relative to average drawdown	8.11	16.74	-8.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PQTSX vs. SDMZX - Sharpe Ratio Comparison

The current PQTSX Sharpe Ratio is 1.25, which is comparable to the SDMZX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of PQTSX and SDMZX, 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

	PQTSX	SDMZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.62	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	1.10	-0.97
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.20	-0.78

Drawdowns

PQTSX vs. SDMZX - Drawdown Comparison

The maximum PQTSX drawdown since its inception was -16.40%, which is greater than SDMZX's maximum drawdown of -9.76%. Use the drawdown chart below to compare losses from any high point for PQTSX and SDMZX.

Drawdown Indicators

	PQTSX	SDMZX	Difference
Max Drawdown Largest peak-to-trough decline	-16.40%	-9.76%	-6.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-1.44%	-0.79%
Max Drawdown (3Y) Largest decline over 3 years	-4.53%	-1.44%	-3.09%
Max Drawdown (5Y) Largest decline over 5 years	-16.40%	-8.51%	-7.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-9.76%	—
Current Drawdown Current decline from peak	-2.67%	-1.44%	-1.23%
Average Drawdown Average peak-to-trough decline	-4.88%	-0.99%	-3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.33%	+0.35%

Volatility

PQTSX vs. SDMZX - Volatility Comparison

The current volatility for PGIM TIPS Fund (PQTSX) is 1.57%, while PGIM Short Duration Multi-Sector Bond Fund (SDMZX) has a volatility of 2.46%. This indicates that PQTSX experiences smaller price fluctuations and is considered to be less risky than SDMZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQTSX	SDMZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	2.46%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	2.81%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	3.13%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.34%	2.55%	+3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.68%	2.58%	+3.10%

PQTSX vs. SDMZX - Expense Ratio Comparison

PQTSX has a 0.39% expense ratio, which is lower than SDMZX's 0.46% expense ratio.

Dividends

PQTSX vs. SDMZX - Dividend Comparison

PQTSX's dividend yield for the trailing twelve months is around 5.04%, more than SDMZX's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PQTSX PGIM TIPS Fund	5.04%	4.95%	4.39%	3.25%	6.51%	9.54%	2.60%	2.48%	3.26%	1.11%	0.00%	0.00%
SDMZX PGIM Short Duration Multi-Sector Bond Fund	4.69%	4.62%	4.57%	3.36%	4.70%	2.76%	3.10%	6.18%	3.47%	2.64%	2.76%	3.34%

Frequently Asked Questions

Can I hold both PQTSX and SDMZX in my portfolio?

PQTSX and SDMZX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQTSX or SDMZX?

SDMZX has higher volatility (2.46%) compared to PQTSX (1.57%). In terms of maximum drawdown, PQTSX dropped -16.40% vs SDMZX's -9.76%.

Which has better risk-adjusted returns?

SDMZX currently has the higher Sharpe Ratio (1.62 vs 1.25), 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.