PRNMX vs. PDBZX

Last updated Jun 4, 2026

PRNMX (PGIM National Muni Fund) and PDBZX (PGIM Total Return Bond Fund Class Z) are both mutual funds - PRNMX is a Municipal Bonds fund managed by PGIM, while PDBZX is a Intermediate Core-Plus Bond fund managed by PGIM. Over the past 10 years, PRNMX returned 1.93%/yr vs 2.88%/yr for PDBZX. At a 0.49 correlation, their price movements are largely independent. PRNMX charges 0.61%/yr vs 0.49%/yr for PDBZX.

Performance

PRNMX vs. PDBZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM National Muni Fund (PRNMX) 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, PRNMX achieves a 1.43% return, which is significantly higher than PDBZX's 0.72% return. Over the past 10 years, PRNMX has underperformed PDBZX with an annualized return of 1.93%, while PDBZX has yielded a comparatively higher 2.88% annualized return.

PRNMX

• 1D: 0.14%
• 1M: 0.49%
• YTD: 1.43%
• 6M: 1.79%
• 1Y: 6.34%
• 3Y*: 4.16%
• 5Y*: 1.03%
• 10Y*: 1.93%

PDBZX

• 1D: 0.08%
• 1M: 0.58%
• YTD: 0.72%
• 6M: 0.68%
• 1Y: 6.24%
• 3Y*: 5.37%
• 5Y*: 0.93%
• 10Y*: 2.88%

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

PRNMX vs. PDBZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRNMX PGIM National Muni Fund	1.43%	5.76%	1.77%	5.10%	-8.55%	0.97%	4.08%	7.13%	0.55%	4.66%
PDBZX PGIM Total Return Bond Fund Class Z	0.72%	7.70%	2.87%	7.70%	-14.33%	-1.46%	8.01%	14.76%	-0.72%	6.60%

Correlation

The correlation between PRNMX and PDBZX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Sep 17, 1996	0.49

The correlation between PRNMX and PDBZX has been stable across timeframes, ranging from 0.46 to 0.55 - a consistent structural relationship.

Return for Risk

PRNMX vs. PDBZX — Risk / Return Rank

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

PRNMX

PRNMX Risk / Return Rank: 72
PRNMX Sharpe Ratio Rank: 92
PRNMX Sortino Ratio Rank: 94
PRNMX Omega Ratio Rank: 97
PRNMX Calmar Ratio Rank: 39
PRNMX Martin Ratio Rank: 38

PDBZX

PDBZX Risk / Return Rank: 27
PDBZX Sharpe Ratio Rank: 26
PDBZX Sortino Ratio Rank: 28
PDBZX Omega Ratio Rank: 27
PDBZX Calmar Ratio Rank: 31
PDBZX Martin Ratio Rank: 25

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.

PRNMX vs. PDBZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM National Muni Fund (PRNMX) 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.

	PRNMX	PDBZX	Difference
Sharpe ratio: Return per unit of total volatility	3.11	1.44	+1.67
Sortino ratio: Return per unit of downside risk	4.88	2.18	+2.70
Omega ratio: Gain probability vs. loss probability	1.91	1.27	+0.64
Calmar ratio: Return relative to maximum drawdown	2.37	2.09	+0.28
Martin ratio: Return relative to average drawdown	8.34	6.21	+2.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRNMX vs. PDBZX - Sharpe Ratio Comparison

The current PRNMX Sharpe Ratio is 3.11, which is higher than the PDBZX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of PRNMX 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

	PRNMX	PDBZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	1.44	+1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.15	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.54	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	1.09	+0.14

Drawdowns

PRNMX vs. PDBZX - Drawdown Comparison

The maximum PRNMX drawdown since its inception was -12.72%, smaller than the maximum PDBZX drawdown of -20.88%. Use the drawdown chart below to compare losses from any high point for PRNMX and PDBZX.

Drawdown Indicators

	PRNMX	PDBZX	Difference
Max Drawdown Largest peak-to-trough decline	-12.72%	-20.88%	+8.16%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-3.00%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-3.72%	-5.51%	+1.79%
Max Drawdown (5Y) Largest decline over 5 years	-12.61%	-20.81%	+8.20%
Max Drawdown (10Y) Largest decline over 10 years	-12.72%	-20.88%	+8.16%
Current Drawdown Current decline from peak	-0.65%	-1.29%	+0.64%
Average Drawdown Average peak-to-trough decline	-1.96%	-2.31%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	1.01%	-0.26%

Volatility

PRNMX vs. PDBZX - Volatility Comparison

The current volatility for PGIM National Muni Fund (PRNMX) is 0.77%, while PGIM Total Return Bond Fund Class Z (PDBZX) has a volatility of 2.08%. This indicates that PRNMX 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

	PRNMX	PDBZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	2.08%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	3.30%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	2.02%	4.35%	-2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.01%	6.05%	-3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.54%	5.37%	-1.83%

PRNMX vs. PDBZX - Expense Ratio Comparison

PRNMX has a 0.61% expense ratio, which is higher than PDBZX's 0.49% expense ratio.

Dividends

PRNMX vs. PDBZX - Dividend Comparison

PRNMX's dividend yield for the trailing twelve months is around 3.24%, less than PDBZX's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDBZX PGIM Total Return Bond Fund Class Z	4.57%	4.54%	4.79%	4.60%	5.73%	2.73%	2.94%	10.36%	4.01%	2.87%	3.92%	3.33%
PRNMX PGIM National Muni Fund	3.24%	4.17%	2.98%	1.97%	1.71%	1.69%	2.50%	2.80%	3.35%	3.39%	3.61%	3.31%

Frequently Asked Questions

Can I hold both PRNMX and PDBZX in my portfolio?

PRNMX and PDBZX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRNMX or PDBZX?

PDBZX has higher volatility (2.08%) compared to PRNMX (0.77%). In terms of maximum drawdown, PRNMX dropped -12.72% vs PDBZX's -20.88%.

Which has better risk-adjusted returns?

PRNMX currently has the higher Sharpe Ratio (3.11 vs 1.44), 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.