SEMPX vs. PADZX

Last updated Jun 5, 2026

SEMPX (Semper MBS Total Return Fund) and PADZX (PGIM Absolute Return Bond Fund) are both Nontraditional Bonds funds. Over the past 10 years, SEMPX returned 3.55%/yr vs 4.32%/yr for PADZX. At a 0.09 correlation, their price movements are largely independent. SEMPX charges 1.07%/yr vs 0.72%/yr for PADZX.

Performance

SEMPX vs. PADZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Semper MBS Total Return Fund (SEMPX) and PGIM Absolute Return Bond Fund (PADZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEMPX achieves a 0.90% return, which is significantly lower than PADZX's 2.29% return. Over the past 10 years, SEMPX has underperformed PADZX with an annualized return of 3.55%, while PADZX has yielded a comparatively higher 4.32% annualized return.

SEMPX

• 1D: -0.12%
• 1M: 0.00%
• YTD: 0.90%
• 6M: 1.36%
• 1Y: 6.21%
• 3Y*: 9.67%
• 5Y*: 4.34%
• 10Y*: 3.55%

PADZX

• 1D: 0.00%
• 1M: 0.50%
• YTD: 2.29%
• 6M: 2.78%
• 1Y: 5.92%
• 3Y*: 6.49%
• 5Y*: 3.95%
• 10Y*: 4.32%

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

SEMPX vs. PADZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SEMPX Semper MBS Total Return Fund	0.90%	8.57%	12.84%	12.51%	-13.26%	6.70%	-7.09%	4.52%	3.75%	5.93%
PADZX PGIM Absolute Return Bond Fund	2.29%	5.10%	7.48%	6.11%	-1.55%	1.87%	0.59%	11.10%	0.71%	6.67%

Correlation

The correlation between SEMPX and PADZX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.09

Over the past year, SEMPX and PADZX have become more correlated (0.30) than their long-term average of 0.09, meaning their price movements have been converging.

Return for Risk

SEMPX vs. PADZX — Risk / Return Rank

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

SEMPX

SEMPX Risk / Return Rank: 73
SEMPX Sharpe Ratio Rank: 69
SEMPX Sortino Ratio Rank: 90
SEMPX Omega Ratio Rank: 82
SEMPX Calmar Ratio Rank: 73
SEMPX Martin Ratio Rank: 53

PADZX

PADZX Risk / Return Rank: 96
PADZX Sharpe Ratio Rank: 86
PADZX Sortino Ratio Rank: 98
PADZX Omega Ratio Rank: 99
PADZX Calmar Ratio Rank: 98
PADZX Martin Ratio Rank: 98

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.

SEMPX vs. PADZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Semper MBS Total Return Fund (SEMPX) and PGIM Absolute Return Bond Fund (PADZX). 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.

	SEMPX	PADZX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.78	-0.40
Sortino ratio: Return per unit of downside risk	4.39	6.26	-1.87
Omega ratio: Gain probability vs. loss probability	1.54	2.86	-1.32
Calmar ratio: Return relative to maximum drawdown	3.24	7.71	-4.47
Martin ratio: Return relative to average drawdown	10.49	38.13	-27.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEMPX vs. PADZX - Sharpe Ratio Comparison

The current SEMPX Sharpe Ratio is 2.38, which is comparable to the PADZX Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of SEMPX and PADZX, 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

	SEMPX	PADZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.78	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.40	1.84	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	1.37	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	1.20	-0.11

Drawdowns

SEMPX vs. PADZX - Drawdown Comparison

The maximum SEMPX drawdown since its inception was -25.02%, which is greater than PADZX's maximum drawdown of -17.99%. Use the drawdown chart below to compare losses from any high point for SEMPX and PADZX.

Drawdown Indicators

	SEMPX	PADZX	Difference
Max Drawdown Largest peak-to-trough decline	-25.02%	-17.99%	-7.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-0.76%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-2.04%	-0.98%	-1.06%
Max Drawdown (5Y) Largest decline over 5 years	-14.67%	-4.05%	-10.62%
Max Drawdown (10Y) Largest decline over 10 years	-25.02%	-17.99%	-7.03%
Current Drawdown Current decline from peak	-0.80%	-0.76%	-0.04%
Average Drawdown Average peak-to-trough decline	-3.27%	-0.95%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.15%	+0.48%

Volatility

SEMPX vs. PADZX - Volatility Comparison

The current volatility for Semper MBS Total Return Fund (SEMPX) is 0.94%, while PGIM Absolute Return Bond Fund (PADZX) has a volatility of 1.42%. This indicates that SEMPX experiences smaller price fluctuations and is considered to be less risky than PADZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEMPX	PADZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	1.42%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	2.06%	1.77%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.78%	2.10%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.12%	2.16%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	3.16%	+0.76%

SEMPX vs. PADZX - Expense Ratio Comparison

SEMPX has a 1.07% expense ratio, which is higher than PADZX's 0.72% expense ratio.

Dividends

SEMPX vs. PADZX - Dividend Comparison

SEMPX's dividend yield for the trailing twelve months is around 5.71%, more than PADZX's 5.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PADZX PGIM Absolute Return Bond Fund	5.08%	5.07%	5.18%	4.09%	2.89%	2.40%	3.41%	10.79%	5.02%	2.75%	2.36%	2.38%
SEMPX Semper MBS Total Return Fund	5.71%	5.83%	6.66%	8.75%	6.15%	2.97%	4.07%	4.72%	5.65%	5.00%	5.94%	5.10%

Frequently Asked Questions

Can I hold both SEMPX and PADZX in my portfolio?

SEMPX and PADZX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEMPX or PADZX?

PADZX has higher volatility (1.42%) compared to SEMPX (0.94%). In terms of maximum drawdown, SEMPX dropped -25.02% vs PADZX's -17.99%.

Which has better risk-adjusted returns?

PADZX currently has the higher Sharpe Ratio (2.78 vs 2.38), 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.