SVARX vs. PADZX

Last updated Jun 26, 2026

SVARX (Spectrum Low Volatility Fund) and PADZX (PGIM Absolute Return Bond Fund) are both Nontraditional Bonds funds. Over the past 10 years, SVARX returned 6.11%/yr vs 4.31%/yr for PADZX. At a 0.22 correlation, their price movements are largely independent. SVARX charges 2.34%/yr vs 0.72%/yr for PADZX.

Performance

SVARX vs. PADZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spectrum Low Volatility Fund (SVARX) 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, SVARX achieves a 1.06% return, which is significantly lower than PADZX's 2.18% return. Over the past 10 years, SVARX has outperformed PADZX with an annualized return of 6.11%, while PADZX has yielded a comparatively lower 4.31% annualized return.

SVARX

• 1D: -0.04%
• 1M: 0.17%
• YTD: 1.06%
• 6M: 1.24%
• 1Y: 4.77%
• 3Y*: 6.69%
• 5Y*: 3.09%
• 10Y*: 6.11%

PADZX

• 1D: -0.11%
• 1M: 0.29%
• YTD: 2.18%
• 6M: 2.67%
• 1Y: 5.57%
• 3Y*: 6.29%
• 5Y*: 3.90%
• 10Y*: 4.31%

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

SVARX vs. PADZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SVARX Spectrum Low Volatility Fund	1.06%	6.22%	2.60%	9.67%	-4.35%	4.10%	19.50%	9.42%	-0.99%	8.25%
PADZX PGIM Absolute Return Bond Fund	2.18%	5.10%	7.48%	6.11%	-1.55%	1.87%	0.59%	11.10%	0.71%	6.67%

Correlation

The correlation between SVARX and PADZX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.00
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Dec 17, 2013	0.22

The correlation between SVARX and PADZX shifts across timeframes, from 0.00 (5 years) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SVARX vs. PADZX — Risk / Return Rank

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

SVARX

SVARX Risk / Return Rank: 46
SVARX Sharpe Ratio Rank: 57
SVARX Sortino Ratio Rank: 48
SVARX Omega Ratio Rank: 69
SVARX Calmar Ratio Rank: 36
SVARX Martin Ratio Rank: 21

PADZX

PADZX Risk / Return Rank: 97
PADZX Sharpe Ratio Rank: 93
PADZX Sortino Ratio Rank: 98
PADZX Omega Ratio Rank: 99
PADZX Calmar Ratio Rank: 98
PADZX Martin Ratio Rank: 97

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.

SVARX vs. PADZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spectrum Low Volatility Fund (SVARX) 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.

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.

	SVARX	PADZX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.71	-0.86
Sortino ratio: Return per unit of downside risk	2.43	6.02	-3.59
Omega ratio: Gain probability vs. loss probability	1.38	2.65	-1.27
Calmar ratio: Return relative to maximum drawdown	1.95	6.61	-4.67
Martin ratio: Return relative to average drawdown	4.32	23.84	-19.52

SVARX vs. PADZX - Sharpe Ratio Comparison

The current SVARX Sharpe Ratio is 1.84, which is lower than the PADZX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of SVARX 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.

Drawdowns

SVARX vs. PADZX - Drawdown Comparison

The maximum SVARX drawdown since its inception was -6.48%, smaller than the maximum PADZX drawdown of -17.99%. Use the drawdown chart below to compare losses from any high point for SVARX and PADZX.

Drawdown Indicators

	SVARX	PADZX	Difference
Max Drawdown Largest peak-to-trough decline	-6.48%	-17.99%	+11.51%
Max Drawdown (1Y) Largest decline over 1 year	-2.55%	-0.86%	-1.69%
Max Drawdown (3Y) Largest decline over 3 years	-2.55%	-0.98%	-1.57%
Max Drawdown (5Y) Largest decline over 5 years	-6.48%	-4.05%	-2.43%
Max Drawdown (10Y) Largest decline over 10 years	-6.48%	-17.99%	+11.51%
Current Drawdown Current decline from peak	-1.73%	-0.86%	-0.87%
Average Drawdown Average peak-to-trough decline	-1.23%	-0.95%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	0.24%	+0.91%

Volatility

SVARX vs. PADZX - Volatility Comparison

The current volatility for Spectrum Low Volatility Fund (SVARX) is 0.85%, while PGIM Absolute Return Bond Fund (PADZX) has a volatility of 1.44%. This indicates that SVARX 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

	SVARX	PADZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	1.44%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	1.80%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	2.11%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.10%	2.16%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.63%	3.15%	+0.48%

SVARX vs. PADZX - Expense Ratio Comparison

SVARX has a 2.34% expense ratio, which is higher than PADZX's 0.72% expense ratio.

Dividends

SVARX vs. PADZX - Dividend Comparison

SVARX's dividend yield for the trailing twelve months is around 5.88%, 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%
SVARX Spectrum Low Volatility Fund	5.88%	5.95%	9.35%	3.35%	0.00%	5.85%	0.71%	4.91%	2.41%	6.90%	9.07%	3.02%

Frequently Asked Questions

Can I hold both SVARX and PADZX in my portfolio?

SVARX and PADZX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVARX or PADZX?

PADZX has higher volatility (1.44%) compared to SVARX (0.85%). In terms of maximum drawdown, SVARX dropped -6.48% vs PADZX's -17.99%.

Which has better risk-adjusted returns?

PADZX currently has the higher Sharpe Ratio (2.71 vs 1.84), 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.