WARAX vs. PDPAX

Last updated Jun 25, 2026

WARAX (Allspring Absolute Return Fund) and PDPAX (Virtus Duff & Phelps Real Asset Fund) are both Global Allocation funds. Over the past 10 years, WARAX returned 5.55%/yr vs 7.19%/yr for PDPAX. A 0.67 correlation means they provide meaningful diversification when combined. WARAX charges 0.70%/yr vs 0.81%/yr for PDPAX.

Performance

WARAX vs. PDPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Absolute Return Fund (WARAX) and Virtus Duff & Phelps Real Asset Fund (PDPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WARAX achieves a 13.16% return, which is significantly higher than PDPAX's 10.72% return. Over the past 10 years, WARAX has underperformed PDPAX with an annualized return of 5.55%, while PDPAX has yielded a comparatively higher 7.19% annualized return.

WARAX

• 1D: -1.73%
• 1M: -3.86%
• YTD: 13.16%
• 6M: 13.05%
• 1Y: 22.53%
• 3Y*: 12.12%
• 5Y*: 6.56%
• 10Y*: 5.55%

PDPAX

• 1D: 0.00%
• 1M: -2.13%
• YTD: 10.72%
• 6M: 10.30%
• 1Y: 18.32%
• 3Y*: 14.85%
• 5Y*: 8.77%
• 10Y*: 7.19%

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

WARAX vs. PDPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WARAX Allspring Absolute Return Fund	13.16%	8.07%	5.93%	12.53%	-2.75%	2.25%	-3.25%	11.65%	-5.78%	12.11%
PDPAX Virtus Duff & Phelps Real Asset Fund	10.72%	15.90%	9.45%	4.73%	-2.66%	21.15%	-3.18%	16.84%	-9.35%	8.15%

Correlation

The correlation between WARAX and PDPAX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Mar 1, 2012	0.67

Over the past year, the correlation between WARAX and PDPAX has dropped to 0.44 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

Return for Risk

WARAX vs. PDPAX — Risk / Return Rank

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

WARAX

WARAX Risk / Return Rank: 87
WARAX Sharpe Ratio Rank: 87
WARAX Sortino Ratio Rank: 81
WARAX Omega Ratio Rank: 83
WARAX Calmar Ratio Rank: 92
WARAX Martin Ratio Rank: 93

PDPAX

PDPAX Risk / Return Rank: 56
PDPAX Sharpe Ratio Rank: 57
PDPAX Sortino Ratio Rank: 54
PDPAX Omega Ratio Rank: 54
PDPAX Calmar Ratio Rank: 58
PDPAX Martin Ratio Rank: 57

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.

WARAX vs. PDPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Absolute Return Fund (WARAX) and Virtus Duff & Phelps Real Asset Fund (PDPAX). 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.

	WARAX	PDPAX	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.95	+0.62
Sortino ratio: Return per unit of downside risk	3.42	2.68	+0.73
Omega ratio: Gain probability vs. loss probability	1.49	1.35	+0.14
Calmar ratio: Return relative to maximum drawdown	4.62	2.65	+1.97
Martin ratio: Return relative to average drawdown	17.65	10.30	+7.35

WARAX vs. PDPAX - Sharpe Ratio Comparison

The current WARAX Sharpe Ratio is 2.57, which is higher than the PDPAX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of WARAX and PDPAX, 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

WARAX vs. PDPAX - Drawdown Comparison

The maximum WARAX drawdown since its inception was -23.16%, smaller than the maximum PDPAX drawdown of -43.40%. Use the drawdown chart below to compare losses from any high point for WARAX and PDPAX.

Drawdown Indicators

	WARAX	PDPAX	Difference
Max Drawdown Largest peak-to-trough decline	-23.16%	-43.40%	+20.24%
Max Drawdown (1Y) Largest decline over 1 year	-5.03%	-7.08%	+2.05%
Max Drawdown (3Y) Largest decline over 3 years	-5.67%	-10.66%	+4.99%
Max Drawdown (5Y) Largest decline over 5 years	-13.05%	-18.87%	+5.82%
Max Drawdown (10Y) Largest decline over 10 years	-23.16%	-32.24%	+9.08%
Current Drawdown Current decline from peak	-5.03%	-2.68%	-2.35%
Average Drawdown Average peak-to-trough decline	-3.83%	-7.61%	+3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.82%	-0.51%

Volatility

WARAX vs. PDPAX - Volatility Comparison

Allspring Absolute Return Fund (WARAX) has a higher volatility of 3.66% compared to Virtus Duff & Phelps Real Asset Fund (PDPAX) at 2.81%. This indicates that WARAX's price experiences larger fluctuations and is considered to be riskier than PDPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WARAX	PDPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	2.81%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	7.64%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	9.04%	9.65%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.80%	13.15%	-5.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.95%	12.84%	-4.89%

WARAX vs. PDPAX - Expense Ratio Comparison

WARAX has a 0.70% expense ratio, which is lower than PDPAX's 0.81% expense ratio.

Dividends

WARAX vs. PDPAX - Dividend Comparison

WARAX's dividend yield for the trailing twelve months is around 1.77%, more than PDPAX's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDPAX Virtus Duff & Phelps Real Asset Fund	1.60%	1.77%	3.65%	2.08%	1.06%	0.76%	0.68%	3.09%	2.38%	1.92%	0.80%	1.13%
WARAX Allspring Absolute Return Fund	1.77%	2.00%	10.90%	2.80%	2.34%	3.23%	3.34%	3.38%	2.66%	1.77%	0.76%	1.35%

Frequently Asked Questions

Can I hold both WARAX and PDPAX in my portfolio?

WARAX and PDPAX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WARAX or PDPAX?

WARAX has higher volatility (3.66%) compared to PDPAX (2.81%). In terms of maximum drawdown, WARAX dropped -23.16% vs PDPAX's -43.40%.

Which has better risk-adjusted returns?

WARAX currently has the higher Sharpe Ratio (2.57 vs 1.95), 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.