BGRN vs. PCRB
BGRN (iShares USD Green Bond ETF) and PCRB (Putnam ESG Core Bond ETF -) are both exchange-traded funds - BGRN is a Global Bonds fund tracking the Bloomberg MSCI USD Green Bond Select Index, while PCRB is a Intermediate Core Bond fund actively managed by Putnam. BGRN is passively managed, while PCRB is actively managed. Their correlation of 0.89 suggests significant overlap in exposure. BGRN charges 0.20%/yr vs 0.35%/yr for PCRB.
Performance
BGRN vs. PCRB - Performance Comparison
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Returns By Period
BGRN
- 1D
- -0.09%
- 1M
- -0.35%
- 6M
- 0.17%
- YTD
- 0.43%
- 1Y
- 3.94%
- 3Y*
- 4.61%
- 5Y*
- 0.23%
- 10Y*
- —
PCRB
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BGRN vs. PCRB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 0.43% | 7.27% | 2.77% | 3.25% |
PCRB Putnam ESG Core Bond ETF - | -0.48% | 7.21% | 1.91% | 2.40% |
Correlation
The correlation between BGRN and PCRB is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023 | 0.89 |
The correlation between BGRN and PCRB has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.
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Return for Risk
BGRN vs. PCRB — Risk / Return Rank
BGRN
PCRB
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BGRN vs. PCRB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Green Bond ETF (BGRN) and Putnam ESG Core Bond ETF - (PCRB). 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.
| BGRN | PCRB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.24 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | — | — |
| Martin ratioReturn relative to average drawdown | 5.67 | — | — |
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Drawdowns
BGRN vs. PCRB - Drawdown Comparison
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Drawdown Indicators
| BGRN | PCRB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.16% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.73% | — | — |
Current DrawdownCurrent decline from peak | -0.84% | — | — |
Average DrawdownAverage peak-to-trough decline | -5.71% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | — | — |
Volatility
BGRN vs. PCRB - Volatility Comparison
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Volatility by Period
| BGRN | PCRB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.38% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.95% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.97% | — | — |
BGRN vs. PCRB - Expense Ratio Comparison
BGRN has a 0.20% expense ratio, which is lower than PCRB's 0.35% expense ratio.
Dividends
BGRN vs. PCRB - Dividend Comparison
BGRN's dividend yield for the trailing twelve months is around 4.30%, while PCRB has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BGRN iShares USD Green Bond ETF | 4.30% | 4.21% | 4.07% | 3.52% | 2.66% | 0.78% | 1.82% | 3.66% | 0.21% |
PCRB Putnam ESG Core Bond ETF - | 9.42% | 4.30% | 4.38% | 3.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BGRN and PCRB have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BGRN is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BGRN is cheaper with a 0.20% expense ratio, compared with 0.35% for PCRB.
PCRB has the higher dividend yield at 9.42%, compared with 4.30% for BGRN.
BGRN is categorized as Global Bonds, while PCRB is Intermediate Core Bond. They also come from different issuers: iShares and Putnam. Their fees differ too: 0.20% for BGRN and 0.35% for PCRB.
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