BLV vs. PCL

Last updated Jun 4, 2026

BLV (Vanguard Long-Term Bond ETF) and PCL (PGIM Corporate Bond 10+ Year ETF) are both exchange-traded funds - BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index, while PCL is a Corporate Bonds fund actively managed by PGIM. BLV is passively managed, while PCL is actively managed. With a 0.97 correlation, they move nearly in lockstep. BLV charges 0.03%/yr vs 0.25%/yr for PCL.

Performance

BLV vs. PCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Bond ETF (BLV) and PGIM Corporate Bond 10+ Year ETF (PCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BLV achieves a 0.28% return, which is significantly lower than PCL's 1.46% return.

BLV

• 1D: -0.31%
• 1M: 1.09%
• YTD: 0.28%
• 6M: -0.86%
• 1Y: 6.59%
• 3Y*: 2.02%
• 5Y*: -3.33%
• 10Y*: 0.99%

PCL

• 1D: -0.35%
• 1M: 1.51%
• YTD: 1.46%
• 6M: 0.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BLV vs. PCL - Yearly Performance Comparison

	2026 (YTD)	2025
BLV Vanguard Long-Term Bond ETF	0.28%	2.14%
PCL PGIM Corporate Bond 10+ Year ETF	1.46%	2.51%

Correlation

The correlation between BLV and PCL is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 4, 2025	0.97

Return for Risk

BLV vs. PCL — Risk / Return Rank

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

BLV

BLV Risk / Return Rank: 23
BLV Sharpe Ratio Rank: 23
BLV Sortino Ratio Rank: 22
BLV Omega Ratio Rank: 21
BLV Calmar Ratio Rank: 24
BLV Martin Ratio Rank: 23

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.

BLV vs. PCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Bond ETF (BLV) and PGIM Corporate Bond 10+ Year ETF (PCL). 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.

	BLV	PCL	Difference
Sharpe ratio: Return per unit of total volatility	0.81	—	—
Sortino ratio: Return per unit of downside risk	1.21	—	—
Omega ratio: Gain probability vs. loss probability	1.14	—	—
Calmar ratio: Return relative to maximum drawdown	1.15	—	—
Martin ratio: Return relative to average drawdown	2.92	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BLV	PCL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.61	-0.25

Drawdowns

BLV vs. PCL - Drawdown Comparison

The maximum BLV drawdown since its inception was -38.29%, which is greater than PCL's maximum drawdown of -5.14%. Use the drawdown chart below to compare losses from any high point for BLV and PCL.

Drawdown Indicators

	BLV	PCL	Difference
Max Drawdown Largest peak-to-trough decline	-38.29%	-5.14%	-33.15%
Max Drawdown (1Y) Largest decline over 1 year	-5.73%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.29%	—	—
Current Drawdown Current decline from peak	-24.14%	-1.49%	-22.65%
Average Drawdown Average peak-to-trough decline	-9.51%	-1.76%	-7.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	—	—

Volatility

Volatility by Period

	BLV	PCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.15%	7.89%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	7.89%	+5.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.98%	7.89%	+4.09%

BLV vs. PCL - Expense Ratio Comparison

BLV has a 0.03% expense ratio, which is lower than PCL's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BLV vs. PCL - Dividend Comparison

BLV's dividend yield for the trailing twelve months is around 4.80%, less than PCL's 5.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLV Vanguard Long-Term Bond ETF	4.80%	4.67%	5.09%	4.06%	4.17%	3.37%	6.12%	3.57%	4.07%	3.63%	4.16%	4.37%
PCL PGIM Corporate Bond 10+ Year ETF	5.31%	2.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BLV and PCL in my portfolio?

With a correlation of 0.97, BLV and PCL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, BLV or PCL?

On fees, BLV is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BLV or PCL?

BLV is cheaper with a 0.03% expense ratio, compared with 0.25% for PCL.

Which ETF pays a higher dividend yield, BLV or PCL?

PCL has the higher dividend yield at 5.31%, compared with 4.80% for BLV.

What is the main difference between BLV and PCL?

BLV is categorized as Long-Term Bond, while PCL is Corporate Bonds. They also come from different issuers: Vanguard and PGIM. Their fees differ too: 0.03% for BLV and 0.25% for PCL.