IBGK vs. PCL

Last updated Aug 4, 2026

IBGK (iShares iBonds Dec 2054 Term Treasury ETF) and PCL (PGIM Corporate Bond 10+ Year ETF) are both exchange-traded funds - IBGK is a Long-Term Bond fund tracking the ICE 2054 Maturity US Treasury Index, while PCL is a Corporate Bonds fund actively managed by PGIM. IBGK is passively managed, while PCL is actively managed. Over the past year, IBGK returned -1.96% vs 0.99% for PCL. Their correlation of 0.92 means they have usually moved in the same direction. IBGK charges 0.07%/yr vs 0.25%/yr for PCL.

Performance

IBGK vs. PCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2054 Term Treasury ETF (IBGK) 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, IBGK achieves a -3.18% return, which is significantly lower than PCL's -1.48% return.

IBGK

• 1D: 0.42%
• 1M: -3.43%
• 6M: -2.71%
• YTD: -3.18%
• 1Y: -1.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.45%

PCL

• 1D: 0.63%
• 1M: -3.27%
• 6M: -1.88%
• YTD: -1.48%
• 1Y: 0.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IBGK iShares iBonds Dec 2054 Term Treasury ETF	$14.80K	$17.29K	$31.57K
PCL PGIM Corporate Bond 10+ Year ETF	$983.78K	$474.50K	$658.91K

IBGK vs. PCL - Yearly Performance Comparison

	2026 (YTD)	2025
IBGK iShares iBonds Dec 2054 Term Treasury ETF	-3.18%	2.57%
PCL PGIM Corporate Bond 10+ Year ETF	-1.48%	2.51%

Correlation

The correlation between IBGK and PCL is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025	0.92

The correlation between IBGK and PCL has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

IBGK vs. PCL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IBGK

IBGK Risk / Return Rank: 7
IBGK Sharpe Ratio Rank: 8
IBGK Sortino Ratio Rank: 7
IBGK Omega Ratio Rank: 7
IBGK Calmar Ratio Rank: 7
IBGK Martin Ratio Rank: 7

PCL

PCL Risk / Return Rank: 12
PCL Sharpe Ratio Rank: 13
PCL Sortino Ratio Rank: 12
PCL Omega Ratio Rank: 11
PCL Calmar Ratio Rank: 13
PCL Martin Ratio Rank: 13

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IBGK vs. PCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2054 Term Treasury ETF (IBGK) 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.

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.

	IBGK	PCL	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	0.13	-0.35
Sortino ratio: Return per unit of downside risk	-0.25	0.23	-0.49
Omega ratio: Gain probability vs. loss probability	0.97	1.03	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.26	0.19	-0.46
Martin ratio: Return relative to average drawdown	-0.57	0.45	-1.02

IBGK vs. PCL - Sharpe Ratio Comparison

The current IBGK Sharpe Ratio is -0.22, which is lower than the PCL Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of IBGK and PCL, 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

IBGK vs. PCL - Drawdown Comparison

The maximum IBGK drawdown since its inception was -14.62%, which is greater than PCL's maximum drawdown of -5.14%. Use the drawdown chart below to compare losses from any high point for IBGK and PCL.

Drawdown Indicators

	IBGK	PCL	Difference
Max Drawdown Largest peak-to-trough decline	-14.62%	-5.14%	-9.48%
Max Drawdown (1Y) Largest decline over 1 year	-7.48%	-5.14%	-2.34%
Current Drawdown Current decline from peak	-11.76%	-4.37%	-7.39%
Average Drawdown Average peak-to-trough decline	-8.15%	-1.84%	-6.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	2.22%	+1.22%

Volatility

IBGK vs. PCL - Volatility Comparison

iShares iBonds Dec 2054 Term Treasury ETF (IBGK) has a higher volatility of 2.45% compared to PGIM Corporate Bond 10+ Year ETF (PCL) at 2.18%. This indicates that IBGK's price experiences larger fluctuations and is considered to be riskier than PCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBGK	PCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	2.18%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	6.58%	6.16%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	8.86%	7.84%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.62%	7.83%	+3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.62%	7.83%	+3.79%

IBGK vs. PCL - Expense Ratio Comparison

IBGK has a 0.07% 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

IBGK vs. PCL - Dividend Comparison

IBGK's dividend yield for the trailing twelve months is around 4.84%, less than PCL's 6.47% yield.

Position	TTM	2025	2024
IBGK iShares iBonds Dec 2054 Term Treasury ETF	4.84%	4.59%	3.15%
PCL PGIM Corporate Bond 10+ Year ETF	6.47%	2.52%	0.00%

Frequently Asked Questions

Can I hold both IBGK and PCL in my portfolio?

With a correlation of 0.92, IBGK 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 is riskier, IBGK or PCL?

IBGK has higher volatility (2.45%) compared to PCL (2.18%). In terms of maximum drawdown, IBGK dropped -14.62% vs PCL's -5.14%.

Which ETF is better, IBGK or PCL?

On 1-year performance, PCL leads with 0.99% vs -1.96% for IBGK. On fees, IBGK is cheaper at 0.07% per year. On volatility, PCL has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBGK or PCL?

Over the 1-year period, PCL has performed better with a 0.99% return vs -1.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBGK or PCL?

IBGK is cheaper with a 0.07% expense ratio, compared with 0.25% for PCL.

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

PCL has the higher dividend yield at 6.47%, compared with 4.84% for IBGK.

What is the main difference between IBGK and PCL?

IBGK is categorized as Long-Term Bond, while PCL is Corporate Bonds. They also come from different issuers: iShares and PGIM. Their fees differ too: 0.07% for IBGK and 0.25% for PCL.

Which has better risk-adjusted returns?

PCL currently has the higher Sharpe Ratio (0.13 vs -0.22), 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.