IIGD vs. PCL

Last updated Jun 26, 2026

IIGD (Invesco Investment Grade Defensive ETF) and PCL (PGIM Corporate Bond 10+ Year ETF) are both Corporate Bonds funds. IIGD is passively managed, while PCL is actively managed. A 0.78 correlation means they provide meaningful diversification when combined. IIGD charges 0.13%/yr vs 0.25%/yr for PCL.

Performance

IIGD vs. PCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Investment Grade Defensive ETF (IIGD) 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, IIGD achieves a 0.56% return, which is significantly lower than PCL's 2.77% return.

IIGD

• 1D: 0.08%
• 1M: 0.35%
• YTD: 0.56%
• 6M: 0.68%
• 1Y: 3.69%
• 3Y*: 5.20%
• 5Y*: 1.73%
• 10Y*: —

PCL

• 1D: 0.03%
• 1M: 1.83%
• YTD: 2.77%
• 6M: 2.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IIGD vs. PCL - Yearly Performance Comparison

	2026 (YTD)	2025
IIGD Invesco Investment Grade Defensive ETF	0.56%	2.79%
PCL PGIM Corporate Bond 10+ Year ETF	2.77%	2.51%

Correlation

The correlation between IIGD and PCL is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025	0.78

Return for Risk

IIGD vs. PCL — Risk / Return Rank

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

IIGD

IIGD Risk / Return Rank: 52
IIGD Sharpe Ratio Rank: 52
IIGD Sortino Ratio Rank: 56
IIGD Omega Ratio Rank: 53
IIGD Calmar Ratio Rank: 50
IIGD Martin Ratio Rank: 48

PCL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

IIGD vs. PCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Investment Grade Defensive ETF (IIGD) 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.

	IIGD	PCL	Difference
Sharpe ratio: Return per unit of total volatility	1.59	—	—
Sortino ratio: Return per unit of downside risk	2.37	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.22	—	—
Martin ratio: Return relative to average drawdown	7.24	—	—

Drawdowns

IIGD vs. PCL - Drawdown Comparison

The maximum IIGD drawdown since its inception was -11.43%, which is greater than PCL's maximum drawdown of -5.14%. Use the drawdown chart below to compare losses from any high point for IIGD and PCL.

Drawdown Indicators

	IIGD	PCL	Difference
Max Drawdown Largest peak-to-trough decline	-11.43%	-5.14%	-6.29%
Max Drawdown (1Y) Largest decline over 1 year	-1.67%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.43%	—	—
Current Drawdown Current decline from peak	-0.49%	-0.22%	-0.27%
Average Drawdown Average peak-to-trough decline	-2.40%	-1.71%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	—	—

Volatility

Volatility by Period

	IIGD	PCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	7.83%	-5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.67%	7.83%	-4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.69%	7.83%	-4.14%

IIGD vs. PCL - Expense Ratio Comparison

IIGD has a 0.13% 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

IIGD vs. PCL - Dividend Comparison

IIGD's dividend yield for the trailing twelve months is around 4.25%, less than PCL's 5.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IIGD Invesco Investment Grade Defensive ETF	4.25%	4.25%	4.13%	3.74%	1.73%	1.77%	3.21%	2.44%	1.23%
PCL PGIM Corporate Bond 10+ Year ETF	5.24%	2.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IIGD and PCL in my portfolio?

IIGD and PCL have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IIGD or PCL?

On fees, IIGD is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IIGD or PCL?

IIGD is cheaper with a 0.13% expense ratio, compared with 0.25% for PCL.

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

PCL has the higher dividend yield at 5.24%, compared with 4.25% for IIGD.

What is the main difference between IIGD and PCL?

They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.13% for IIGD and 0.25% for PCL.