IWV vs. PBHAX
IWV (iShares Russell 3000 ETF) and PBHAX (PGIM High Yield Fund) are both funds - IWV is a Large Cap Blend Equities fund tracking the Russell 3000 Index, while PBHAX is a High Yield Bonds fund managed by PGIM. Over the past 10 years, IWV returned 14.84%/yr vs 5.18%/yr for PBHAX. At a 0.30 correlation, their price movements are largely independent. IWV charges 0.20%/yr vs 0.75%/yr for PBHAX.
Performance
IWV vs. PBHAX - Performance Comparison
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Returns By Period
In the year-to-date period, IWV achieves a 9.30% return, which is significantly higher than PBHAX's 1.48% return. Over the past 10 years, IWV has outperformed PBHAX with an annualized return of 14.84%, while PBHAX has yielded a comparatively lower 5.18% annualized return.
IWV
- 1D
- 0.53%
- 1M
- -0.32%
- YTD
- 9.30%
- 6M
- 9.38%
- 1Y
- 25.70%
- 3Y*
- 20.32%
- 5Y*
- 12.07%
- 10Y*
- 14.84%
PBHAX
- 1D
- 0.42%
- 1M
- 0.36%
- YTD
- 1.48%
- 6M
- 2.37%
- 1Y
- 6.93%
- 3Y*
- 7.95%
- 5Y*
- 3.17%
- 10Y*
- 5.18%
IWV vs. PBHAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWV iShares Russell 3000 ETF | 9.30% | 16.96% | 23.49% | 25.82% | -19.28% | 25.54% | 20.55% | 30.66% | -5.43% | 20.97% |
PBHAX PGIM High Yield Fund | 1.48% | 8.79% | 6.89% | 10.75% | -12.51% | 5.63% | 4.87% | 15.86% | -1.53% | 7.50% |
Correlation
The correlation between IWV and PBHAX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since May 26, 2000 | 0.30 |
Over the past year, IWV and PBHAX have become more correlated (0.55) than their long-term average of 0.30, meaning their price movements have been converging.
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Return for Risk
IWV vs. PBHAX — Risk / Return Rank
IWV
PBHAX
IWV vs. PBHAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 3000 ETF (IWV) and PGIM High Yield Fund (PBHAX). 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.
| IWV | PBHAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.47 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 2.81 | -0.07 |
| Martin ratioReturn relative to average drawdown | 12.28 | 13.97 | -1.69 |
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Drawdowns
IWV vs. PBHAX - Drawdown Comparison
The maximum IWV drawdown since its inception was -55.61%, which is greater than PBHAX's maximum drawdown of -28.80%. Use the drawdown chart below to compare losses from any high point for IWV and PBHAX.
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Drawdown Indicators
| IWV | PBHAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.61% | -28.80% | -26.81% |
Max Drawdown (1Y)Largest decline over 1 year | -8.89% | -2.48% | -6.41% |
Max Drawdown (3Y)Largest decline over 3 years | -19.28% | -4.06% | -15.22% |
Max Drawdown (5Y)Largest decline over 5 years | -25.11% | -16.22% | -8.89% |
Max Drawdown (10Y)Largest decline over 10 years | -35.22% | -21.14% | -14.08% |
Current DrawdownCurrent decline from peak | -2.09% | -0.21% | -1.88% |
Average DrawdownAverage peak-to-trough decline | -10.58% | -2.87% | -7.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 0.50% | +1.48% |
Volatility
IWV vs. PBHAX - Volatility Comparison
iShares Russell 3000 ETF (IWV) has a higher volatility of 4.44% compared to PGIM High Yield Fund (PBHAX) at 1.23%. This indicates that IWV's price experiences larger fluctuations and is considered to be riskier than PBHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWV | PBHAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 1.23% | +3.21% |
Volatility (6M)Calculated over the trailing 6-month period | 9.75% | 2.76% | +6.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.57% | 3.61% | +8.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 5.07% | +12.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.43% | 5.49% | +12.94% |
IWV vs. PBHAX - Expense Ratio Comparison
IWV has a 0.20% expense ratio, which is lower than PBHAX's 0.75% expense ratio.
Dividends
IWV vs. PBHAX - Dividend Comparison
IWV's dividend yield for the trailing twelve months is around 0.87%, less than PBHAX's 6.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWV iShares Russell 3000 ETF | 0.87% | 0.96% | 1.08% | 1.30% | 1.56% | 1.04% | 1.30% | 1.69% | 1.97% | 1.58% | 1.79% | 1.99% |
PBHAX PGIM High Yield Fund | 6.74% | 6.71% | 6.01% | 5.73% | 5.94% | 5.88% | 5.70% | 5.96% | 6.26% | 5.98% | 4.61% | 6.64% |
Frequently Asked Questions
IWV and PBHAX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWV has higher volatility (4.44%) compared to PBHAX (1.23%). In terms of maximum drawdown, IWV dropped -55.61% vs PBHAX's -28.80%.
IWV currently has the higher Sharpe Ratio (1.94 vs 1.93), 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.
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