MAGG vs. PCRB

Last updated Jul 16, 2026

MAGG (Madison Aggregate Bond ETF) and PCRB (Putnam ESG Core Bond ETF -) are both Intermediate Core Bond funds. Both are actively managed. Their correlation of 0.85 suggests significant overlap in exposure. MAGG charges 0.40%/yr vs 0.35%/yr for PCRB.

Performance

MAGG vs. PCRB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Aggregate Bond ETF (MAGG) and Putnam ESG Core Bond ETF - (PCRB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MAGG

• 1D: 0.20%
• 1M: -0.43%
• 6M: -0.37%
• YTD: 0.16%
• 1Y: 4.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PCRB

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAGG vs. PCRB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAGG Madison Aggregate Bond ETF	0.16%	7.28%	1.81%	4.39%
PCRB Putnam ESG Core Bond ETF -	-0.48%	7.21%	1.91%	5.12%

Correlation

The correlation between MAGG and PCRB is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Aug 29, 2023	0.85

The correlation between MAGG and PCRB shifts across timeframes, from 0.69 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MAGG vs. PCRB — Risk / Return Rank

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

MAGG

MAGG Risk / Return Rank: 38
MAGG Sharpe Ratio Rank: 39
MAGG Sortino Ratio Rank: 41
MAGG Omega Ratio Rank: 38
MAGG Calmar Ratio Rank: 38
MAGG Martin Ratio Rank: 35

PCRB

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.

MAGG vs. PCRB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Aggregate Bond ETF (MAGG) 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.

	MAGG	PCRB	Difference
Sharpe ratio: Return per unit of total volatility	1.18	—	—
Sortino ratio: Return per unit of downside risk	1.80	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.60	—	—
Martin ratio: Return relative to average drawdown	4.52	—	—

Drawdowns

Drawdown Indicators

	MAGG	PCRB	Difference
Max Drawdown Largest peak-to-trough decline	-4.56%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	—	—
Current Drawdown Current decline from peak	-1.51%	—	—
Average Drawdown Average peak-to-trough decline	-1.25%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	—	—

Volatility

Volatility by Period

	MAGG	PCRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.74%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.90%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.70%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.70%	—	—

MAGG vs. PCRB - Expense Ratio Comparison

MAGG has a 0.40% expense ratio, which is higher than PCRB's 0.35% expense ratio.

Dividends

MAGG vs. PCRB - Dividend Comparison

MAGG's dividend yield for the trailing twelve months is around 4.77%, while PCRB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MAGG Madison Aggregate Bond ETF	4.77%	4.80%	5.13%	1.49%
PCRB Putnam ESG Core Bond ETF -	9.42%	4.30%	4.38%	3.65%

Frequently Asked Questions

Can I hold both MAGG and PCRB in my portfolio?

MAGG and PCRB have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MAGG or PCRB?

On fees, PCRB is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MAGG or PCRB?

PCRB is cheaper with a 0.35% expense ratio, compared with 0.40% for MAGG.

Which ETF pays a higher dividend yield, MAGG or PCRB?

PCRB has the higher dividend yield at 9.42%, compared with 4.77% for MAGG.

What is the main difference between MAGG and PCRB?

They also come from different issuers: Madison and Putnam. Their fees differ too: 0.40% for MAGG and 0.35% for PCRB.