NUAG vs. PAB
NUAG (Nuveen Enhanced Yield U.S. Aggregate Bond ETF) and PAB (PGIM Active Aggregate Bond ETF) are both Intermediate Core Bond funds. NUAG is passively managed, while PAB is actively managed. Over the past 5 years, NUAG returned 0.47%/yr vs 0.15%/yr for PAB. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.19% expense ratio.
Performance
NUAG vs. PAB - Performance Comparison
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Returns By Period
In the year-to-date period, NUAG achieves a 0.50% return, which is significantly higher than PAB's 0.17% return.
NUAG
- 1D
- -0.19%
- 1M
- 0.41%
- YTD
- 0.50%
- 6M
- 0.32%
- 1Y
- 5.90%
- 3Y*
- 4.89%
- 5Y*
- 0.47%
- 10Y*
- —
PAB
- 1D
- -0.20%
- 1M
- 0.26%
- YTD
- 0.17%
- 6M
- 0.12%
- 1Y
- 5.49%
- 3Y*
- 4.45%
- 5Y*
- 0.15%
- 10Y*
- —
NUAG vs. PAB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NUAG Nuveen Enhanced Yield U.S. Aggregate Bond ETF | 0.50% | 7.37% | 2.02% | 7.52% | -13.97% | 0.58% |
PAB PGIM Active Aggregate Bond ETF | 0.17% | 7.55% | 1.89% | 6.37% | -14.24% | 0.90% |
Correlation
The correlation between NUAG and PAB is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2021 | 0.95 |
The correlation between NUAG and PAB has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
NUAG vs. PAB — Risk / Return Rank
NUAG
PAB
NUAG vs. PAB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG) and PGIM Active Aggregate Bond ETF (PAB). 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.
| NUAG | PAB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.25 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 1.92 | +0.40 |
| Martin ratioReturn relative to average drawdown | 7.06 | 5.81 | +1.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NUAG | PAB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.65 | 1.42 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 0.02 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.03 | +0.28 |
Drawdowns
NUAG vs. PAB - Drawdown Comparison
The maximum NUAG drawdown since its inception was -19.79%, roughly equal to the maximum PAB drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for NUAG and PAB.
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Drawdown Indicators
| NUAG | PAB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.79% | -19.27% | -0.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.54% | -2.86% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -5.61% | -5.95% | +0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -19.19% | -19.27% | +0.08% |
Current DrawdownCurrent decline from peak | -1.23% | -1.70% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -4.95% | -7.83% | +2.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.95% | -0.11% |
Volatility
NUAG vs. PAB - Volatility Comparison
The current volatility for Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG) is 1.15%, while PGIM Active Aggregate Bond ETF (PAB) has a volatility of 1.35%. This indicates that NUAG experiences smaller price fluctuations and is considered to be less risky than PAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NUAG | PAB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 1.35% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 2.79% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.58% | 3.89% | -0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.01% | 6.22% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.49% | 6.16% | -0.67% |
NUAG vs. PAB - Expense Ratio Comparison
Both NUAG and PAB have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
NUAG vs. PAB - Dividend Comparison
NUAG's dividend yield for the trailing twelve months is around 4.50%, less than PAB's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
NUAG Nuveen Enhanced Yield U.S. Aggregate Bond ETF | 4.50% | 4.43% | 4.44% | 3.95% | 3.60% | 2.27% | 2.93% | 3.54% | 3.79% | 3.38% | 0.48% |
PAB PGIM Active Aggregate Bond ETF | 4.56% | 4.28% | 4.25% | 3.70% | 2.81% | 2.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, NUAG and PAB 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.
PAB has higher volatility (1.35%) compared to NUAG (1.15%). In terms of maximum drawdown, NUAG dropped -19.79% vs PAB's -19.27%.
On 5-year performance, NUAG leads with 0.47% vs 0.15% for PAB. Both ETFs have the same 0.19% expense ratio. On volatility, NUAG has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, NUAG has performed better with a 0.47% return vs 0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NUAG and PAB have the same expense ratio: 0.19% per year.
PAB has the higher dividend yield at 4.56%, compared with 4.50% for NUAG.
They also come from different issuers: Nuveen and PGIM.
NUAG currently has the higher Sharpe Ratio (1.65 vs 1.42), 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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