PAB vs. BIV
PAB (PGIM Active Aggregate Bond ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both Intermediate Core Bond funds. PAB is actively managed, while BIV is passively managed. Over the past 5 years, PAB returned 0.15%/yr vs 0.25%/yr for BIV. With a 0.95 correlation, they move nearly in lockstep. PAB charges 0.19%/yr vs 0.03%/yr for BIV.
Performance
PAB vs. BIV - Performance Comparison
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Returns By Period
In the year-to-date period, PAB achieves a 0.17% return, which is significantly higher than BIV's -0.24% return.
PAB
- 1D
- -0.20%
- 1M
- 0.26%
- YTD
- 0.17%
- 6M
- 0.12%
- 1Y
- 5.49%
- 3Y*
- 4.45%
- 5Y*
- 0.15%
- 10Y*
- —
BIV
- 1D
- -0.22%
- 1M
- 0.04%
- YTD
- -0.24%
- 6M
- -0.48%
- 1Y
- 4.80%
- 3Y*
- 4.27%
- 5Y*
- 0.25%
- 10Y*
- 1.91%
PAB vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAB PGIM Active Aggregate Bond ETF | 0.17% | 7.55% | 1.89% | 6.37% | -14.24% | 0.90% |
BIV Vanguard Intermediate-Term Bond Index ETF | -0.24% | 8.52% | 1.57% | 6.07% | -13.21% | 0.56% |
Correlation
The correlation between PAB and BIV 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 | 0.97 |
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 PAB and BIV has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
PAB vs. BIV — Risk / Return Rank
PAB
BIV
PAB vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Active Aggregate Bond ETF (PAB) and Vanguard Intermediate-Term Bond Index ETF (BIV). 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.
| PAB | BIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.21 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 1.52 | +0.41 |
| Martin ratioReturn relative to average drawdown | 5.81 | 4.60 | +1.21 |
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
| PAB | BIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.42 | 1.19 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.04 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 0.65 | -0.61 |
Drawdowns
PAB vs. BIV - Drawdown Comparison
The maximum PAB drawdown since its inception was -19.27%, roughly equal to the maximum BIV drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for PAB and BIV.
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Drawdown Indicators
| PAB | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.27% | -18.95% | -0.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -3.18% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -6.07% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -19.27% | -18.74% | -0.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.95% | — |
Current DrawdownCurrent decline from peak | -1.70% | -2.04% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -7.83% | -3.39% | -4.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.05% | -0.10% |
Volatility
PAB vs. BIV - Volatility Comparison
PGIM Active Aggregate Bond ETF (PAB) and Vanguard Intermediate-Term Bond Index ETF (BIV) have volatilities of 1.35% and 1.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAB | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.36% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 2.90% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.89% | 4.06% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.22% | 6.40% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.16% | 5.50% | +0.66% |
PAB vs. BIV - Expense Ratio Comparison
PAB has a 0.19% expense ratio, which is higher than BIV's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PAB vs. BIV - Dividend Comparison
PAB's dividend yield for the trailing twelve months is around 4.56%, more than BIV's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.22% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
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% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, PAB and BIV 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.
BIV has higher volatility (1.36%) compared to PAB (1.35%). In terms of maximum drawdown, PAB dropped -19.27% vs BIV's -18.95%.
On 5-year performance, BIV leads with 0.25% vs 0.15% for PAB. On fees, BIV is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BIV has performed better with a 0.25% return vs 0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIV is cheaper with a 0.03% expense ratio, compared with 0.19% for PAB.
PAB has the higher dividend yield at 4.56%, compared with 4.22% for BIV.
They also come from different issuers: PGIM and Vanguard. Their fees differ too: 0.19% for PAB and 0.03% for BIV.
PAB currently has the higher Sharpe Ratio (1.42 vs 1.19), 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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