PAB vs. BND
PAB (PGIM Active Aggregate Bond ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - PAB is a Intermediate Core Bond fund actively managed by PGIM, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. PAB is actively managed, while BND is passively managed. Over the past 5 years, PAB returned -0.35%/yr vs -0.43%/yr for BND. Their 0.97 correlation means they have historically moved very closely together. PAB charges 0.19%/yr vs 0.03%/yr for BND.
Performance
PAB vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, PAB achieves a -0.37% return, which is significantly lower than BND's -0.30% return.
PAB
- 1D
- 0.07%
- 1M
- -1.01%
- 6M
- -0.49%
- YTD
- -0.37%
- 1Y
- 2.21%
- 3Y*
- 4.46%
- 5Y*
- -0.35%
- 10Y*
- —
- ALL TIME*
- 0.09%
BND
- 1D
- 0.24%
- 1M
- -0.97%
- 6M
- -0.42%
- YTD
- -0.30%
- 1Y
- 2.00%
- 3Y*
- 4.04%
- 5Y*
- -0.43%
- 10Y*
- 1.40%
- ALL TIME*
- 3.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $459.14M | $504.12M | $590.88M | |
| $365.20K | $315.05K | $1.07M |
PAB vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAB PGIM Active Aggregate Bond ETF | -0.37% | 7.55% | 1.89% | 6.37% | -14.24% | 0.90% |
BND Vanguard Total Bond Market ETF | -0.30% | 7.08% | 1.38% | 5.65% | -13.11% | 1.17% |
Correlation
The correlation between PAB and BND is 0.95, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2021 | 0.97 |
The correlation between PAB and BND has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
PAB vs. BND — Risk / Return Rank
PAB
BND
PAB vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Active Aggregate Bond ETF (PAB) and Vanguard Total Bond Market ETF (BND). 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.
| PAB | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.09 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 0.75 | +0.03 |
| Martin ratioReturn relative to average drawdown | 1.93 | 1.86 | +0.07 |
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Drawdowns
PAB vs. BND - Drawdown Comparison
The maximum PAB drawdown since its inception was -19.27%, roughly equal to the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for PAB and BND.
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Drawdown Indicators
| PAB | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.27% | -18.58% | -0.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -2.68% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -5.02% | -4.81% | -0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -19.24% | -17.81% | -1.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.58% | — |
Current DrawdownCurrent decline from peak | -2.23% | -2.92% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -7.64% | -3.06% | -4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.07% | +0.07% |
Volatility
PAB vs. BND - Volatility Comparison
PGIM Active Aggregate Bond ETF (PAB) has a higher volatility of 1.20% compared to Vanguard Total Bond Market ETF (BND) at 1.02%. This indicates that PAB's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAB | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.02% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 2.91% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 3.61% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 6.03% | +0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.10% | 5.53% | +0.57% |
PAB vs. BND - Expense Ratio Comparison
PAB has a 0.19% expense ratio, which is higher than BND'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. BND - Dividend Comparison
PAB's dividend yield for the trailing twelve months is around 4.65%, more than BND's 4.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 4.04% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
PAB PGIM Active Aggregate Bond ETF | 4.65% | 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 0.95, PAB and BND 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 (1.20%) compared to BND (1.02%). In terms of maximum drawdown, PAB dropped -19.27% vs BND's -18.58%.
On 5-year performance, PAB leads with -0.35% vs -0.43% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PAB has performed better with a -0.35% return vs -0.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.19% for PAB.
PAB has the higher dividend yield at 4.65%, compared with 4.04% for BND.
PAB is categorized as Intermediate Core Bond, while BND is Total Bond Market. They also come from different issuers: PGIM and Vanguard. Their fees differ too: 0.19% for PAB and 0.03% for BND.
PAB currently has the higher Sharpe Ratio (0.60 vs 0.56), 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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