PAB vs. DFCF

Last updated Jun 4, 2026

PAB (PGIM Active Aggregate Bond ETF) and DFCF (Dimensional Core Fixed Income ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past 3 years, PAB returned 4.45%/yr vs 4.79%/yr for DFCF. Their correlation of 0.94 suggests significant overlap in exposure. PAB charges 0.19%/yr vs 0.17%/yr for DFCF.

Performance

PAB vs. DFCF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Active Aggregate Bond ETF (PAB) and Dimensional Core Fixed Income ETF (DFCF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAB achieves a 0.17% return, which is significantly lower than DFCF's 0.37% return.

PAB

• 1D: -0.20%
• 1M: 0.26%
• YTD: 0.17%
• 6M: 0.12%
• 1Y: 5.49%
• 3Y*: 4.45%
• 5Y*: 0.15%
• 10Y*: —

DFCF

• 1D: -0.19%
• 1M: 0.32%
• YTD: 0.37%
• 6M: 0.21%
• 1Y: 5.78%
• 3Y*: 4.79%
• 5Y*: —
• 10Y*: —

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

PAB vs. DFCF - 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%	0.63%
DFCF Dimensional Core Fixed Income ETF	0.37%	7.89%	1.86%	6.94%	-14.48%	0.23%

Correlation

The correlation between PAB and DFCF 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	0.95
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.94

The correlation between PAB and DFCF has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

PAB vs. DFCF — Risk / Return Rank

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

PAB

PAB Risk / Return Rank: 40
PAB Sharpe Ratio Rank: 41
PAB Sortino Ratio Rank: 43
PAB Omega Ratio Rank: 39
PAB Calmar Ratio Rank: 39
PAB Martin Ratio Rank: 38

DFCF

DFCF Risk / Return Rank: 40
DFCF Sharpe Ratio Rank: 40
DFCF Sortino Ratio Rank: 41
DFCF Omega Ratio Rank: 38
DFCF Calmar Ratio Rank: 42
DFCF Martin Ratio Rank: 40

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.

PAB vs. DFCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Active Aggregate Bond ETF (PAB) and Dimensional Core Fixed Income ETF (DFCF). 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	DFCF	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.46	-0.04
Sortino ratio: Return per unit of downside risk	2.14	2.14	0.00
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.92	2.08	-0.16
Martin ratio: Return relative to average drawdown	5.81	6.32	-0.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAB vs. DFCF - Sharpe Ratio Comparison

The current PAB Sharpe Ratio is 1.42, which is comparable to the DFCF Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of PAB and DFCF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAB	DFCF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	1.46	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.04	0.00

Drawdowns

PAB vs. DFCF - Drawdown Comparison

The maximum PAB drawdown since its inception was -19.27%, roughly equal to the maximum DFCF drawdown of -19.56%. Use the drawdown chart below to compare losses from any high point for PAB and DFCF.

Drawdown Indicators

	PAB	DFCF	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-19.56%	+0.29%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-2.79%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	-5.05%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-19.27%	—	—
Current Drawdown Current decline from peak	-1.70%	-1.46%	-0.24%
Average Drawdown Average peak-to-trough decline	-7.83%	-8.04%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.92%	+0.03%

Volatility

PAB vs. DFCF - Volatility Comparison

PGIM Active Aggregate Bond ETF (PAB) and Dimensional Core Fixed Income ETF (DFCF) 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.

Volatility by Period

	PAB	DFCF	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%	3.99%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	6.46%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.16%	6.46%	-0.30%

PAB vs. DFCF - Expense Ratio Comparison

PAB has a 0.19% expense ratio, which is higher than DFCF's 0.17% 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. DFCF - Dividend Comparison

PAB's dividend yield for the trailing twelve months is around 4.56%, more than DFCF's 4.31% yield.

Position	TTM	2025	2024	2023	2022	2021
DFCF Dimensional Core Fixed Income ETF	4.31%	4.48%	4.61%	4.51%	3.27%	0.16%
PAB PGIM Active Aggregate Bond ETF	4.56%	4.28%	4.25%	3.70%	2.81%	2.34%

Frequently Asked Questions

Can I hold both PAB and DFCF in my portfolio?

With a correlation of 0.94, PAB and DFCF 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.

Which is riskier, PAB or DFCF?

DFCF has higher volatility (1.36%) compared to PAB (1.35%). In terms of maximum drawdown, PAB dropped -19.27% vs DFCF's -19.56%.

Which ETF is better, PAB or DFCF?

On 3-year performance, DFCF leads with 4.79% vs 4.45% for PAB. On fees, DFCF is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAB or DFCF?

Over the 3-year period, DFCF has performed better with a 4.79% return vs 4.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAB or DFCF?

DFCF is cheaper with a 0.17% expense ratio, compared with 0.19% for PAB.

Which ETF pays a higher dividend yield, PAB or DFCF?

PAB has the higher dividend yield at 4.56%, compared with 4.31% for DFCF.

What is the main difference between PAB and DFCF?

They also come from different issuers: PGIM and Dimensional. Their fees differ too: 0.19% for PAB and 0.17% for DFCF.

Which has better risk-adjusted returns?

DFCF currently has the higher Sharpe Ratio (1.46 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.