PAB vs. DMBS

Last updated Jun 23, 2026

PAB (PGIM Active Aggregate Bond ETF) and DMBS (Doubleline Etf Trust - Mortgage ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past 3 years, PAB returned 4.41%/yr vs 4.45%/yr for DMBS. Their correlation of 0.94 suggests significant overlap in exposure. PAB charges 0.19%/yr vs 0.49%/yr for DMBS.

Performance

PAB vs. DMBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Active Aggregate Bond ETF (PAB) and Doubleline Etf Trust - Mortgage ETF (DMBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAB achieves a 0.34% return, which is significantly lower than DMBS's 0.63% return.

PAB

• 1D: -0.24%
• 1M: 0.57%
• YTD: 0.34%
• 6M: 0.51%
• 1Y: 4.77%
• 3Y*: 4.41%
• 5Y*: 0.12%
• 10Y*: —

DMBS

• 1D: -0.20%
• 1M: 0.86%
• YTD: 0.63%
• 6M: 0.75%
• 1Y: 6.19%
• 3Y*: 4.45%
• 5Y*: —
• 10Y*: —

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

PAB vs. DMBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PAB PGIM Active Aggregate Bond ETF	0.34%	7.55%	1.89%	2.75%
DMBS Doubleline Etf Trust - Mortgage ETF	0.63%	8.54%	2.09%	1.27%

Correlation

The correlation between PAB and DMBS is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 4, 2023	0.94

The correlation between PAB and DMBS has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

PAB vs. DMBS — Risk / Return Rank

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

PAB

PAB Risk / Return Rank: 35
PAB Sharpe Ratio Rank: 36
PAB Sortino Ratio Rank: 37
PAB Omega Ratio Rank: 33
PAB Calmar Ratio Rank: 34
PAB Martin Ratio Rank: 33

DMBS

DMBS Risk / Return Rank: 43
DMBS Sharpe Ratio Rank: 44
DMBS Sortino Ratio Rank: 46
DMBS Omega Ratio Rank: 43
DMBS Calmar Ratio Rank: 40
DMBS Martin Ratio Rank: 41

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. DMBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Active Aggregate Bond ETF (PAB) and Doubleline Etf Trust - Mortgage ETF (DMBS). 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	DMBS	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.50	-0.25
Sortino ratio: Return per unit of downside risk	1.88	2.24	-0.36
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.67	1.94	-0.27
Martin ratio: Return relative to average drawdown	4.76	6.45	-1.70

PAB vs. DMBS - Sharpe Ratio Comparison

The current PAB Sharpe Ratio is 1.25, which is comparable to the DMBS Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of PAB and DMBS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PAB vs. DMBS - Drawdown Comparison

The maximum PAB drawdown since its inception was -19.27%, which is greater than DMBS's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for PAB and DMBS.

Drawdown Indicators

	PAB	DMBS	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-8.14%	-11.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-3.20%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	-7.24%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	-19.27%	—	—
Current Drawdown Current decline from peak	-1.54%	-1.47%	-0.07%
Average Drawdown Average peak-to-trough decline	-7.77%	-1.70%	-6.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.96%	+0.05%

Volatility

PAB vs. DMBS - Volatility Comparison

PGIM Active Aggregate Bond ETF (PAB) and Doubleline Etf Trust - Mortgage ETF (DMBS) have volatilities of 1.22% and 1.26%, 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	DMBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	1.26%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	3.14%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	4.15%	-0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	6.25%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.14%	6.25%	-0.11%

PAB vs. DMBS - Expense Ratio Comparison

PAB has a 0.19% expense ratio, which is lower than DMBS's 0.49% expense ratio.

Dividends

PAB vs. DMBS - Dividend Comparison

PAB's dividend yield for the trailing twelve months is around 4.56%, less than DMBS's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021
DMBS Doubleline Etf Trust - Mortgage ETF	5.11%	4.96%	4.97%	2.82%	0.00%	0.00%
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 DMBS in my portfolio?

With a correlation of 0.92, PAB and DMBS 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 DMBS?

DMBS has higher volatility (1.26%) compared to PAB (1.22%). In terms of maximum drawdown, PAB dropped -19.27% vs DMBS's -8.14%.

Which ETF is better, PAB or DMBS?

On 3-year performance, DMBS leads with 4.45% vs 4.41% for PAB. On fees, PAB is cheaper at 0.19% 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 DMBS?

Over the 3-year period, DMBS has performed better with a 4.45% return vs 4.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAB or DMBS?

PAB is cheaper with a 0.19% expense ratio, compared with 0.49% for DMBS.

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

DMBS has the higher dividend yield at 5.11%, compared with 4.56% for PAB.

What is the main difference between PAB and DMBS?

They also come from different issuers: PGIM and DoubleLine. Their fees differ too: 0.19% for PAB and 0.49% for DMBS.

Which has better risk-adjusted returns?

DMBS currently has the higher Sharpe Ratio (1.50 vs 1.25), 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.