PAB vs. IBGA

Last updated Jun 23, 2026

PAB (PGIM Active Aggregate Bond ETF) and IBGA (iShares iBonds Dec 2044 Term Treasury ETF) are both Intermediate Core Bond funds. PAB is actively managed, while IBGA is passively managed. Over the past year, PAB returned 4.77% vs 4.43% for IBGA. Their correlation of 0.94 suggests significant overlap in exposure. PAB charges 0.19%/yr vs 0.07%/yr for IBGA.

Performance

PAB vs. IBGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Active Aggregate Bond ETF (PAB) and iShares iBonds Dec 2044 Term Treasury ETF (IBGA). 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 higher than IBGA's 0.28% return.

PAB

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

IBGA

• 1D: -0.61%
• 1M: 1.69%
• YTD: 0.28%
• 6M: 0.30%
• 1Y: 4.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAB vs. IBGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PAB PGIM Active Aggregate Bond ETF	0.34%	7.55%	2.36%
IBGA iShares iBonds Dec 2044 Term Treasury ETF	0.28%	6.09%	-2.18%

Correlation

The correlation between PAB and IBGA is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024	0.94

The correlation between PAB and IBGA has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

PAB vs. IBGA — 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

IBGA

IBGA Risk / Return Rank: 16
IBGA Sharpe Ratio Rank: 17
IBGA Sortino Ratio Rank: 16
IBGA Omega Ratio Rank: 15
IBGA Calmar Ratio Rank: 17
IBGA Martin Ratio Rank: 17

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. IBGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Active Aggregate Bond ETF (PAB) and iShares iBonds Dec 2044 Term Treasury ETF (IBGA). 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	IBGA	Difference
Sharpe ratio: Return per unit of total volatility	1.25	0.56	+0.69
Sortino ratio: Return per unit of downside risk	1.88	0.85	+1.03
Omega ratio: Gain probability vs. loss probability	1.22	1.10	+0.12
Calmar ratio: Return relative to maximum drawdown	1.67	0.68	+1.00
Martin ratio: Return relative to average drawdown	4.76	1.76	+3.00

PAB vs. IBGA - Sharpe Ratio Comparison

The current PAB Sharpe Ratio is 1.25, which is higher than the IBGA Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of PAB and IBGA, 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. IBGA - Drawdown Comparison

The maximum PAB drawdown since its inception was -19.27%, which is greater than IBGA's maximum drawdown of -11.69%. Use the drawdown chart below to compare losses from any high point for PAB and IBGA.

Drawdown Indicators

	PAB	IBGA	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-11.69%	-7.58%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-6.60%	+3.74%
Max Drawdown (3Y) Largest decline over 3 years	-5.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.27%	—	—
Current Drawdown Current decline from peak	-1.54%	-4.04%	+2.50%
Average Drawdown Average peak-to-trough decline	-7.77%	-5.03%	-2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	2.53%	-1.52%

Volatility

PAB vs. IBGA - Volatility Comparison

The current volatility for PGIM Active Aggregate Bond ETF (PAB) is 1.22%, while iShares iBonds Dec 2044 Term Treasury ETF (IBGA) has a volatility of 1.97%. This indicates that PAB experiences smaller price fluctuations and is considered to be less risky than IBGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAB	IBGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	1.97%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	5.81%	-2.93%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	8.01%	-4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	9.83%	-3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.14%	9.83%	-3.69%

PAB vs. IBGA - Expense Ratio Comparison

PAB has a 0.19% expense ratio, which is higher than IBGA's 0.07% 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. IBGA - Dividend Comparison

PAB's dividend yield for the trailing twelve months is around 4.56%, less than IBGA's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021
IBGA iShares iBonds Dec 2044 Term Treasury ETF	4.63%	4.49%	2.03%	0.00%	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 IBGA in my portfolio?

With a correlation of 0.93, PAB and IBGA 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 IBGA?

IBGA has higher volatility (1.97%) compared to PAB (1.22%). In terms of maximum drawdown, PAB dropped -19.27% vs IBGA's -11.69%.

Which ETF is better, PAB or IBGA?

On 1-year performance, PAB leads with 4.77% vs 4.43% for IBGA. On fees, IBGA is cheaper at 0.07% per year. On volatility, PAB has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAB or IBGA?

Over the 1-year period, PAB has performed better with a 4.77% return vs 4.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAB or IBGA?

IBGA is cheaper with a 0.07% expense ratio, compared with 0.19% for PAB.

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

IBGA has the higher dividend yield at 4.63%, compared with 4.56% for PAB.

What is the main difference between PAB and IBGA?

They also come from different issuers: PGIM and iShares. Their fees differ too: 0.19% for PAB and 0.07% for IBGA.

Which has better risk-adjusted returns?

PAB currently has the higher Sharpe Ratio (1.25 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.