PAB vs. IBTO
PAB (PGIM Active Aggregate Bond ETF) and IBTO (iShares iBonds Dec 2033 Term Treasury ETF) are both Intermediate Core Bond funds. PAB is actively managed, while IBTO is passively managed. Over the past 3 years, PAB returned 4.46%/yr vs 3.03%/yr for IBTO. Their 0.96 correlation means they have historically moved very closely together. PAB charges 0.19%/yr vs 0.07%/yr for IBTO.
Performance
PAB vs. IBTO - Performance Comparison
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Returns By Period
In the year-to-date period, PAB achieves a -0.37% return, which is significantly higher than IBTO's -0.96% 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%
IBTO
- 1D
- 0.22%
- 1M
- -0.85%
- 6M
- -0.62%
- YTD
- -0.96%
- 1Y
- 1.06%
- 3Y*
- 3.03%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.96M | $3.13M | $2.14M | |
| $365.20K | $315.05K | $1.07M |
PAB vs. IBTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PAB PGIM Active Aggregate Bond ETF | -0.37% | 7.55% | 1.89% | 3.31% |
IBTO iShares iBonds Dec 2033 Term Treasury ETF | -0.96% | 8.23% | -0.87% | 1.71% |
Correlation
The correlation between PAB and IBTO is 0.92, 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. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.96 |
The correlation between PAB and IBTO has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
PAB vs. IBTO — Risk / Return Rank
PAB
IBTO
PAB vs. IBTO - 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 2033 Term Treasury ETF (IBTO). 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 | IBTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.04 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 0.29 | +0.48 |
| Martin ratioReturn relative to average drawdown | 1.93 | 0.65 | +1.28 |
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Drawdowns
PAB vs. IBTO - Drawdown Comparison
The maximum PAB drawdown since its inception was -19.27%, which is greater than IBTO's maximum drawdown of -8.36%. Use the drawdown chart below to compare losses from any high point for PAB and IBTO.
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Drawdown Indicators
| PAB | IBTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.27% | -8.36% | -10.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -3.66% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -5.02% | -6.91% | +1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -19.24% | — | — |
Current DrawdownCurrent decline from peak | -2.23% | -3.01% | +0.78% |
Average DrawdownAverage peak-to-trough decline | -7.64% | -2.38% | -5.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 1.62% | -0.48% |
Volatility
PAB vs. IBTO - Volatility Comparison
PGIM Active Aggregate Bond ETF (PAB) has a higher volatility of 1.20% compared to iShares iBonds Dec 2033 Term Treasury ETF (IBTO) at 1.06%. This indicates that PAB's price experiences larger fluctuations and is considered to be riskier than IBTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAB | IBTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.06% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 3.29% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 4.16% | -0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 6.51% | -0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.10% | 6.51% | -0.41% |
PAB vs. IBTO - Expense Ratio Comparison
PAB has a 0.19% expense ratio, which is higher than IBTO'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. IBTO - Dividend Comparison
PAB's dividend yield for the trailing twelve months is around 4.65%, more than IBTO's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IBTO iShares iBonds Dec 2033 Term Treasury ETF | 4.20% | 4.05% | 4.23% | 1.66% | 0.00% | 0.00% |
PAB PGIM Active Aggregate Bond ETF | 4.65% | 4.28% | 4.25% | 3.70% | 2.81% | 2.34% |
Frequently Asked Questions
With a correlation of 0.92, PAB and IBTO 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 IBTO (1.06%). In terms of maximum drawdown, PAB dropped -19.27% vs IBTO's -8.36%.
On 3-year performance, PAB leads with 4.46% vs 3.03% for IBTO. On fees, IBTO is cheaper at 0.07% per year. On volatility, IBTO has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PAB has performed better with a 4.46% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTO is cheaper with a 0.07% expense ratio, compared with 0.19% for PAB.
PAB has the higher dividend yield at 4.65%, compared with 4.20% for IBTO.
They also come from different issuers: PGIM and iShares. Their fees differ too: 0.19% for PAB and 0.07% for IBTO.
PAB currently has the higher Sharpe Ratio (0.60 vs 0.26), 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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