PAB vs. UNIY
PAB (PGIM Active Aggregate Bond ETF) and UNIY (WisdomTree Voya Yield Enchanced USD Universal Bond Fund) are both Intermediate Core Bond funds. PAB is actively managed, while UNIY is passively managed. Over the past 3 years, PAB returned 4.45%/yr vs 4.51%/yr for UNIY. With a 0.95 correlation, they move nearly in lockstep. PAB charges 0.19%/yr vs 0.15%/yr for UNIY.
Performance
PAB vs. UNIY - Performance Comparison
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Returns By Period
In the year-to-date period, PAB achieves a 0.17% return, which is significantly lower than UNIY's 0.40% return.
PAB
- 1D
- -0.20%
- 1M
- 0.26%
- YTD
- 0.17%
- 6M
- 0.12%
- 1Y
- 5.49%
- 3Y*
- 4.45%
- 5Y*
- 0.15%
- 10Y*
- —
UNIY
- 1D
- -0.21%
- 1M
- 0.38%
- YTD
- 0.40%
- 6M
- 0.35%
- 1Y
- 5.54%
- 3Y*
- 4.51%
- 5Y*
- —
- 10Y*
- —
PAB vs. UNIY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PAB PGIM Active Aggregate Bond ETF | 0.17% | 7.55% | 1.89% | 3.46% |
UNIY WisdomTree Voya Yield Enchanced USD Universal Bond Fund | 0.40% | 7.37% | 1.86% | 3.90% |
Correlation
The correlation between PAB and UNIY 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 Feb 8, 2023 | 0.95 |
The correlation between PAB and UNIY has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.
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Return for Risk
PAB vs. UNIY — Risk / Return Rank
PAB
UNIY
PAB vs. UNIY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Active Aggregate Bond ETF (PAB) and WisdomTree Voya Yield Enchanced USD Universal Bond Fund (UNIY). 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 | UNIY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.26 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.92 | 2.19 | -0.27 |
| Martin ratioReturn relative to average drawdown | 5.81 | 6.84 | -1.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAB | UNIY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.42 | 1.50 | -0.09 |
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 | 0.84 | -0.81 |
Drawdowns
PAB vs. UNIY - Drawdown Comparison
The maximum PAB drawdown since its inception was -19.27%, which is greater than UNIY's maximum drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for PAB and UNIY.
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Drawdown Indicators
| PAB | UNIY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.27% | -6.27% | -13.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -2.53% | -0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -5.95% | -5.40% | -0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -19.27% | — | — |
Current DrawdownCurrent decline from peak | -1.70% | -1.18% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -7.83% | -1.38% | -6.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.81% | +0.14% |
Volatility
PAB vs. UNIY - Volatility Comparison
PGIM Active Aggregate Bond ETF (PAB) has a higher volatility of 1.35% compared to WisdomTree Voya Yield Enchanced USD Universal Bond Fund (UNIY) at 1.26%. This indicates that PAB's price experiences larger fluctuations and is considered to be riskier than UNIY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAB | UNIY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.26% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 2.71% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.89% | 3.69% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.22% | 4.85% | +1.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.16% | 4.85% | +1.31% |
PAB vs. UNIY - Expense Ratio Comparison
PAB has a 0.19% expense ratio, which is higher than UNIY's 0.15% 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. UNIY - Dividend Comparison
PAB's dividend yield for the trailing twelve months is around 4.56%, less than UNIY's 4.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
PAB PGIM Active Aggregate Bond ETF | 4.56% | 4.28% | 4.25% | 3.70% | 2.81% | 2.34% |
UNIY WisdomTree Voya Yield Enchanced USD Universal Bond Fund | 4.85% | 4.95% | 4.86% | 3.99% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, PAB and UNIY 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 (1.35%) compared to UNIY (1.26%). In terms of maximum drawdown, PAB dropped -19.27% vs UNIY's -6.27%.
On 3-year performance, UNIY leads with 4.51% vs 4.45% for PAB. On fees, UNIY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UNIY has performed better with a 4.51% return vs 4.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNIY is cheaper with a 0.15% expense ratio, compared with 0.19% for PAB.
UNIY has the higher dividend yield at 4.85%, compared with 4.56% for PAB.
They also come from different issuers: PGIM and WisdomTree. Their fees differ too: 0.19% for PAB and 0.15% for UNIY.
UNIY currently has the higher Sharpe Ratio (1.50 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.
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