PAB vs. VCRB

Last updated Jun 24, 2026

PAB (PGIM Active Aggregate Bond ETF) and VCRB (Vanguard Core Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past year, PAB returned 4.68% vs 4.77% for VCRB. With a 0.96 correlation, they move nearly in lockstep. PAB charges 0.19%/yr vs 0.10%/yr for VCRB.

Performance

PAB vs. VCRB - Performance Comparison

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

Returns By Period

In the year-to-date period, PAB achieves a 0.50% return, which is significantly lower than VCRB's 0.73% return.

PAB

• 1D: 0.17%
• 1M: 0.74%
• YTD: 0.50%
• 6M: 0.70%
• 1Y: 4.68%
• 3Y*: 4.46%
• 5Y*: 0.14%
• 10Y*: —

VCRB

• 1D: 0.10%
• 1M: 0.72%
• YTD: 0.73%
• 6M: 0.80%
• 1Y: 4.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAB vs. VCRB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PAB PGIM Active Aggregate Bond ETF	0.50%	7.55%	1.89%	1.43%
VCRB Vanguard Core Bond ETF	0.73%	7.56%	2.21%	0.95%

Correlation

The correlation between PAB and VCRB is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.96

The correlation between PAB and VCRB has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

Return for Risk

PAB vs. VCRB — Risk / Return Rank

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

PAB

PAB Risk / Return Rank: 36
PAB Sharpe Ratio Rank: 37
PAB Sortino Ratio Rank: 38
PAB Omega Ratio Rank: 34
PAB Calmar Ratio Rank: 35
PAB Martin Ratio Rank: 33

VCRB

VCRB Risk / Return Rank: 38
VCRB Sharpe Ratio Rank: 39
VCRB Sortino Ratio Rank: 40
VCRB Omega Ratio Rank: 36
VCRB Calmar Ratio Rank: 38
VCRB Martin Ratio Rank: 35

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. VCRB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Active Aggregate Bond ETF (PAB) and Vanguard Core Bond ETF (VCRB). 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	VCRB	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.33	-0.10
Sortino ratio: Return per unit of downside risk	1.85	1.98	-0.13
Omega ratio: Gain probability vs. loss probability	1.21	1.23	-0.02
Calmar ratio: Return relative to maximum drawdown	1.64	1.82	-0.18
Martin ratio: Return relative to average drawdown	4.65	5.16	-0.51

PAB vs. VCRB - Sharpe Ratio Comparison

The current PAB Sharpe Ratio is 1.23, which is comparable to the VCRB Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of PAB and VCRB, 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. VCRB - Drawdown Comparison

The maximum PAB drawdown since its inception was -19.27%, which is greater than VCRB's maximum drawdown of -4.59%. Use the drawdown chart below to compare losses from any high point for PAB and VCRB.

Drawdown Indicators

	PAB	VCRB	Difference
Max Drawdown Largest peak-to-trough decline	-19.27%	-4.59%	-14.68%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-2.63%	-0.23%
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	-1.38%	-1.14%	-0.24%
Average Drawdown Average peak-to-trough decline	-7.76%	-1.16%	-6.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.93%	+0.08%

Volatility

PAB vs. VCRB - Volatility Comparison

PGIM Active Aggregate Bond ETF (PAB) has a higher volatility of 1.22% compared to Vanguard Core Bond ETF (VCRB) at 0.94%. This indicates that PAB's price experiences larger fluctuations and is considered to be riskier than VCRB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAB	VCRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	0.94%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	2.66%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	3.61%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	4.72%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.14%	4.72%	+1.42%

PAB vs. VCRB - Expense Ratio Comparison

PAB has a 0.19% expense ratio, which is higher than VCRB's 0.10% 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. VCRB - Dividend Comparison

PAB's dividend yield for the trailing twelve months is around 4.55%, which matches VCRB's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021
PAB PGIM Active Aggregate Bond ETF	4.55%	4.28%	4.25%	3.70%	2.81%	2.34%
VCRB Vanguard Core Bond ETF	4.59%	4.55%	4.22%	0.16%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAB and VCRB in my portfolio?

With a correlation of 0.96, PAB and VCRB 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 VCRB?

PAB has higher volatility (1.22%) compared to VCRB (0.94%). In terms of maximum drawdown, PAB dropped -19.27% vs VCRB's -4.59%.

Which ETF is better, PAB or VCRB?

On 1-year performance, VCRB leads with 4.77% vs 4.68% for PAB. On fees, VCRB is cheaper at 0.10% per year. On volatility, VCRB has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAB or VCRB?

Over the 1-year period, VCRB has performed better with a 4.77% return vs 4.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAB or VCRB?

VCRB is cheaper with a 0.10% expense ratio, compared with 0.19% for PAB.

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

VCRB has the higher dividend yield at 4.59%, compared with 4.55% for PAB.

What is the main difference between PAB and VCRB?

They also come from different issuers: PGIM and Vanguard. Their fees differ too: 0.19% for PAB and 0.10% for VCRB.

Which has better risk-adjusted returns?

VCRB currently has the higher Sharpe Ratio (1.33 vs 1.23), 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.