PBDIX vs. TAGG
PBDIX (T. Rowe Price QM U.S. Bond Index Fund) and TAGG (T. Rowe Price QM U.S. Bond ETF) are both funds - PBDIX is a Total Bond Market fund managed by T. Rowe Price, while TAGG is a Intermediate Core Bond fund actively managed by T. Rowe Price. Over the past 3 years, PBDIX returned 6.00%/yr vs 3.99%/yr for TAGG. Their correlation of 0.90 suggests significant overlap in exposure. PBDIX charges 0.23%/yr vs 0.08%/yr for TAGG.
Performance
PBDIX vs. TAGG - Performance Comparison
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Returns By Period
In the year-to-date period, PBDIX achieves a 0.20% return, which is significantly lower than TAGG's 0.41% return.
PBDIX
- 1D
- 0.21%
- 1M
- 0.99%
- YTD
- 0.20%
- 6M
- 0.67%
- 1Y
- 4.63%
- 3Y*
- 6.00%
- 5Y*
- 1.15%
- 10Y*
- 2.29%
TAGG
- 1D
- -0.22%
- 1M
- 0.71%
- YTD
- 0.41%
- 6M
- 0.52%
- 1Y
- 4.63%
- 3Y*
- 3.99%
- 5Y*
- —
- 10Y*
- —
PBDIX vs. TAGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 0.20% | 8.29% | 4.75% | 8.62% | -14.24% | 0.01% |
TAGG T. Rowe Price QM U.S. Bond ETF | 0.41% | 7.40% | 1.73% | 5.72% | -12.63% | -0.01% |
Correlation
The correlation between PBDIX and TAGG is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021 | 0.90 |
The correlation between PBDIX and TAGG has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.
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Return for Risk
PBDIX vs. TAGG — Risk / Return Rank
PBDIX
TAGG
PBDIX vs. TAGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM U.S. Bond Index Fund (PBDIX) and T. Rowe Price QM U.S. Bond ETF (TAGG). 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.
| PBDIX | TAGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.23 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.46 | +0.09 |
| Martin ratioReturn relative to average drawdown | 4.25 | 4.04 | +0.21 |
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Drawdowns
PBDIX vs. TAGG - Drawdown Comparison
The maximum PBDIX drawdown since its inception was -19.20%, which is greater than TAGG's maximum drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for PBDIX and TAGG.
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Drawdown Indicators
| PBDIX | TAGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.20% | -17.26% | -1.94% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -3.19% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -5.61% | -6.40% | +0.79% |
Max Drawdown (5Y)Largest decline over 5 years | -19.10% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.20% | — | — |
Current DrawdownCurrent decline from peak | -1.60% | -1.80% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -6.81% | +4.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 1.15% | -0.04% |
Volatility
PBDIX vs. TAGG - Volatility Comparison
T. Rowe Price QM U.S. Bond Index Fund (PBDIX) has a higher volatility of 1.28% compared to T. Rowe Price QM U.S. Bond ETF (TAGG) at 0.97%. This indicates that PBDIX's price experiences larger fluctuations and is considered to be riskier than TAGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBDIX | TAGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 0.97% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 2.75% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 3.71% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.11% | 6.51% | -0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.03% | 6.51% | -1.48% |
PBDIX vs. TAGG - Expense Ratio Comparison
PBDIX has a 0.23% expense ratio, which is higher than TAGG's 0.08% 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
PBDIX vs. TAGG - Dividend Comparison
PBDIX's dividend yield for the trailing twelve months is around 4.25%, less than TAGG's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBDIX T. Rowe Price QM U.S. Bond Index Fund | 4.25% | 5.19% | 7.21% | 6.39% | 2.01% | 1.84% | 3.59% | 3.18% | 2.94% | 2.75% | 2.82% | 2.99% |
TAGG T. Rowe Price QM U.S. Bond ETF | 4.57% | 4.36% | 4.36% | 3.48% | 3.67% | 0.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBDIX and TAGG have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBDIX has higher volatility (1.28%) compared to TAGG (0.97%). In terms of maximum drawdown, PBDIX dropped -19.20% vs TAGG's -17.26%.
TAGG currently has the higher Sharpe Ratio (1.26 vs 1.16), 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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