PBHAX vs. IWV
PBHAX (PGIM High Yield Fund) and IWV (iShares Russell 3000 ETF) are both funds - PBHAX is a High Yield Bonds fund managed by PGIM, while IWV is a Large Cap Blend Equities fund tracking the Russell 3000 Index. Over the past 10 years, PBHAX returned 5.18%/yr vs 14.84%/yr for IWV. At a 0.30 correlation, their price movements are largely independent. PBHAX charges 0.75%/yr vs 0.20%/yr for IWV.
Performance
PBHAX vs. IWV - Performance Comparison
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Returns By Period
In the year-to-date period, PBHAX achieves a 1.48% return, which is significantly lower than IWV's 9.30% return. Over the past 10 years, PBHAX has underperformed IWV with an annualized return of 5.18%, while IWV has yielded a comparatively higher 14.84% annualized return.
PBHAX
- 1D
- 0.42%
- 1M
- 0.36%
- YTD
- 1.48%
- 6M
- 2.37%
- 1Y
- 6.93%
- 3Y*
- 7.95%
- 5Y*
- 3.17%
- 10Y*
- 5.18%
IWV
- 1D
- 0.53%
- 1M
- -0.32%
- YTD
- 9.30%
- 6M
- 9.38%
- 1Y
- 25.70%
- 3Y*
- 20.32%
- 5Y*
- 12.07%
- 10Y*
- 14.84%
PBHAX vs. IWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBHAX PGIM High Yield Fund | 1.48% | 8.79% | 6.89% | 10.75% | -12.51% | 5.63% | 4.87% | 15.86% | -1.53% | 7.50% |
IWV iShares Russell 3000 ETF | 9.30% | 16.96% | 23.49% | 25.82% | -19.28% | 25.54% | 20.55% | 30.66% | -5.43% | 20.97% |
Correlation
The correlation between PBHAX and IWV is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since May 26, 2000 | 0.30 |
Over the past year, PBHAX and IWV have become more correlated (0.55) than their long-term average of 0.30, meaning their price movements have been converging.
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Return for Risk
PBHAX vs. IWV — Risk / Return Rank
PBHAX
IWV
PBHAX vs. IWV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Fund (PBHAX) and iShares Russell 3000 ETF (IWV). 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.
| PBHAX | IWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.35 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.74 | +0.07 |
| Martin ratioReturn relative to average drawdown | 13.97 | 12.28 | +1.69 |
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Drawdowns
PBHAX vs. IWV - Drawdown Comparison
The maximum PBHAX drawdown since its inception was -28.80%, smaller than the maximum IWV drawdown of -55.61%. Use the drawdown chart below to compare losses from any high point for PBHAX and IWV.
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Drawdown Indicators
| PBHAX | IWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.80% | -55.61% | +26.81% |
Max Drawdown (1Y)Largest decline over 1 year | -2.48% | -8.89% | +6.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.06% | -19.28% | +15.22% |
Max Drawdown (5Y)Largest decline over 5 years | -16.22% | -25.11% | +8.89% |
Max Drawdown (10Y)Largest decline over 10 years | -21.14% | -35.22% | +14.08% |
Current DrawdownCurrent decline from peak | -0.21% | -2.09% | +1.88% |
Average DrawdownAverage peak-to-trough decline | -2.87% | -10.58% | +7.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 1.98% | -1.48% |
Volatility
PBHAX vs. IWV - Volatility Comparison
The current volatility for PGIM High Yield Fund (PBHAX) is 1.23%, while iShares Russell 3000 ETF (IWV) has a volatility of 4.44%. This indicates that PBHAX experiences smaller price fluctuations and is considered to be less risky than IWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBHAX | IWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 4.44% | -3.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 9.75% | -6.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 12.57% | -8.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.07% | 17.30% | -12.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.49% | 18.43% | -12.94% |
PBHAX vs. IWV - Expense Ratio Comparison
PBHAX has a 0.75% expense ratio, which is higher than IWV's 0.20% expense ratio.
Dividends
PBHAX vs. IWV - Dividend Comparison
PBHAX's dividend yield for the trailing twelve months is around 6.74%, more than IWV's 0.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWV iShares Russell 3000 ETF | 0.87% | 0.96% | 1.08% | 1.30% | 1.56% | 1.04% | 1.30% | 1.69% | 1.97% | 1.58% | 1.79% | 1.99% |
PBHAX PGIM High Yield Fund | 6.74% | 6.71% | 6.01% | 5.73% | 5.94% | 5.88% | 5.70% | 5.96% | 6.26% | 5.98% | 4.61% | 6.64% |
Frequently Asked Questions
PBHAX and IWV have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWV has higher volatility (4.44%) compared to PBHAX (1.23%). In terms of maximum drawdown, PBHAX dropped -28.80% vs IWV's -55.61%.
IWV currently has the higher Sharpe Ratio (1.94 vs 1.93), 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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