PBL vs. INCM

Last updated Jun 4, 2026

PBL (PGIM Portfolio Ballast ETF) and INCM (Franklin Income Focus ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past year, PBL returned 19.49% vs 15.73% for INCM. A 0.63 correlation means they provide meaningful diversification when combined. PBL charges 0.45%/yr vs 0.38%/yr for INCM.

Performance

PBL vs. INCM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Portfolio Ballast ETF (PBL) and Franklin Income Focus ETF (INCM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBL achieves a 7.85% return, which is significantly higher than INCM's 6.45% return.

PBL

• 1D: -0.21%
• 1M: 4.07%
• YTD: 7.85%
• 6M: 8.56%
• 1Y: 19.49%
• 3Y*: 15.09%
• 5Y*: —
• 10Y*: —

INCM

• 1D: -0.48%
• 1M: 0.70%
• YTD: 6.45%
• 6M: 6.84%
• 1Y: 15.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBL vs. INCM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PBL PGIM Portfolio Ballast ETF	7.85%	12.35%	16.70%	7.66%
INCM Franklin Income Focus ETF	6.45%	13.07%	6.80%	5.76%

Correlation

The correlation between PBL and INCM is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Jun 9, 2023	0.63

The correlation between PBL and INCM has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

Return for Risk

PBL vs. INCM — Risk / Return Rank

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

PBL

PBL Risk / Return Rank: 68
PBL Sharpe Ratio Rank: 67
PBL Sortino Ratio Rank: 68
PBL Omega Ratio Rank: 64
PBL Calmar Ratio Rank: 68
PBL Martin Ratio Rank: 72

INCM

INCM Risk / Return Rank: 89
INCM Sharpe Ratio Rank: 88
INCM Sortino Ratio Rank: 92
INCM Omega Ratio Rank: 89
INCM Calmar Ratio Rank: 87
INCM Martin Ratio Rank: 90

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.

PBL vs. INCM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Portfolio Ballast ETF (PBL) and Franklin Income Focus ETF (INCM). 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.

	PBL	INCM	Difference
Sharpe ratio: Return per unit of total volatility	2.21	3.01	-0.80
Sortino ratio: Return per unit of downside risk	3.10	4.49	-1.39
Omega ratio: Gain probability vs. loss probability	1.39	1.57	-0.19
Calmar ratio: Return relative to maximum drawdown	3.37	4.95	-1.58
Martin ratio: Return relative to average drawdown	13.56	20.86	-7.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBL vs. INCM - Sharpe Ratio Comparison

The current PBL Sharpe Ratio is 2.21, which is comparable to the INCM Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of PBL and INCM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PBL	INCM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	3.01	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	1.51	-0.11

Drawdowns

PBL vs. INCM - Drawdown Comparison

The maximum PBL drawdown since its inception was -11.69%, which is greater than INCM's maximum drawdown of -7.84%. Use the drawdown chart below to compare losses from any high point for PBL and INCM.

Drawdown Indicators

	PBL	INCM	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-7.84%	-3.85%
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	-3.19%	-2.63%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	—	—
Current Drawdown Current decline from peak	-0.21%	-0.75%	+0.54%
Average Drawdown Average peak-to-trough decline	-1.65%	-1.09%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	0.76%	+0.68%

Volatility

PBL vs. INCM - Volatility Comparison

PGIM Portfolio Ballast ETF (PBL) has a higher volatility of 2.51% compared to Franklin Income Focus ETF (INCM) at 1.66%. This indicates that PBL's price experiences larger fluctuations and is considered to be riskier than INCM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBL	INCM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	1.66%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	3.82%	+2.74%
Volatility (1Y) Calculated over the trailing 1-year period	8.87%	5.25%	+3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.83%	7.23%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.83%	7.23%	+2.60%

PBL vs. INCM - Expense Ratio Comparison

PBL has a 0.45% expense ratio, which is higher than INCM's 0.38% expense ratio.

Dividends

PBL vs. INCM - Dividend Comparison

PBL's dividend yield for the trailing twelve months is around 2.05%, less than INCM's 5.08% yield.

Position	TTM	2025	2024	2023	2022
INCM Franklin Income Focus ETF	5.08%	4.96%	5.06%	3.01%	0.00%
PBL PGIM Portfolio Ballast ETF	2.05%	2.21%	6.89%	7.92%	0.16%

Frequently Asked Questions

Can I hold both PBL and INCM in my portfolio?

PBL and INCM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBL or INCM?

PBL has higher volatility (2.51%) compared to INCM (1.66%). In terms of maximum drawdown, PBL dropped -11.69% vs INCM's -7.84%.

Which ETF is better, PBL or INCM?

On 1-year performance, PBL leads with 19.49% vs 15.73% for INCM. On fees, INCM is cheaper at 0.38% per year. On volatility, INCM has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBL or INCM?

Over the 1-year period, PBL has performed better with a 19.49% return vs 15.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBL or INCM?

INCM is cheaper with a 0.38% expense ratio, compared with 0.45% for PBL.

Which ETF pays a higher dividend yield, PBL or INCM?

INCM has the higher dividend yield at 5.08%, compared with 2.05% for PBL.

What is the main difference between PBL and INCM?

They also come from different issuers: PGIM and Franklin Templeton. Their fees differ too: 0.45% for PBL and 0.38% for INCM.

Which has better risk-adjusted returns?

INCM currently has the higher Sharpe Ratio (3.01 vs 2.21), 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.