PBL vs. MFUL

Last updated Jun 4, 2026

PBL (PGIM Portfolio Ballast ETF) and MFUL (Mindful Conservative ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past 3 years, PBL returned 15.09%/yr vs 4.96%/yr for MFUL. A 0.71 correlation means they provide meaningful diversification when combined. PBL charges 0.45%/yr vs 1.10%/yr for MFUL.

Performance

PBL vs. MFUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Portfolio Ballast ETF (PBL) and Mindful Conservative ETF (MFUL). 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 MFUL's 3.28% return.

PBL

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

MFUL

• 1D: -0.28%
• 1M: 1.45%
• YTD: 3.28%
• 6M: 3.33%
• 1Y: 7.13%
• 3Y*: 4.96%
• 5Y*: —
• 10Y*: —

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

PBL vs. MFUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBL PGIM Portfolio Ballast ETF	7.85%	12.35%	16.70%	14.28%	-3.52%
MFUL Mindful Conservative ETF	3.28%	4.51%	5.36%	2.24%	0.20%

Correlation

The correlation between PBL and MFUL is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Dec 15, 2022	0.71

The correlation between PBL and MFUL shifts across timeframes, from 0.71 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PBL vs. MFUL — 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

MFUL

MFUL Risk / Return Rank: 52
MFUL Sharpe Ratio Rank: 54
MFUL Sortino Ratio Rank: 54
MFUL Omega Ratio Rank: 58
MFUL Calmar Ratio Rank: 43
MFUL Martin Ratio Rank: 50

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. MFUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Portfolio Ballast ETF (PBL) and Mindful Conservative ETF (MFUL). 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	MFUL	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.82	+0.39
Sortino ratio: Return per unit of downside risk	3.10	2.59	+0.51
Omega ratio: Gain probability vs. loss probability	1.39	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	3.37	2.13	+1.24
Martin ratio: Return relative to average drawdown	13.56	8.24	+5.32
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. MFUL - Sharpe Ratio Comparison

The current PBL Sharpe Ratio is 2.21, which is comparable to the MFUL Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of PBL and MFUL, 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	MFUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	1.82	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	0.01	+1.39

Drawdowns

PBL vs. MFUL - Drawdown Comparison

The maximum PBL drawdown since its inception was -11.69%, smaller than the maximum MFUL drawdown of -16.41%. Use the drawdown chart below to compare losses from any high point for PBL and MFUL.

Drawdown Indicators

	PBL	MFUL	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-16.41%	+4.72%
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	-3.36%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	-4.74%	-6.95%
Current Drawdown Current decline from peak	-0.21%	-0.46%	+0.25%
Average Drawdown Average peak-to-trough decline	-1.65%	-9.50%	+7.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	0.87%	+0.57%

Volatility

PBL vs. MFUL - Volatility Comparison

PGIM Portfolio Ballast ETF (PBL) has a higher volatility of 2.51% compared to Mindful Conservative ETF (MFUL) at 1.46%. This indicates that PBL's price experiences larger fluctuations and is considered to be riskier than MFUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBL	MFUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	1.46%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	3.23%	+3.33%
Volatility (1Y) Calculated over the trailing 1-year period	8.87%	3.93%	+4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.83%	4.24%	+5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.83%	4.24%	+5.59%

PBL vs. MFUL - Expense Ratio Comparison

PBL has a 0.45% expense ratio, which is lower than MFUL's 1.10% expense ratio.

Dividends

PBL vs. MFUL - Dividend Comparison

PBL's dividend yield for the trailing twelve months is around 2.05%, less than MFUL's 3.01% yield.

Position	TTM	2025	2024	2023	2022
MFUL Mindful Conservative ETF	3.01%	3.31%	2.59%	5.00%	0.29%
PBL PGIM Portfolio Ballast ETF	2.05%	2.21%	6.89%	7.92%	0.16%

Frequently Asked Questions

Can I hold both PBL and MFUL in my portfolio?

PBL and MFUL have a correlation of 0.82, 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 MFUL?

PBL has higher volatility (2.51%) compared to MFUL (1.46%). In terms of maximum drawdown, PBL dropped -11.69% vs MFUL's -16.41%.

Which ETF is better, PBL or MFUL?

On 3-year performance, PBL leads with 15.09% vs 4.96% for MFUL. On fees, PBL is cheaper at 0.45% per year. On volatility, MFUL has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBL or MFUL?

Over the 3-year period, PBL has performed better with a 15.09% return vs 4.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBL or MFUL?

PBL is cheaper with a 0.45% expense ratio, compared with 1.10% for MFUL.

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

MFUL has the higher dividend yield at 3.01%, compared with 2.05% for PBL.

What is the main difference between PBL and MFUL?

They also come from different issuers: PGIM and Mohr Funds. Their fees differ too: 0.45% for PBL and 1.10% for MFUL.

Which has better risk-adjusted returns?

PBL currently has the higher Sharpe Ratio (2.21 vs 1.82), 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.