PBL vs. PTRB

Last updated Jun 4, 2026

PBL (PGIM Portfolio Ballast ETF) and PTRB (PGIM Total Return Bond ETF) are both exchange-traded funds - PBL is a Diversified Portfolio fund actively managed by PGIM, while PTRB is a Intermediate Core-Plus Bond fund actively managed by PGIM. Both are actively managed. Over the past 3 years, PBL returned 15.09%/yr vs 5.11%/yr for PTRB. At a 0.26 correlation, their price movements are largely independent. PBL charges 0.45%/yr vs 0.49%/yr for PTRB.

Performance

PBL vs. PTRB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Portfolio Ballast ETF (PBL) and PGIM Total Return Bond ETF (PTRB). 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 PTRB's 0.34% return.

PBL

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

PTRB

• 1D: -0.19%
• 1M: 0.28%
• YTD: 0.34%
• 6M: 0.41%
• 1Y: 5.81%
• 3Y*: 5.11%
• 5Y*: —
• 10Y*: —

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

PBL vs. PTRB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBL PGIM Portfolio Ballast ETF	7.85%	12.35%	16.70%	14.28%	-3.52%
PTRB PGIM Total Return Bond ETF	0.34%	7.63%	2.67%	7.71%	-2.40%

Correlation

The correlation between PBL and PTRB is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (All Time) Calculated using the full available price history since Dec 15, 2022	0.26

Return for Risk

PBL vs. PTRB — 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

PTRB

PTRB Risk / Return Rank: 40
PTRB Sharpe Ratio Rank: 41
PTRB Sortino Ratio Rank: 42
PTRB Omega Ratio Rank: 39
PTRB Calmar Ratio Rank: 41
PTRB Martin Ratio Rank: 38

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. PTRB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Portfolio Ballast ETF (PBL) and PGIM Total Return Bond ETF (PTRB). 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	PTRB	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.46	+0.75
Sortino ratio: Return per unit of downside risk	3.10	2.13	+0.96
Omega ratio: Gain probability vs. loss probability	1.39	1.26	+0.13
Calmar ratio: Return relative to maximum drawdown	3.37	2.01	+1.35
Martin ratio: Return relative to average drawdown	13.56	6.00	+7.56
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. PTRB - Sharpe Ratio Comparison

The current PBL Sharpe Ratio is 2.21, which is higher than the PTRB Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of PBL and PTRB, 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	PTRB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	1.46	+0.75
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	0.06	+1.35

Drawdowns

PBL vs. PTRB - Drawdown Comparison

The maximum PBL drawdown since its inception was -11.69%, smaller than the maximum PTRB drawdown of -19.17%. Use the drawdown chart below to compare losses from any high point for PBL and PTRB.

Drawdown Indicators

	PBL	PTRB	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-19.17%	+7.48%
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	-2.90%	-2.92%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	-5.52%	-6.17%
Current Drawdown Current decline from peak	-0.21%	-1.61%	+1.40%
Average Drawdown Average peak-to-trough decline	-1.65%	-7.64%	+5.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	0.97%	+0.47%

Volatility

PBL vs. PTRB - Volatility Comparison

PGIM Portfolio Ballast ETF (PBL) has a higher volatility of 2.51% compared to PGIM Total Return Bond ETF (PTRB) at 1.37%. This indicates that PBL's price experiences larger fluctuations and is considered to be riskier than PTRB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBL	PTRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	1.37%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	2.83%	+3.73%
Volatility (1Y) Calculated over the trailing 1-year period	8.87%	4.01%	+4.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.83%	6.25%	+3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.83%	6.25%	+3.58%

PBL vs. PTRB - Expense Ratio Comparison

PBL has a 0.45% expense ratio, which is lower than PTRB's 0.49% expense ratio.

Dividends

PBL vs. PTRB - Dividend Comparison

PBL's dividend yield for the trailing twelve months is around 2.05%, less than PTRB's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021
PBL PGIM Portfolio Ballast ETF	2.05%	2.21%	6.89%	7.92%	0.16%	0.00%
PTRB PGIM Total Return Bond ETF	4.74%	4.73%	5.10%	4.62%	4.07%	0.12%

Frequently Asked Questions

Can I hold both PBL and PTRB in my portfolio?

PBL and PTRB have a correlation of 0.30, 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 PTRB?

PBL has higher volatility (2.51%) compared to PTRB (1.37%). In terms of maximum drawdown, PBL dropped -11.69% vs PTRB's -19.17%.

Which ETF is better, PBL or PTRB?

On 3-year performance, PBL leads with 15.09% vs 5.11% for PTRB. On fees, PBL is cheaper at 0.45% per year. On volatility, PTRB has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBL or PTRB?

Over the 3-year period, PBL has performed better with a 15.09% return vs 5.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBL or PTRB?

PBL is cheaper with a 0.45% expense ratio, compared with 0.49% for PTRB.

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

PTRB has the higher dividend yield at 4.74%, compared with 2.05% for PBL.

What is the main difference between PBL and PTRB?

PBL is categorized as Diversified Portfolio, while PTRB is Intermediate Core-Plus Bond. Their fees differ too: 0.45% for PBL and 0.49% for PTRB.

Which has better risk-adjusted returns?

PBL currently has the higher Sharpe Ratio (2.21 vs 1.46), 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.