PBL vs. PUSH

Last updated Aug 1, 2026

PBL (PGIM Portfolio Ballast ETF) and PUSH (PGIM Ultra Short Municipal Bond ETF) are both exchange-traded funds - PBL is a Diversified Portfolio fund actively managed by PGIM, while PUSH is a Municipal Bonds fund actively managed by PGIM. Both are actively managed. Over the past year, PBL returned 14.76% vs 3.05% for PUSH. Their 0.04 correlation means their historical movements had little consistent relationship. PBL charges 0.45%/yr vs 0.15%/yr for PUSH.

Performance

PBL vs. PUSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Portfolio Ballast ETF (PBL) and PGIM Ultra Short Municipal Bond ETF (PUSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBL achieves a 7.12% return, which is significantly higher than PUSH's 1.56% return.

PBL

• 1D: 0.29%
• 1M: -0.13%
• 6M: 6.16%
• YTD: 7.12%
• 1Y: 14.76%
• 3Y*: 12.88%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.65%

PUSH

• 1D: 0.01%
• 1M: 0.02%
• 6M: 1.03%
• YTD: 1.56%
• 1Y: 3.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBL PGIM Portfolio Ballast ETF	$12.25K	$21.73K	$132.25K
PUSH PGIM Ultra Short Municipal Bond ETF	$1.06M	$1.02M	$945.33K

PBL vs. PUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBL PGIM Portfolio Ballast ETF	7.12%	12.35%	5.58%
PUSH PGIM Ultra Short Municipal Bond ETF	1.56%	4.16%	1.74%

Correlation

The correlation between PBL and PUSH is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since Jun 28, 2024	0.04

Return for Risk

PBL vs. PUSH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBL

PBL Risk / Return Rank: 62
PBL Sharpe Ratio Rank: 59
PBL Sortino Ratio Rank: 59
PBL Omega Ratio Rank: 56
PBL Calmar Ratio Rank: 66
PBL Martin Ratio Rank: 71

PUSH

PUSH Risk / Return Rank: 93
PUSH Sharpe Ratio Rank: 89
PUSH Sortino Ratio Rank: 91
PUSH Omega Ratio Rank: 96
PUSH Calmar Ratio Rank: 96
PUSH Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBL vs. PUSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Portfolio Ballast ETF (PBL) and PGIM Ultra Short Municipal Bond ETF (PUSH). 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.

	PBL	PUSH	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.17	-0.77
Sortino ratio: Return per unit of downside risk	2.01	3.26	-1.25
Omega ratio: Gain probability vs. loss probability	1.25	1.59	-0.34
Calmar ratio: Return relative to maximum drawdown	2.33	6.59	-4.26
Martin ratio: Return relative to average drawdown	8.81	16.23	-7.43

PBL vs. PUSH - Sharpe Ratio Comparison

The current PBL Sharpe Ratio is 1.40, which is lower than the PUSH Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of PBL and PUSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PBL vs. PUSH - Drawdown Comparison

The maximum PBL drawdown since its inception was -11.69%, which is greater than PUSH's maximum drawdown of -0.85%. Use the drawdown chart below to compare losses from any high point for PBL and PUSH.

Drawdown Indicators

	PBL	PUSH	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-0.85%	-10.84%
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	-0.50%	-5.32%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	—	—
Current Drawdown Current decline from peak	-1.18%	-0.11%	-1.07%
Average Drawdown Average peak-to-trough decline	-1.64%	-0.10%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	0.20%	+1.34%

Volatility

PBL vs. PUSH - Volatility Comparison

PGIM Portfolio Ballast ETF (PBL) has a higher volatility of 2.82% compared to PGIM Ultra Short Municipal Bond ETF (PUSH) at 0.25%. This indicates that PBL's price experiences larger fluctuations and is considered to be riskier than PUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBL	PUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	0.25%	+2.57%
Volatility (6M) Calculated over the trailing 6-month period	7.32%	0.62%	+6.70%
Volatility (1Y) Calculated over the trailing 1-year period	9.66%	1.52%	+8.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.91%	1.27%	+8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.91%	1.27%	+8.64%

PBL vs. PUSH - Expense Ratio Comparison

PBL has a 0.45% expense ratio, which is higher than PUSH's 0.15% expense ratio.

Dividends

PBL vs. PUSH - Dividend Comparison

PBL's dividend yield for the trailing twelve months is around 2.07%, less than PUSH's 3.49% yield.

Position	TTM	2025	2024	2023	2022
PBL PGIM Portfolio Ballast ETF	2.07%	2.21%	6.89%	7.92%	0.16%
PUSH PGIM Ultra Short Municipal Bond ETF	3.17%	3.45%	1.86%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBL and PUSH in my portfolio?

PBL and PUSH have a correlation of 0.07, 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 PUSH?

PBL has higher volatility (2.82%) compared to PUSH (0.25%). In terms of maximum drawdown, PBL dropped -11.69% vs PUSH's -0.85%.

Which ETF is better, PBL or PUSH?

On 1-year performance, PBL leads with 14.76% vs 3.05% for PUSH. On fees, PUSH is cheaper at 0.15% per year. On volatility, PUSH has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBL or PUSH?

Over the 1-year period, PBL has performed better with a 14.76% return vs 3.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBL or PUSH?

PUSH is cheaper with a 0.15% expense ratio, compared with 0.45% for PBL.

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

PUSH has the higher dividend yield at 3.17%, compared with 2.07% for PBL.

What is the main difference between PBL and PUSH?

PBL is categorized as Diversified Portfolio, while PUSH is Municipal Bonds. Their fees differ too: 0.45% for PBL and 0.15% for PUSH.

Which has better risk-adjusted returns?

PUSH currently has the higher Sharpe Ratio (2.17 vs 1.40), 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.