PBL vs. SPLS

Last updated Jun 24, 2026

PBL (PGIM Portfolio Ballast ETF) and SPLS (PIMCO U.S. Stocks PLUS Active Bond ETF) are both Diversified Portfolio funds. Both are actively managed. With a 0.97 correlation, they move nearly in lockstep. PBL charges 0.45%/yr vs 0.18%/yr for SPLS.

Performance

PBL vs. SPLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Portfolio Ballast ETF (PBL) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PBL

• 1D: -1.04%
• 1M: -0.32%
• YTD: 6.03%
• 6M: 5.25%
• 1Y: 16.68%
• 3Y*: 14.00%
• 5Y*: —
• 10Y*: —

SPLS

• 1D: -1.47%
• 1M: -1.28%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBL vs. SPLS - Yearly Performance Comparison

	2026 (YTD)
PBL PGIM Portfolio Ballast ETF	4.83%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	6.75%

Correlation

The correlation between PBL and SPLS is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026	0.97

Return for Risk

PBL vs. SPLS — Risk / Return Rank

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

PBL

PBL Risk / Return Rank: 60
PBL Sharpe Ratio Rank: 58
PBL Sortino Ratio Rank: 58
PBL Omega Ratio Rank: 55
PBL Calmar Ratio Rank: 63
PBL Martin Ratio Rank: 67

SPLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Portfolio Ballast ETF (PBL) and PIMCO U.S. Stocks PLUS Active Bond ETF (SPLS). 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	SPLS	Difference
Sharpe ratio: Return per unit of total volatility	1.79	—	—
Sortino ratio: Return per unit of downside risk	2.53	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.88	—	—
Martin ratio: Return relative to average drawdown	11.25	—	—

Drawdowns

PBL vs. SPLS - Drawdown Comparison

The maximum PBL drawdown since its inception was -11.69%, which is greater than SPLS's maximum drawdown of -9.24%. Use the drawdown chart below to compare losses from any high point for PBL and SPLS.

Drawdown Indicators

	PBL	SPLS	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-9.24%	-2.45%
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	—	—
Current Drawdown Current decline from peak	-1.93%	-3.05%	+1.12%
Average Drawdown Average peak-to-trough decline	-1.66%	-1.87%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	—	—

Volatility

Volatility by Period

	PBL	SPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.12%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.38%	15.61%	-6.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.92%	15.61%	-5.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.92%	15.61%	-5.69%

PBL vs. SPLS - Expense Ratio Comparison

PBL has a 0.45% expense ratio, which is higher than SPLS's 0.18% expense ratio.

Dividends

PBL vs. SPLS - Dividend Comparison

PBL's dividend yield for the trailing twelve months is around 2.09%, more than SPLS's 0.22% yield.

Position	TTM	2025	2024	2023	2022
PBL PGIM Portfolio Ballast ETF	2.09%	2.21%	6.89%	7.92%	0.16%
SPLS PIMCO U.S. Stocks PLUS Active Bond ETF	0.22%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBL and SPLS in my portfolio?

With a correlation of 0.97, PBL and SPLS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, PBL or SPLS?

On fees, SPLS is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBL or SPLS?

SPLS is cheaper with a 0.18% expense ratio, compared with 0.45% for PBL.

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

PBL has the higher dividend yield at 2.09%, compared with 0.22% for SPLS.

What is the main difference between PBL and SPLS?

They also come from different issuers: PGIM and PIMCO. Their fees differ too: 0.45% for PBL and 0.18% for SPLS.