PCL vs. HYGH
PCL (PGIM Corporate Bond 10+ Year ETF) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both exchange-traded funds - PCL is a Corporate Bonds fund actively managed by PGIM, while HYGH is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Interest Hedged Index. PCL is actively managed, while HYGH is passively managed. At a 0.28 correlation, their price movements are largely independent. PCL charges 0.25%/yr vs 0.52%/yr for HYGH.
Performance
PCL vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, PCL achieves a 2.06% return, which is significantly lower than HYGH's 3.33% return.
PCL
- 1D
- 0.18%
- 1M
- 1.57%
- YTD
- 2.06%
- 6M
- 1.90%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYGH
- 1D
- -0.03%
- 1M
- 0.56%
- YTD
- 3.33%
- 6M
- 3.56%
- 1Y
- 7.74%
- 3Y*
- 9.87%
- 5Y*
- 6.91%
- 10Y*
- 6.48%
PCL vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PCL PGIM Corporate Bond 10+ Year ETF | 2.06% | 2.51% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.33% | 3.05% |
Correlation
The correlation between PCL and HYGH is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025 | 0.28 |
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Return for Risk
PCL vs. HYGH — Risk / Return Rank
PCL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYGH
PCL vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Corporate Bond 10+ Year ETF (PCL) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| PCL | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.40 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.80 | — |
| Martin ratioReturn relative to average drawdown | — | 18.77 | — |
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Drawdowns
PCL vs. HYGH - Drawdown Comparison
The maximum PCL drawdown since its inception was -5.14%, smaller than the maximum HYGH drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for PCL and HYGH.
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Drawdown Indicators
| PCL | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.14% | -23.88% | +18.74% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.62% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.88% | — |
Current DrawdownCurrent decline from peak | -0.91% | -0.08% | -0.83% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -2.22% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.41% | — |
Volatility
PCL vs. HYGH - Volatility Comparison
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Volatility by Period
| PCL | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.63% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.81% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 3.64% | +4.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.83% | 7.08% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.83% | 8.30% | -0.47% |
PCL vs. HYGH - Expense Ratio Comparison
PCL has a 0.25% expense ratio, which is lower than HYGH's 0.52% expense ratio.
Dividends
PCL vs. HYGH - Dividend Comparison
PCL's dividend yield for the trailing twelve months is around 5.27%, less than HYGH's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.60% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
PCL PGIM Corporate Bond 10+ Year ETF | 5.27% | 2.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PCL and HYGH have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PCL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PCL is cheaper with a 0.25% expense ratio, compared with 0.52% for HYGH.
HYGH has the higher dividend yield at 6.60%, compared with 5.27% for PCL.
PCL is categorized as Corporate Bonds, while HYGH is High Yield Bonds. They also come from different issuers: PGIM and iShares. Their fees differ too: 0.25% for PCL and 0.52% for HYGH.
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