PCL vs. LQDW
PCL (PGIM Corporate Bond 10+ Year ETF) and LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) are both Corporate Bonds funds. PCL is actively managed, while LQDW is passively managed. Their correlation of 0.83 suggests significant overlap in exposure. PCL charges 0.25%/yr vs 0.34%/yr for LQDW.
Performance
PCL vs. LQDW - Performance Comparison
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Returns By Period
In the year-to-date period, PCL achieves a 2.06% return, which is significantly higher than LQDW's 1.88% return.
PCL
- 1D
- 0.18%
- 1M
- 1.57%
- YTD
- 2.06%
- 6M
- 1.90%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LQDW
- 1D
- 0.18%
- 1M
- 1.36%
- YTD
- 1.88%
- 6M
- 2.02%
- 1Y
- 6.49%
- 3Y*
- 3.70%
- 5Y*
- —
- 10Y*
- —
PCL vs. LQDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PCL PGIM Corporate Bond 10+ Year ETF | 2.06% | 2.51% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 1.88% | 3.00% |
Correlation
The correlation between PCL and LQDW is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025 | 0.83 |
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Return for Risk
PCL vs. LQDW — Risk / Return Rank
PCL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
LQDW
PCL vs. LQDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Corporate Bond 10+ Year ETF (PCL) and iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW). 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 | LQDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.36 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.52 | — |
| Martin ratioReturn relative to average drawdown | — | 9.34 | — |
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Drawdowns
PCL vs. LQDW - Drawdown Comparison
The maximum PCL drawdown since its inception was -5.14%, smaller than the maximum LQDW drawdown of -9.20%. Use the drawdown chart below to compare losses from any high point for PCL and LQDW.
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Drawdown Indicators
| PCL | LQDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.14% | -9.20% | +4.06% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.59% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -6.74% | — |
Current DrawdownCurrent decline from peak | -0.91% | -0.04% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -2.32% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.70% | — |
Volatility
PCL vs. LQDW - Volatility Comparison
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Volatility by Period
| PCL | LQDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.00% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.12% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 3.62% | +4.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.83% | 5.47% | +2.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.83% | 5.47% | +2.36% |
PCL vs. LQDW - Expense Ratio Comparison
PCL has a 0.25% expense ratio, which is lower than LQDW's 0.34% expense ratio.
Dividends
PCL vs. LQDW - Dividend Comparison
PCL's dividend yield for the trailing twelve months is around 5.27%, less than LQDW's 12.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.49% | 16.02% | 15.74% | 19.28% | 8.85% |
PCL PGIM Corporate Bond 10+ Year ETF | 5.27% | 2.52% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PCL and LQDW have a correlation of 0.83, 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 0.34% for LQDW.
LQDW has the higher dividend yield at 12.49%, compared with 5.27% for PCL.
They also come from different issuers: PGIM and iShares. Their fees differ too: 0.25% for PCL and 0.34% for LQDW.
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