PCL vs. OVT

Last updated Aug 4, 2026

PCL (PGIM Corporate Bond 10+ Year ETF) and OVT (Overlay Shares Short Term Bond ETF) are both Corporate Bonds funds. Both are actively managed. Over the past year, PCL returned 0.99% vs 6.03% for OVT. Their 0.61 correlation means they have sometimes moved together and sometimes differently. PCL charges 0.25%/yr vs 0.80%/yr for OVT.

Performance

PCL vs. OVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Corporate Bond 10+ Year ETF (PCL) and Overlay Shares Short Term Bond ETF (OVT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCL achieves a -1.48% return, which is significantly lower than OVT's 2.42% return.

PCL

• 1D: 0.63%
• 1M: -3.27%
• 6M: -1.88%
• YTD: -1.48%
• 1Y: 0.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.98%

OVT

• 1D: 0.24%
• 1M: -0.06%
• 6M: 1.64%
• YTD: 2.42%
• 1Y: 6.03%
• 3Y*: 7.04%
• 5Y*: 2.77%
• 10Y*: —
• ALL TIME*: 2.90%

*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)
OVT Overlay Shares Short Term Bond ETF	$490.09K	$377.08K	$302.20K
PCL PGIM Corporate Bond 10+ Year ETF	$983.78K	$474.50K	$658.91K

PCL vs. OVT - Yearly Performance Comparison

	2026 (YTD)	2025
PCL PGIM Corporate Bond 10+ Year ETF	-1.48%	2.51%
OVT Overlay Shares Short Term Bond ETF	2.42%	3.92%

Correlation

The correlation between PCL and OVT is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025	0.61

The correlation between PCL and OVT has been stable across timeframes, ranging from 0.61 to 0.61 - a consistent structural relationship.

Return for Risk

PCL vs. OVT — Risk / Return Rank

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

PCL

PCL Risk / Return Rank: 12
PCL Sharpe Ratio Rank: 13
PCL Sortino Ratio Rank: 12
PCL Omega Ratio Rank: 11
PCL Calmar Ratio Rank: 13
PCL Martin Ratio Rank: 13

OVT

OVT Risk / Return Rank: 75
OVT Sharpe Ratio Rank: 68
OVT Sortino Ratio Rank: 66
OVT Omega Ratio Rank: 71
OVT Calmar Ratio Rank: 90
OVT Martin Ratio Rank: 79

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.

PCL vs. OVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Corporate Bond 10+ Year ETF (PCL) and Overlay Shares Short Term Bond ETF (OVT). 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	OVT	Difference
Sharpe ratio: Return per unit of total volatility	0.13	1.63	-1.51
Sortino ratio: Return per unit of downside risk	0.23	2.27	-2.04
Omega ratio: Gain probability vs. loss probability	1.03	1.31	-0.28
Calmar ratio: Return relative to maximum drawdown	0.19	3.90	-3.71
Martin ratio: Return relative to average drawdown	0.45	10.72	-10.28

PCL vs. OVT - Sharpe Ratio Comparison

The current PCL Sharpe Ratio is 0.13, which is lower than the OVT Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of PCL and OVT, 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

PCL vs. OVT - Drawdown Comparison

The maximum PCL drawdown since its inception was -5.14%, smaller than the maximum OVT drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for PCL and OVT.

Drawdown Indicators

	PCL	OVT	Difference
Max Drawdown Largest peak-to-trough decline	-5.14%	-13.59%	+8.45%
Max Drawdown (1Y) Largest decline over 1 year	-5.14%	-1.55%	-3.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.59%	—
Current Drawdown Current decline from peak	-4.37%	-0.59%	-3.78%
Average Drawdown Average peak-to-trough decline	-1.84%	-3.31%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	0.56%	+1.66%

Volatility

PCL vs. OVT - Volatility Comparison

PGIM Corporate Bond 10+ Year ETF (PCL) has a higher volatility of 2.18% compared to Overlay Shares Short Term Bond ETF (OVT) at 1.20%. This indicates that PCL's price experiences larger fluctuations and is considered to be riskier than OVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCL	OVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	1.20%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	6.16%	2.76%	+3.40%
Volatility (1Y) Calculated over the trailing 1-year period	7.84%	3.71%	+4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	4.69%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.83%	4.54%	+3.29%

PCL vs. OVT - Expense Ratio Comparison

PCL has a 0.25% expense ratio, which is lower than OVT's 0.80% expense ratio.

Dividends

PCL vs. OVT - Dividend Comparison

PCL's dividend yield for the trailing twelve months is around 6.47%, less than OVT's 7.65% yield.

Position	TTM	2025	2024	2023	2022	2021
OVT Overlay Shares Short Term Bond ETF	7.65%	7.21%	6.15%	5.11%	4.12%	4.41%
PCL PGIM Corporate Bond 10+ Year ETF	6.47%	2.52%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCL and OVT in my portfolio?

PCL and OVT have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCL or OVT?

PCL has higher volatility (2.18%) compared to OVT (1.20%). In terms of maximum drawdown, PCL dropped -5.14% vs OVT's -13.59%.

Which ETF is better, PCL or OVT?

On 1-year performance, OVT leads with 6.03% vs 0.99% for PCL. On fees, PCL is cheaper at 0.25% per year. On volatility, OVT has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCL or OVT?

Over the 1-year period, OVT has performed better with a 6.03% return vs 0.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCL or OVT?

PCL is cheaper with a 0.25% expense ratio, compared with 0.80% for OVT.

Which ETF pays a higher dividend yield, PCL or OVT?

OVT has the higher dividend yield at 7.65%, compared with 6.47% for PCL.

What is the main difference between PCL and OVT?

They also come from different issuers: PGIM and Liquid Strategies. Their fees differ too: 0.25% for PCL and 0.80% for OVT.

Which has better risk-adjusted returns?

OVT currently has the higher Sharpe Ratio (1.63 vs 0.13), 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.