PCL vs. OVT
PCL (PGIM Corporate Bond 10+ Year ETF) and OVT (Overlay Shares Short Term Bond ETF) are both Corporate Bonds funds. Both are actively managed. A 0.62 correlation means they provide meaningful diversification when combined. PCL charges 0.25%/yr vs 0.80%/yr for OVT.
Performance
PCL vs. OVT - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PCL having a 2.06% return and OVT slightly lower at 1.98%.
PCL
- 1D
- 0.18%
- 1M
- 1.57%
- YTD
- 2.06%
- 6M
- 1.90%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVT
- 1D
- -0.14%
- 1M
- -0.17%
- YTD
- 1.98%
- 6M
- 1.98%
- 1Y
- 7.33%
- 3Y*
- 7.26%
- 5Y*
- 2.84%
- 10Y*
- —
PCL vs. OVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PCL PGIM Corporate Bond 10+ Year ETF | 2.06% | 2.51% |
OVT Overlay Shares Short Term Bond ETF | 1.98% | 3.92% |
Correlation
The correlation between PCL and OVT is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025 | 0.62 |
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Return for Risk
PCL vs. OVT — Risk / Return Rank
PCL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
OVT
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.39 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.74 | — |
| Martin ratioReturn relative to average drawdown | — | 14.89 | — |
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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.
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Drawdown Indicators
| PCL | OVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.14% | -13.59% | +8.45% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.55% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.55% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.59% | — |
Current DrawdownCurrent decline from peak | -0.91% | -1.02% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -3.37% | +1.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.49% | — |
Volatility
PCL vs. OVT - Volatility Comparison
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Volatility by Period
| PCL | OVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.54% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.83% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.83% | 3.68% | +4.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.83% | 4.67% | +3.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.83% | 4.56% | +3.27% |
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 5.27%, less than OVT's 8.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
OVT Overlay Shares Short Term Bond ETF | 8.22% | 7.21% | 6.15% | 5.11% | 4.12% | 4.41% |
PCL PGIM Corporate Bond 10+ Year ETF | 5.27% | 2.52% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PCL and OVT have a correlation of 0.62, 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 0.80% for OVT.
OVT has the higher dividend yield at 8.22%, compared with 5.27% for PCL.
They also come from different issuers: PGIM and Liquid Strategies. Their fees differ too: 0.25% for PCL and 0.80% for OVT.
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