PCL vs. ZTEN

Last updated Jul 17, 2026

PCL (PGIM Corporate Bond 10+ Year ETF) and ZTEN (F/M 10-Year Investment Grade Corporate Bond ETF) are both exchange-traded funds - PCL is a Corporate Bonds fund actively managed by PGIM, while ZTEN is a Long-Term Bond fund tracking the ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross. PCL is actively managed, while ZTEN is passively managed. Their correlation of 0.94 suggests significant overlap in exposure. PCL charges 0.25%/yr vs 0.15%/yr for ZTEN.

Performance

PCL vs. ZTEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Corporate Bond 10+ Year ETF (PCL) and F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCL achieves a -0.03% return, which is significantly lower than ZTEN's 0.08% return.

PCL

• 1D: -0.08%
• 1M: -2.11%
• 6M: -1.22%
• YTD: -0.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTEN

• 1D: -0.10%
• 1M: -0.62%
• 6M: -0.21%
• YTD: 0.08%
• 1Y: 5.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCL vs. ZTEN - Yearly Performance Comparison

	2026 (YTD)	2025
PCL PGIM Corporate Bond 10+ Year ETF	-0.03%	2.51%
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF	0.08%	4.15%

Correlation

The correlation between PCL and ZTEN is 0.94, 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	0.94

Return for Risk

PCL vs. ZTEN — Risk / Return Rank

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

PCL

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

ZTEN

ZTEN Risk / Return Rank: 37
ZTEN Sharpe Ratio Rank: 37
ZTEN Sortino Ratio Rank: 36
ZTEN Omega Ratio Rank: 34
ZTEN Calmar Ratio Rank: 38
ZTEN Martin Ratio Rank: 39

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.

PCL vs. ZTEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Corporate Bond 10+ Year ETF (PCL) and F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN). 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	ZTEN	Difference
Sharpe ratio: Return per unit of total volatility	—	1.09	—
Sortino ratio: Return per unit of downside risk	—	1.59	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.62	—
Martin ratio: Return relative to average drawdown	—	4.90	—

Drawdowns

PCL vs. ZTEN - Drawdown Comparison

The maximum PCL drawdown since its inception was -5.14%, which is greater than ZTEN's maximum drawdown of -3.43%. Use the drawdown chart below to compare losses from any high point for PCL and ZTEN.

Drawdown Indicators

	PCL	ZTEN	Difference
Max Drawdown Largest peak-to-trough decline	-5.14%	-3.43%	-1.71%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.32%	—
Current Drawdown Current decline from peak	-2.97%	-1.54%	-1.43%
Average Drawdown Average peak-to-trough decline	-1.73%	-0.82%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.10%	—

Volatility

Volatility by Period

	PCL	ZTEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.82%	4.94%	+2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.82%	5.74%	+2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.82%	5.74%	+2.08%

PCL vs. ZTEN - Expense Ratio Comparison

PCL has a 0.25% expense ratio, which is higher than ZTEN's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PCL vs. ZTEN - Dividend Comparison

PCL's dividend yield for the trailing twelve months is around 5.87%, more than ZTEN's 5.05% yield.

Position	TTM	2025	2024
PCL PGIM Corporate Bond 10+ Year ETF	5.87%	2.52%	0.00%
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF	5.05%	5.16%	0.44%

Frequently Asked Questions

Can I hold both PCL and ZTEN in my portfolio?

With a correlation of 0.94, PCL and ZTEN 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, PCL or ZTEN?

On fees, ZTEN is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PCL or ZTEN?

ZTEN is cheaper with a 0.15% expense ratio, compared with 0.25% for PCL.

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

PCL has the higher dividend yield at 5.87%, compared with 5.05% for ZTEN.

What is the main difference between PCL and ZTEN?

PCL is categorized as Corporate Bonds, while ZTEN is Long-Term Bond. They also come from different issuers: PGIM and F/m. Their fees differ too: 0.25% for PCL and 0.15% for ZTEN.