PCMM vs. XTWY

Last updated Aug 1, 2026

PCMM (BondBloxx Private Credit CLO ETF) and XTWY (BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF) are both exchange-traded funds - PCMM is a CLO fund actively managed by BondBloxx, while XTWY is a Government Bonds fund tracking the Bloomberg US Treasury 20 Year Target Duration Index. PCMM is actively managed, while XTWY is passively managed. Over the past year, PCMM returned 4.40% vs -4.02% for XTWY. Their -0.03 correlation means they have often moved in opposite directions in the past. PCMM charges 0.68%/yr vs 0.12%/yr for XTWY.

Performance

PCMM vs. XTWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx Private Credit CLO ETF (PCMM) and BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCMM achieves a 2.53% return, which is significantly higher than XTWY's -4.63% return.

PCMM

• 1D: 0.06%
• 1M: -0.12%
• 6M: 2.01%
• YTD: 2.53%
• 1Y: 4.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.57%

XTWY

• 1D: -0.90%
• 1M: -5.01%
• 6M: -4.62%
• YTD: -4.63%
• 1Y: -4.02%
• 3Y*: -3.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.67%

*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)
PCMM BondBloxx Private Credit CLO ETF	$1.10M	$1.07M	$1.63M
XTWY BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF	$1.02M	$1.21M	$1.83M

PCMM vs. XTWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCMM BondBloxx Private Credit CLO ETF	2.53%	6.30%	0.37%
XTWY BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF	-4.63%	2.52%	-7.84%

Correlation

The correlation between PCMM and XTWY is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	-0.03

Return for Risk

PCMM vs. XTWY — Risk / Return Rank

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

PCMM

PCMM Risk / Return Rank: 65
PCMM Sharpe Ratio Rank: 64
PCMM Sortino Ratio Rank: 63
PCMM Omega Ratio Rank: 66
PCMM Calmar Ratio Rank: 65
PCMM Martin Ratio Rank: 67

XTWY

XTWY Risk / Return Rank: 7
XTWY Sharpe Ratio Rank: 8
XTWY Sortino Ratio Rank: 7
XTWY Omega Ratio Rank: 7
XTWY Calmar Ratio Rank: 8
XTWY Martin Ratio Rank: 7

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.

PCMM vs. XTWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx Private Credit CLO ETF (PCMM) and BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY). 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.

	PCMM	XTWY	Difference
Sharpe ratio: Return per unit of total volatility	1.48	-0.23	+1.71
Sortino ratio: Return per unit of downside risk	2.11	-0.25	+2.36
Omega ratio: Gain probability vs. loss probability	1.28	0.97	+0.31
Calmar ratio: Return relative to maximum drawdown	2.27	-0.26	+2.54
Martin ratio: Return relative to average drawdown	8.10	-0.57	+8.67

PCMM vs. XTWY - Sharpe Ratio Comparison

The current PCMM Sharpe Ratio is 1.48, which is higher than the XTWY Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of PCMM and XTWY, 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

PCMM vs. XTWY - Drawdown Comparison

The maximum PCMM drawdown since its inception was -4.32%, smaller than the maximum XTWY drawdown of -25.92%. Use the drawdown chart below to compare losses from any high point for PCMM and XTWY.

Drawdown Indicators

	PCMM	XTWY	Difference
Max Drawdown Largest peak-to-trough decline	-4.32%	-25.92%	+21.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.16%	-9.89%	+7.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.22%	—
Current Drawdown Current decline from peak	-0.12%	-18.88%	+18.76%
Average Drawdown Average peak-to-trough decline	-0.41%	-12.35%	+11.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	4.59%	-3.99%

Volatility

PCMM vs. XTWY - Volatility Comparison

The current volatility for BondBloxx Private Credit CLO ETF (PCMM) is 0.91%, while BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY) has a volatility of 3.06%. This indicates that PCMM experiences smaller price fluctuations and is considered to be less risky than XTWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCMM	XTWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	3.06%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	8.15%	-5.41%
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	11.19%	-7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.80%	17.41%	-12.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	17.41%	-12.61%

PCMM vs. XTWY - Expense Ratio Comparison

PCMM has a 0.68% expense ratio, which is higher than XTWY's 0.13% expense ratio.

Dividends

PCMM vs. XTWY - Dividend Comparison

PCMM's dividend yield for the trailing twelve months is around 6.47%, more than XTWY's 4.93% yield.

Position	TTM	2025	2024	2023	2022
PCMM BondBloxx Private Credit CLO ETF	5.84%	7.02%	0.00%	0.00%	0.00%
XTWY BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF	4.49%	4.56%	4.65%	3.86%	1.08%

Frequently Asked Questions

Can I hold both PCMM and XTWY in my portfolio?

PCMM and XTWY have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCMM or XTWY?

XTWY has higher volatility (3.06%) compared to PCMM (0.91%). In terms of maximum drawdown, PCMM dropped -4.32% vs XTWY's -25.92%.

Which ETF is better, PCMM or XTWY?

On 1-year performance, PCMM leads with 4.40% vs -4.02% for XTWY. On fees, XTWY is cheaper at 0.12% per year. On volatility, PCMM has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCMM or XTWY?

Over the 1-year period, PCMM has performed better with a 4.40% return vs -4.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCMM or XTWY?

XTWY is cheaper with a 0.12% expense ratio, compared with 0.68% for PCMM.

Which ETF pays a higher dividend yield, PCMM or XTWY?

PCMM has the higher dividend yield at 5.84%, compared with 4.49% for XTWY.

What is the main difference between PCMM and XTWY?

PCMM is categorized as CLO, while XTWY is Government Bonds. Their fees differ too: 0.68% for PCMM and 0.12% for XTWY.

Which has better risk-adjusted returns?

PCMM currently has the higher Sharpe Ratio (1.48 vs -0.23), 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.