PCRB vs. CAFX

Last updated Jun 4, 2026

PCRB (Putnam ESG Core Bond ETF -) and CAFX (Congress Intermediate Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past year, PCRB returned 4.53% vs 3.95% for CAFX. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

PCRB vs. CAFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam ESG Core Bond ETF - (PCRB) and Congress Intermediate Bond ETF (CAFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCRB achieves a -0.32% return, which is significantly lower than CAFX's 0.28% return.

PCRB

• 1D: -0.13%
• 1M: -0.22%
• YTD: -0.32%
• 6M: -0.43%
• 1Y: 4.53%
• 3Y*: 4.09%
• 5Y*: —
• 10Y*: —

CAFX

• 1D: -0.14%
• 1M: 0.22%
• YTD: 0.28%
• 6M: 0.37%
• 1Y: 3.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCRB vs. CAFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCRB Putnam ESG Core Bond ETF -	-0.32%	7.21%	-3.32%
CAFX Congress Intermediate Bond ETF	0.28%	6.46%	-1.66%

Correlation

The correlation between PCRB and CAFX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	0.82

The correlation between PCRB and CAFX has been stable across timeframes, ranging from 0.82 to 0.82 - a consistent structural relationship.

Return for Risk

PCRB vs. CAFX — Risk / Return Rank

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

PCRB

PCRB Risk / Return Rank: 33
PCRB Sharpe Ratio Rank: 34
PCRB Sortino Ratio Rank: 35
PCRB Omega Ratio Rank: 31
PCRB Calmar Ratio Rank: 31
PCRB Martin Ratio Rank: 33

CAFX

CAFX Risk / Return Rank: 42
CAFX Sharpe Ratio Rank: 39
CAFX Sortino Ratio Rank: 43
CAFX Omega Ratio Rank: 40
CAFX Calmar Ratio Rank: 46
CAFX Martin Ratio Rank: 41

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.

PCRB vs. CAFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG Core Bond ETF - (PCRB) and Congress Intermediate Bond ETF (CAFX). 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.

	PCRB	CAFX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.37	-0.17
Sortino ratio: Return per unit of downside risk	1.84	2.12	-0.28
Omega ratio: Gain probability vs. loss probability	1.21	1.26	-0.04
Calmar ratio: Return relative to maximum drawdown	1.51	2.22	-0.71
Martin ratio: Return relative to average drawdown	4.90	6.46	-1.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PCRB vs. CAFX - Sharpe Ratio Comparison

The current PCRB Sharpe Ratio is 1.21, which is comparable to the CAFX Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of PCRB and CAFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PCRB	CAFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	1.37	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.91	-0.32

Drawdowns

PCRB vs. CAFX - Drawdown Comparison

The maximum PCRB drawdown since its inception was -7.20%, which is greater than CAFX's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for PCRB and CAFX.

Drawdown Indicators

	PCRB	CAFX	Difference
Max Drawdown Largest peak-to-trough decline	-7.20%	-2.63%	-4.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-1.79%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-5.85%	—	—
Current Drawdown Current decline from peak	-2.18%	-0.92%	-1.26%
Average Drawdown Average peak-to-trough decline	-1.64%	-0.73%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.61%	+0.32%

Volatility

PCRB vs. CAFX - Volatility Comparison

Putnam ESG Core Bond ETF - (PCRB) has a higher volatility of 1.32% compared to Congress Intermediate Bond ETF (CAFX) at 0.75%. This indicates that PCRB's price experiences larger fluctuations and is considered to be riskier than CAFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCRB	CAFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	0.75%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	1.84%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.77%	2.89%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.63%	3.16%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.63%	3.16%	+2.47%

PCRB vs. CAFX - Expense Ratio Comparison

Both PCRB and CAFX have an expense ratio of 0.35%.

Dividends

PCRB vs. CAFX - Dividend Comparison

PCRB's dividend yield for the trailing twelve months is around 9.79%, more than CAFX's 4.01% yield.

Position	TTM	2025	2024	2023
CAFX Congress Intermediate Bond ETF	4.01%	3.92%	0.96%	0.00%
PCRB Putnam ESG Core Bond ETF -	9.79%	4.30%	4.38%	3.65%

Frequently Asked Questions

Can I hold both PCRB and CAFX in my portfolio?

PCRB and CAFX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCRB or CAFX?

PCRB has higher volatility (1.32%) compared to CAFX (0.75%). In terms of maximum drawdown, PCRB dropped -7.20% vs CAFX's -2.63%.

Which ETF is better, PCRB or CAFX?

On 1-year performance, PCRB leads with 4.53% vs 3.95% for CAFX. Both ETFs have the same 0.35% expense ratio. On volatility, CAFX has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCRB or CAFX?

Over the 1-year period, PCRB has performed better with a 4.53% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCRB or CAFX?

PCRB and CAFX have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, PCRB or CAFX?

PCRB has the higher dividend yield at 9.79%, compared with 4.01% for CAFX.

What is the main difference between PCRB and CAFX?

They also come from different issuers: Putnam and Congress.

Which has better risk-adjusted returns?

CAFX currently has the higher Sharpe Ratio (1.37 vs 1.21), 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.