PCRB vs. GBF
PCRB (Putnam ESG Core Bond ETF -) and GBF (iShares Government/Credit Bond ETF) are both Intermediate Core Bond funds. PCRB is actively managed, while GBF is passively managed. Over the past 3 years, PCRB returned 4.09%/yr vs 3.59%/yr for GBF. With a 0.95 correlation, they move nearly in lockstep. PCRB charges 0.35%/yr vs 0.20%/yr for GBF.
Performance
PCRB vs. GBF - Performance Comparison
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Returns By Period
In the year-to-date period, PCRB achieves a -0.32% return, which is significantly lower than GBF's 0.22% return.
PCRB
- 1D
- -0.13%
- 1M
- -0.22%
- YTD
- -0.32%
- 6M
- -0.43%
- 1Y
- 4.53%
- 3Y*
- 4.09%
- 5Y*
- —
- 10Y*
- —
GBF
- 1D
- -0.23%
- 1M
- 0.25%
- YTD
- 0.22%
- 6M
- -0.18%
- 1Y
- 4.50%
- 3Y*
- 3.59%
- 5Y*
- -0.21%
- 10Y*
- 1.48%
PCRB vs. GBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PCRB Putnam ESG Core Bond ETF - | -0.32% | 7.21% | 1.91% | 2.41% |
GBF iShares Government/Credit Bond ETF | 0.22% | 6.41% | 0.99% | 2.49% |
Correlation
The correlation between PCRB and GBF 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 (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2023 | 0.95 |
The correlation between PCRB and GBF has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.
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Return for Risk
PCRB vs. GBF — Risk / Return Rank
PCRB
GBF
PCRB vs. GBF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam ESG Core Bond ETF - (PCRB) and iShares Government/Credit Bond ETF (GBF). 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 | GBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | 1.65 | -0.15 |
| Martin ratioReturn relative to average drawdown | 4.90 | 4.91 | -0.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PCRB | GBF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.21 | 1.21 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.04 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.58 | +0.01 |
Drawdowns
PCRB vs. GBF - Drawdown Comparison
The maximum PCRB drawdown since its inception was -7.20%, smaller than the maximum GBF drawdown of -19.67%. Use the drawdown chart below to compare losses from any high point for PCRB and GBF.
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Drawdown Indicators
| PCRB | GBF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.20% | -19.67% | +12.47% |
Max Drawdown (1Y)Largest decline over 1 year | -3.02% | -2.73% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -5.85% | -5.78% | -0.07% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.45% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.67% | — |
Current DrawdownCurrent decline from peak | -2.18% | -4.84% | +2.66% |
Average DrawdownAverage peak-to-trough decline | -1.64% | -3.67% | +2.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.92% | +0.01% |
Volatility
PCRB vs. GBF - Volatility Comparison
Putnam ESG Core Bond ETF - (PCRB) has a higher volatility of 1.32% compared to iShares Government/Credit Bond ETF (GBF) at 1.21%. This indicates that PCRB's price experiences larger fluctuations and is considered to be riskier than GBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCRB | GBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 1.21% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 2.66% | 2.63% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 3.75% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.63% | 5.93% | -0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.63% | 5.28% | +0.35% |
PCRB vs. GBF - Expense Ratio Comparison
PCRB has a 0.35% expense ratio, which is higher than GBF's 0.20% expense ratio.
Dividends
PCRB vs. GBF - Dividend Comparison
PCRB's dividend yield for the trailing twelve months is around 9.79%, more than GBF's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBF iShares Government/Credit Bond ETF | 3.79% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
PCRB Putnam ESG Core Bond ETF - | 9.79% | 4.30% | 4.38% | 3.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, PCRB and GBF 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.
PCRB has higher volatility (1.32%) compared to GBF (1.21%). In terms of maximum drawdown, PCRB dropped -7.20% vs GBF's -19.67%.
On 3-year performance, PCRB leads with 4.09% vs 3.59% for GBF. On fees, GBF is cheaper at 0.20% per year. On volatility, GBF has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PCRB has performed better with a 4.09% return vs 3.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBF is cheaper with a 0.20% expense ratio, compared with 0.35% for PCRB.
PCRB has the higher dividend yield at 9.79%, compared with 3.79% for GBF.
They also come from different issuers: Putnam and iShares. Their fees differ too: 0.35% for PCRB and 0.20% for GBF.
GBF currently has the higher Sharpe Ratio (1.21 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.
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