PCRB vs. IBTO

Last updated Jun 23, 2026

PCRB (Putnam ESG Core Bond ETF -) and IBTO (iShares iBonds Dec 2033 Term Treasury ETF) are both Intermediate Core Bond funds. PCRB is actively managed, while IBTO is passively managed. Over the past year, PCRB returned 3.52% vs 3.25% for IBTO. Their correlation of 0.94 suggests significant overlap in exposure. PCRB charges 0.35%/yr vs 0.07%/yr for IBTO.

Performance

PCRB vs. IBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam ESG Core Bond ETF - (PCRB) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCRB achieves a -0.48% return, which is significantly higher than IBTO's -0.64% return.

PCRB

• 1D: 0.21%
• 1M: 0.05%
• YTD: -0.48%
• 6M: -0.46%
• 1Y: 3.52%
• 3Y*: 4.11%
• 5Y*: —
• 10Y*: —

IBTO

• 1D: -0.29%
• 1M: 0.37%
• YTD: -0.64%
• 6M: -0.60%
• 1Y: 3.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCRB vs. IBTO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PCRB Putnam ESG Core Bond ETF -	-0.48%	7.21%	1.91%	3.32%
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.64%	8.23%	-0.87%	1.71%

Correlation

The correlation between PCRB and IBTO is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023	0.94

The correlation between PCRB and IBTO has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

PCRB vs. IBTO — Risk / Return Rank

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

PCRB

PCRB Risk / Return Rank: 32
PCRB Sharpe Ratio Rank: 34
PCRB Sortino Ratio Rank: 35
PCRB Omega Ratio Rank: 31
PCRB Calmar Ratio Rank: 30
PCRB Martin Ratio Rank: 32

IBTO

IBTO Risk / Return Rank: 20
IBTO Sharpe Ratio Rank: 22
IBTO Sortino Ratio Rank: 21
IBTO Omega Ratio Rank: 19
IBTO Calmar Ratio Rank: 20
IBTO Martin Ratio Rank: 20

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. IBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG Core Bond ETF - (PCRB) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO). 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.

	PCRB	IBTO	Difference
Sharpe ratio: Return per unit of total volatility	1.17	0.74	+0.43
Sortino ratio: Return per unit of downside risk	1.78	1.13	+0.65
Omega ratio: Gain probability vs. loss probability	1.20	1.13	+0.08
Calmar ratio: Return relative to maximum drawdown	1.44	0.89	+0.55
Martin ratio: Return relative to average drawdown	4.47	2.36	+2.11

PCRB vs. IBTO - Sharpe Ratio Comparison

The current PCRB Sharpe Ratio is 1.17, which is higher than the IBTO Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of PCRB and IBTO, 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

PCRB vs. IBTO - Drawdown Comparison

The maximum PCRB drawdown since its inception was -7.20%, smaller than the maximum IBTO drawdown of -8.36%. Use the drawdown chart below to compare losses from any high point for PCRB and IBTO.

Drawdown Indicators

	PCRB	IBTO	Difference
Max Drawdown Largest peak-to-trough decline	-7.20%	-8.36%	+1.16%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-3.66%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-5.85%	—	—
Current Drawdown Current decline from peak	-2.34%	-2.69%	+0.35%
Average Drawdown Average peak-to-trough decline	-1.65%	-2.37%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.38%	-0.41%

Volatility

PCRB vs. IBTO - Volatility Comparison

Putnam ESG Core Bond ETF - (PCRB) and iShares iBonds Dec 2033 Term Treasury ETF (IBTO) have volatilities of 1.24% and 1.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCRB	IBTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.27%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.69%	3.15%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	4.40%	-0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.62%	6.59%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.62%	6.59%	-0.97%

PCRB vs. IBTO - Expense Ratio Comparison

PCRB has a 0.35% expense ratio, which is higher than IBTO's 0.07% expense ratio.

Dividends

PCRB vs. IBTO - Dividend Comparison

PCRB's dividend yield for the trailing twelve months is around 9.81%, more than IBTO's 4.15% yield.

Position	TTM	2025	2024	2023
IBTO iShares iBonds Dec 2033 Term Treasury ETF	4.15%	4.05%	4.23%	1.66%
PCRB Putnam ESG Core Bond ETF -	9.81%	4.30%	4.38%	3.65%

Frequently Asked Questions

Can I hold both PCRB and IBTO in my portfolio?

With a correlation of 0.92, PCRB and IBTO 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 is riskier, PCRB or IBTO?

IBTO has higher volatility (1.27%) compared to PCRB (1.24%). In terms of maximum drawdown, PCRB dropped -7.20% vs IBTO's -8.36%.

Which ETF is better, PCRB or IBTO?

On 1-year performance, PCRB leads with 3.52% vs 3.25% for IBTO. On fees, IBTO is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCRB or IBTO?

Over the 1-year period, PCRB has performed better with a 3.52% return vs 3.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCRB or IBTO?

IBTO is cheaper with a 0.07% expense ratio, compared with 0.35% for PCRB.

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

PCRB has the higher dividend yield at 9.81%, compared with 4.15% for IBTO.

What is the main difference between PCRB and IBTO?

They also come from different issuers: Putnam and iShares. Their fees differ too: 0.35% for PCRB and 0.07% for IBTO.

Which has better risk-adjusted returns?

PCRB currently has the higher Sharpe Ratio (1.17 vs 0.74), 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.