PIFI vs. PAB

Last updated Aug 4, 2026

PIFI (ClearShares Piton Intermediate Fixed Income ETF) and PAB (PGIM Active Aggregate Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past 5 years, PIFI returned 0.88%/yr vs -0.35%/yr for PAB. Their correlation of 0.92 means they have usually moved in the same direction. PIFI charges 0.45%/yr vs 0.19%/yr for PAB.

Performance

PIFI vs. PAB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearShares Piton Intermediate Fixed Income ETF (PIFI) and PGIM Active Aggregate Bond ETF (PAB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIFI achieves a -0.24% return, which is significantly higher than PAB's -0.37% return.

PIFI

• 1D: 0.15%
• 1M: -0.55%
• 6M: -0.17%
• YTD: -0.24%
• 1Y: 1.64%
• 3Y*: 3.83%
• 5Y*: 0.88%
• 10Y*: —
• ALL TIME*: 0.72%

PAB

• 1D: 0.07%
• 1M: -1.01%
• 6M: -0.49%
• YTD: -0.37%
• 1Y: 2.21%
• 3Y*: 4.46%
• 5Y*: -0.35%
• 10Y*: —
• ALL TIME*: 0.09%

*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)
PAB PGIM Active Aggregate Bond ETF	$365.20K	$315.05K	$1.07M
PIFI ClearShares Piton Intermediate Fixed Income ETF	$76.55K	$61.92K	$154.30K

PIFI vs. PAB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PIFI ClearShares Piton Intermediate Fixed Income ETF	-0.24%	6.29%	2.52%	4.61%	-7.15%	0.00%
PAB PGIM Active Aggregate Bond ETF	-0.37%	7.55%	1.89%	6.37%	-14.24%	0.90%

Correlation

The correlation between PIFI and PAB is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Apr 15, 2021	0.92

The correlation between PIFI and PAB has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

PIFI vs. PAB — Risk / Return Rank

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

PIFI

PIFI Risk / Return Rank: 25
PIFI Sharpe Ratio Rank: 27
PIFI Sortino Ratio Rank: 24
PIFI Omega Ratio Rank: 23
PIFI Calmar Ratio Rank: 26
PIFI Martin Ratio Rank: 24

PAB

PAB Risk / Return Rank: 24
PAB Sharpe Ratio Rank: 25
PAB Sortino Ratio Rank: 23
PAB Omega Ratio Rank: 22
PAB Calmar Ratio Rank: 24
PAB Martin Ratio Rank: 24

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.

PIFI vs. PAB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Piton Intermediate Fixed Income ETF (PIFI) and PGIM Active Aggregate Bond ETF (PAB). 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.

	PIFI	PAB	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.60	+0.06
Sortino ratio: Return per unit of downside risk	0.94	0.87	+0.07
Omega ratio: Gain probability vs. loss probability	1.11	1.10	+0.01
Calmar ratio: Return relative to maximum drawdown	0.85	0.77	+0.08
Martin ratio: Return relative to average drawdown	1.92	1.93	-0.01

PIFI vs. PAB - Sharpe Ratio Comparison

The current PIFI Sharpe Ratio is 0.65, which is comparable to the PAB Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of PIFI and PAB, 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

PIFI vs. PAB - Drawdown Comparison

The maximum PIFI drawdown since its inception was -10.59%, smaller than the maximum PAB drawdown of -19.27%. Use the drawdown chart below to compare losses from any high point for PIFI and PAB.

Drawdown Indicators

	PIFI	PAB	Difference
Max Drawdown Largest peak-to-trough decline	-10.59%	-19.27%	+8.68%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-2.86%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-2.71%	-5.02%	+2.31%
Max Drawdown (5Y) Largest decline over 5 years	-10.25%	-19.24%	+8.99%
Current Drawdown Current decline from peak	-1.55%	-2.23%	+0.68%
Average Drawdown Average peak-to-trough decline	-3.18%	-7.64%	+4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	1.14%	-0.29%

Volatility

PIFI vs. PAB - Volatility Comparison

The current volatility for ClearShares Piton Intermediate Fixed Income ETF (PIFI) is 0.78%, while PGIM Active Aggregate Bond ETF (PAB) has a volatility of 1.20%. This indicates that PIFI experiences smaller price fluctuations and is considered to be less risky than PAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIFI	PAB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	1.20%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	3.08%	-1.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.53%	3.73%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.69%	6.21%	-2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	6.10%	-2.63%

PIFI vs. PAB - Expense Ratio Comparison

PIFI has a 0.45% expense ratio, which is higher than PAB's 0.19% expense ratio.

Dividends

PIFI vs. PAB - Dividend Comparison

PIFI's dividend yield for the trailing twelve months is around 4.48%, less than PAB's 4.65% yield.

Position	TTM	2025	2024	2023	2022	2021
PAB PGIM Active Aggregate Bond ETF	4.65%	4.28%	4.25%	3.70%	2.81%	2.34%
PIFI ClearShares Piton Intermediate Fixed Income ETF	4.48%	3.16%	2.92%	2.29%	1.22%	0.25%

Frequently Asked Questions

Can I hold both PIFI and PAB in my portfolio?

With a correlation of 0.90, PIFI and PAB 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, PIFI or PAB?

PAB has higher volatility (1.20%) compared to PIFI (0.78%). In terms of maximum drawdown, PIFI dropped -10.59% vs PAB's -19.27%.

Which ETF is better, PIFI or PAB?

On 5-year performance, PIFI leads with 0.88% vs -0.35% for PAB. On fees, PAB is cheaper at 0.19% per year. On volatility, PIFI has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIFI or PAB?

Over the 5-year period, PIFI has performed better with a 0.88% return vs -0.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIFI or PAB?

PAB is cheaper with a 0.19% expense ratio, compared with 0.45% for PIFI.

Which ETF pays a higher dividend yield, PIFI or PAB?

PAB has the higher dividend yield at 4.65%, compared with 4.48% for PIFI.

What is the main difference between PIFI and PAB?

They also come from different issuers: ClearShares and PGIM. Their fees differ too: 0.45% for PIFI and 0.19% for PAB.

Which has better risk-adjusted returns?

PIFI currently has the higher Sharpe Ratio (0.65 vs 0.60), 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.