PMIO vs. PTRB

Last updated Jun 4, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and PTRB (PGIM Total Return Bond ETF) are both exchange-traded funds - PMIO is a Municipal Bonds fund actively managed by PGIM, while PTRB is a Intermediate Core-Plus Bond fund actively managed by PGIM. Both are actively managed. Over the past year, PMIO returned 6.80% vs 5.81% for PTRB. A 0.66 correlation means they provide meaningful diversification when combined. PMIO charges 0.25%/yr vs 0.49%/yr for PTRB.

Performance

PMIO vs. PTRB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Municipal Income Opportunities ETF (PMIO) and PGIM Total Return Bond ETF (PTRB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMIO achieves a 1.54% return, which is significantly higher than PTRB's 0.34% return.

PMIO

• 1D: -0.06%
• 1M: 0.84%
• YTD: 1.54%
• 6M: 1.81%
• 1Y: 6.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PTRB

• 1D: -0.19%
• 1M: 0.28%
• YTD: 0.34%
• 6M: 0.41%
• 1Y: 5.81%
• 3Y*: 5.11%
• 5Y*: —
• 10Y*: —

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

PMIO vs. PTRB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PMIO PGIM Municipal Income Opportunities ETF	1.54%	5.30%	2.41%
PTRB PGIM Total Return Bond ETF	0.34%	7.63%	2.30%

Correlation

The correlation between PMIO and PTRB is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.66

The correlation between PMIO and PTRB has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.

PMIO vs. PTRB - Sectors Allocation Comparison

Sectors	PMIO	PTRB
Financial Services	2.7%	4.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PMIO vs. PTRB — Risk / Return Rank

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

PMIO

PMIO Risk / Return Rank: 79
PMIO Sharpe Ratio Rank: 89
PMIO Sortino Ratio Rank: 93
PMIO Omega Ratio Rank: 94
PMIO Calmar Ratio Rank: 62
PMIO Martin Ratio Rank: 58

PTRB

PTRB Risk / Return Rank: 40
PTRB Sharpe Ratio Rank: 41
PTRB Sortino Ratio Rank: 42
PTRB Omega Ratio Rank: 39
PTRB Calmar Ratio Rank: 41
PTRB Martin Ratio Rank: 38

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.

PMIO vs. PTRB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) and PGIM Total Return Bond ETF (PTRB). 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.

	PMIO	PTRB	Difference
Sharpe ratio: Return per unit of total volatility	3.04	1.46	+1.58
Sortino ratio: Return per unit of downside risk	4.55	2.13	+2.42
Omega ratio: Gain probability vs. loss probability	1.69	1.26	+0.44
Calmar ratio: Return relative to maximum drawdown	3.05	2.01	+1.04
Martin ratio: Return relative to average drawdown	10.15	6.00	+4.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMIO vs. PTRB - Sharpe Ratio Comparison

The current PMIO Sharpe Ratio is 3.04, which is higher than the PTRB Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of PMIO and PTRB, 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

	PMIO	PTRB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	1.46	+1.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	0.06	+1.52

Drawdowns

PMIO vs. PTRB - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, smaller than the maximum PTRB drawdown of -19.17%. Use the drawdown chart below to compare losses from any high point for PMIO and PTRB.

Drawdown Indicators

	PMIO	PTRB	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-19.17%	+15.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-2.90%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.52%	—
Current Drawdown Current decline from peak	-0.47%	-1.61%	+1.14%
Average Drawdown Average peak-to-trough decline	-0.66%	-7.64%	+6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.97%	-0.30%

Volatility

PMIO vs. PTRB - Volatility Comparison

The current volatility for PGIM Municipal Income Opportunities ETF (PMIO) is 0.73%, while PGIM Total Return Bond ETF (PTRB) has a volatility of 1.37%. This indicates that PMIO experiences smaller price fluctuations and is considered to be less risky than PTRB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMIO	PTRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	1.37%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	2.83%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	4.01%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.08%	6.25%	-3.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.08%	6.25%	-3.17%

PMIO vs. PTRB - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is lower than PTRB's 0.49% expense ratio.

Dividends

PMIO vs. PTRB - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 3.92%, less than PTRB's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021
PMIO PGIM Municipal Income Opportunities ETF	3.92%	4.00%	2.11%	0.00%	0.00%	0.00%
PTRB PGIM Total Return Bond ETF	4.74%	4.73%	5.10%	4.62%	4.07%	0.12%

Frequently Asked Questions

Can I hold both PMIO and PTRB in my portfolio?

PMIO and PTRB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMIO or PTRB?

PTRB has higher volatility (1.37%) compared to PMIO (0.73%). In terms of maximum drawdown, PMIO dropped -3.39% vs PTRB's -19.17%.

Which ETF is better, PMIO or PTRB?

On 1-year performance, PMIO leads with 6.80% vs 5.81% for PTRB. On fees, PMIO is cheaper at 0.25% per year. On volatility, PMIO has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMIO or PTRB?

Over the 1-year period, PMIO has performed better with a 6.80% return vs 5.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMIO or PTRB?

PMIO is cheaper with a 0.25% expense ratio, compared with 0.49% for PTRB.

Which ETF pays a higher dividend yield, PMIO or PTRB?

PTRB has the higher dividend yield at 4.74%, compared with 3.92% for PMIO.

What is the main difference between PMIO and PTRB?

PMIO is categorized as Municipal Bonds, while PTRB is Intermediate Core-Plus Bond. Their fees differ too: 0.25% for PMIO and 0.49% for PTRB.

Which has better risk-adjusted returns?

PMIO currently has the higher Sharpe Ratio (3.04 vs 1.46), 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.