PSH vs. PBL

Last updated Aug 4, 2026

PSH (PGIM Short Duration High Yield ETF) and PBL (PGIM Portfolio Ballast ETF) are both exchange-traded funds - PSH is a High Yield Bonds fund actively managed by PGIM, while PBL is a Diversified Portfolio fund actively managed by PGIM. Both are actively managed. Over the past year, PSH returned 5.13% vs 16.22% for PBL. Their 0.56 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.45% expense ratio.

Performance

PSH vs. PBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Short Duration High Yield ETF (PSH) and PGIM Portfolio Ballast ETF (PBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSH achieves a 2.46% return, which is significantly lower than PBL's 8.48% return.

PSH

• 1D: -0.03%
• 1M: -0.09%
• 6M: 2.01%
• YTD: 2.46%
• 1Y: 5.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.91%

PBL

• 1D: 1.27%
• 1M: 1.14%
• 6M: 7.14%
• YTD: 8.48%
• 1Y: 16.22%
• 3Y*: 13.89%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.01%

*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)
PBL PGIM Portfolio Ballast ETF	$21.03K	$24.40K	$133.32K
PSH PGIM Short Duration High Yield ETF	$1.64M	$1.48M	$1.32M

PSH vs. PBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSH PGIM Short Duration High Yield ETF	2.46%	7.34%	7.96%	0.35%
PBL PGIM Portfolio Ballast ETF	8.48%	12.35%	16.70%	0.56%

Correlation

The correlation between PSH and PBL is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (All Time) Calculated using the full available price history since Dec 19, 2023	0.56

The correlation between PSH and PBL has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.

Return for Risk

PSH vs. PBL — Risk / Return Rank

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

PSH

PSH Risk / Return Rank: 80
PSH Sharpe Ratio Rank: 73
PSH Sortino Ratio Rank: 80
PSH Omega Ratio Rank: 82
PSH Calmar Ratio Rank: 87
PSH Martin Ratio Rank: 79

PBL

PBL Risk / Return Rank: 70
PBL Sharpe Ratio Rank: 68
PBL Sortino Ratio Rank: 69
PBL Omega Ratio Rank: 65
PBL Calmar Ratio Rank: 74
PBL Martin Ratio Rank: 77

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.

PSH vs. PBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Short Duration High Yield ETF (PSH) and PGIM Portfolio Ballast ETF (PBL). 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.

	PSH	PBL	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.69	+0.06
Sortino ratio: Return per unit of downside risk	2.74	2.41	+0.33
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	3.64	2.80	+0.83
Martin ratio: Return relative to average drawdown	10.76	10.60	+0.16

PSH vs. PBL - Sharpe Ratio Comparison

The current PSH Sharpe Ratio is 1.75, which is comparable to the PBL Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of PSH and PBL, 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

PSH vs. PBL - Drawdown Comparison

The maximum PSH drawdown since its inception was -3.06%, smaller than the maximum PBL drawdown of -11.69%. Use the drawdown chart below to compare losses from any high point for PSH and PBL.

Drawdown Indicators

	PSH	PBL	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-11.69%	+8.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-5.82%	+4.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.69%	—
Current Drawdown Current decline from peak	-0.19%	0.00%	-0.19%
Average Drawdown Average peak-to-trough decline	-0.26%	-1.64%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.53%	-1.05%

Volatility

PSH vs. PBL - Volatility Comparison

The current volatility for PGIM Short Duration High Yield ETF (PSH) is 0.63%, while PGIM Portfolio Ballast ETF (PBL) has a volatility of 3.09%. This indicates that PSH experiences smaller price fluctuations and is considered to be less risky than PBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSH	PBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	3.09%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	7.41%	-5.24%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	9.68%	-6.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.20%	9.93%	-6.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.20%	9.93%	-6.73%

PSH vs. PBL - Expense Ratio Comparison

Both PSH and PBL have an expense ratio of 0.45%.

Dividends

PSH vs. PBL - Dividend Comparison

PSH's dividend yield for the trailing twelve months is around 6.47%, more than PBL's 2.04% yield.

Position	TTM	2025	2024	2023	2022
PBL PGIM Portfolio Ballast ETF	2.04%	2.21%	6.89%	7.92%	0.16%
PSH PGIM Short Duration High Yield ETF	6.47%	6.62%	8.35%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSH and PBL in my portfolio?

PSH and PBL have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSH or PBL?

PBL has higher volatility (3.09%) compared to PSH (0.63%). In terms of maximum drawdown, PSH dropped -3.06% vs PBL's -11.69%.

Which ETF is better, PSH or PBL?

On 1-year performance, PBL leads with 16.22% vs 5.13% for PSH. Both ETFs have the same 0.45% expense ratio. On volatility, PSH has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSH or PBL?

Over the 1-year period, PBL has performed better with a 16.22% return vs 5.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSH or PBL?

PSH and PBL have the same expense ratio: 0.45% per year.

Which ETF pays a higher dividend yield, PSH or PBL?

PSH has the higher dividend yield at 6.47%, compared with 2.04% for PBL.

What is the main difference between PSH and PBL?

PSH is categorized as High Yield Bonds, while PBL is Diversified Portfolio.

Which has better risk-adjusted returns?

PSH currently has the higher Sharpe Ratio (1.75 vs 1.69), 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.