PSH vs. PTRB

Last updated Jun 4, 2026

PSH (PGIM Short Duration High Yield ETF) and PTRB (PGIM Total Return Bond ETF) are both exchange-traded funds - PSH is a High Yield 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, PSH returned 6.11% vs 5.81% for PTRB. At a 0.42 correlation, their price movements are largely independent. PSH charges 0.45%/yr vs 0.49%/yr for PTRB.

Performance

PSH vs. PTRB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Short Duration High Yield ETF (PSH) 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, PSH achieves a 1.88% return, which is significantly higher than PTRB's 0.34% return.

PSH

• 1D: -0.11%
• 1M: 0.08%
• YTD: 1.88%
• 6M: 2.38%
• 1Y: 6.11%
• 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)

PSH vs. PTRB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSH PGIM Short Duration High Yield ETF	1.88%	7.34%	7.96%	0.38%
PTRB PGIM Total Return Bond ETF	0.34%	7.63%	2.67%	0.65%

Correlation

The correlation between PSH and PTRB is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.42

PSH vs. PTRB - Sectors Allocation Comparison

Sectors	PSH	PTRB
Financial Services	1.3%	4.2%
Energy	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PSH vs. PTRB — Risk / Return Rank

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

PSH

PSH Risk / Return Rank: 71
PSH Sharpe Ratio Rank: 60
PSH Sortino Ratio Rank: 69
PSH Omega Ratio Rank: 72
PSH Calmar Ratio Rank: 82
PSH Martin Ratio Rank: 69

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.

PSH vs. PTRB - Risk-Adjusted Trends Comparison

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

	PSH	PTRB	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.46	+0.58
Sortino ratio: Return per unit of downside risk	3.19	2.13	+1.05
Omega ratio: Gain probability vs. loss probability	1.43	1.26	+0.17
Calmar ratio: Return relative to maximum drawdown	4.33	2.01	+2.31
Martin ratio: Return relative to average drawdown	12.80	6.00	+6.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSH vs. PTRB - Sharpe Ratio Comparison

The current PSH Sharpe Ratio is 2.04, which is higher than the PTRB Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of PSH 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

	PSH	PTRB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.46	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	0.06	+2.16

Drawdowns

PSH vs. PTRB - Drawdown Comparison

The maximum PSH drawdown since its inception was -3.06%, smaller than the maximum PTRB drawdown of -19.17%. Use the drawdown chart below to compare losses from any high point for PSH and PTRB.

Drawdown Indicators

	PSH	PTRB	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-19.17%	+16.11%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-2.90%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.52%	—
Current Drawdown Current decline from peak	-0.16%	-1.61%	+1.45%
Average Drawdown Average peak-to-trough decline	-0.27%	-7.64%	+7.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.97%	-0.49%

Volatility

PSH vs. PTRB - Volatility Comparison

The current volatility for PGIM Short Duration High Yield ETF (PSH) is 0.69%, while PGIM Total Return Bond ETF (PTRB) has a volatility of 1.37%. This indicates that PSH 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

	PSH	PTRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	1.37%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	2.83%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	4.01%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.26%	6.25%	-2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.26%	6.25%	-2.99%

PSH vs. PTRB - Expense Ratio Comparison

PSH has a 0.45% expense ratio, which is lower than PTRB's 0.49% expense ratio.

Dividends

PSH vs. PTRB - Dividend Comparison

PSH's dividend yield for the trailing twelve months is around 6.66%, more than PTRB's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021
PSH PGIM Short Duration High Yield ETF	6.66%	6.62%	8.35%	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 PSH and PTRB in my portfolio?

PSH and PTRB have a correlation of 0.40, 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 PTRB?

PTRB has higher volatility (1.37%) compared to PSH (0.69%). In terms of maximum drawdown, PSH dropped -3.06% vs PTRB's -19.17%.

Which ETF is better, PSH or PTRB?

On 1-year performance, PSH leads with 6.11% vs 5.81% for PTRB. On fees, PSH is cheaper at 0.45% per year. On volatility, PSH has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSH or PTRB?

Over the 1-year period, PSH has performed better with a 6.11% return vs 5.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSH or PTRB?

PSH is cheaper with a 0.45% expense ratio, compared with 0.49% for PTRB.

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

PSH has the higher dividend yield at 6.66%, compared with 4.74% for PTRB.

What is the main difference between PSH and PTRB?

PSH is categorized as High Yield Bonds, while PTRB is Intermediate Core-Plus Bond. Their fees differ too: 0.45% for PSH and 0.49% for PTRB.

Which has better risk-adjusted returns?

PSH currently has the higher Sharpe Ratio (2.04 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.