PTRB vs. BNDI

Last updated Jun 4, 2026

PTRB (PGIM Total Return Bond ETF) and BNDI (Neos Enhanced Income Aggregate Bond ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past 3 years, PTRB returned 5.11%/yr vs 4.83%/yr for BNDI. Their correlation of 0.93 suggests significant overlap in exposure. PTRB charges 0.49%/yr vs 0.58%/yr for BNDI.

Performance

PTRB vs. BNDI - Performance Comparison

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

Returns By Period

In the year-to-date period, PTRB achieves a 0.34% return, which is significantly lower than BNDI's 1.29% return.

PTRB

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

BNDI

• 1D: -0.21%
• 1M: 0.36%
• YTD: 1.29%
• 6M: 1.22%
• 1Y: 7.00%
• 3Y*: 4.83%
• 5Y*: —
• 10Y*: —

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

PTRB vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PTRB PGIM Total Return Bond ETF	0.34%	7.63%	2.67%	7.71%	-3.06%
BNDI Neos Enhanced Income Aggregate Bond ETF	1.29%	7.95%	1.74%	6.89%	-2.60%

Correlation

The correlation between PTRB and BNDI 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 (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.93

The correlation between PTRB and BNDI has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

PTRB vs. BNDI - Sectors Allocation Comparison

Sectors	PTRB	BNDI
Financial Services	4.2%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

PTRB vs. BNDI — Risk / Return Rank

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

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

BNDI

BNDI Risk / Return Rank: 50
BNDI Sharpe Ratio Rank: 48
BNDI Sortino Ratio Rank: 52
BNDI Omega Ratio Rank: 47
BNDI Calmar Ratio Rank: 51
BNDI Martin Ratio Rank: 53

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.

PTRB vs. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Total Return Bond ETF (PTRB) and Neos Enhanced Income Aggregate Bond ETF (BNDI). 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.

	PTRB	BNDI	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.69	-0.23
Sortino ratio: Return per unit of downside risk	2.13	2.54	-0.41
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	2.01	2.56	-0.55
Martin ratio: Return relative to average drawdown	6.00	9.12	-3.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PTRB vs. BNDI - Sharpe Ratio Comparison

The current PTRB Sharpe Ratio is 1.46, which is comparable to the BNDI Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of PTRB and BNDI, 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

	PTRB	BNDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.69	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.65	-0.59

Drawdowns

PTRB vs. BNDI - Drawdown Comparison

The maximum PTRB drawdown since its inception was -19.17%, which is greater than BNDI's maximum drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for PTRB and BNDI.

Drawdown Indicators

	PTRB	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-19.17%	-6.98%	-12.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-2.75%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-5.52%	-5.83%	+0.31%
Current Drawdown Current decline from peak	-1.61%	-0.84%	-0.77%
Average Drawdown Average peak-to-trough decline	-7.64%	-1.71%	-5.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.77%	+0.20%

Volatility

PTRB vs. BNDI - Volatility Comparison

PGIM Total Return Bond ETF (PTRB) and Neos Enhanced Income Aggregate Bond ETF (BNDI) have volatilities of 1.37% and 1.38%, 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

	PTRB	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	1.38%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	3.08%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	4.01%	4.17%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.25%	6.19%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.25%	6.19%	+0.06%

PTRB vs. BNDI - Expense Ratio Comparison

PTRB has a 0.49% expense ratio, which is lower than BNDI's 0.58% expense ratio.

Dividends

PTRB vs. BNDI - Dividend Comparison

PTRB's dividend yield for the trailing twelve months is around 4.74%, less than BNDI's 5.80% yield.

Position	TTM	2025	2024	2023	2022	2021
BNDI Neos Enhanced Income Aggregate Bond ETF	5.80%	5.69%	5.54%	5.17%	1.68%	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 PTRB and BNDI in my portfolio?

With a correlation of 0.92, PTRB and BNDI 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, PTRB or BNDI?

BNDI has higher volatility (1.38%) compared to PTRB (1.37%). In terms of maximum drawdown, PTRB dropped -19.17% vs BNDI's -6.98%.

Which ETF is better, PTRB or BNDI?

On 3-year performance, PTRB leads with 5.11% vs 4.83% for BNDI. On fees, PTRB is cheaper at 0.49% 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, PTRB or BNDI?

Over the 3-year period, PTRB has performed better with a 5.11% return vs 4.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PTRB or BNDI?

PTRB is cheaper with a 0.49% expense ratio, compared with 0.58% for BNDI.

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

BNDI has the higher dividend yield at 5.80%, compared with 4.74% for PTRB.

What is the main difference between PTRB and BNDI?

They also come from different issuers: PGIM and Neos. Their fees differ too: 0.49% for PTRB and 0.58% for BNDI.

Which has better risk-adjusted returns?

BNDI currently has the higher Sharpe Ratio (1.69 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.