PTRB vs. PDBAX

Last updated Jun 6, 2026

PTRB (PGIM Total Return Bond ETF) and PDBAX (PGIM Total Return Bond Fund) are both Intermediate Core-Plus Bond funds from PGIM. Over the past 3 years, PTRB returned 4.94%/yr vs 4.51%/yr for PDBAX. Their correlation of 0.91 suggests significant overlap in exposure. PTRB charges 0.49%/yr vs 0.76%/yr for PDBAX.

Performance

PTRB vs. PDBAX - Performance Comparison

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

Returns By Period

In the year-to-date period, PTRB achieves a -0.08% return, which is significantly lower than PDBAX's 0.45% return.

PTRB

• 1D: -0.53%
• 1M: -0.71%
• YTD: -0.08%
• 6M: 0.09%
• 1Y: 4.94%
• 3Y*: 4.94%
• 5Y*: —
• 10Y*: —

PDBAX

• 1D: 0.17%
• 1M: -0.19%
• YTD: 0.45%
• 6M: 0.80%
• 1Y: 5.42%
• 3Y*: 4.51%
• 5Y*: 0.23%
• 10Y*: 2.47%

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

PTRB vs. PDBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PTRB PGIM Total Return Bond ETF	-0.08%	7.63%	2.67%	7.71%	-14.82%	-0.15%
PDBAX PGIM Total Return Bond Fund	0.45%	7.50%	1.82%	6.51%	-14.52%	0.16%

Correlation

The correlation between PTRB and PDBAX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 9, 2021	0.91

The correlation between PTRB and PDBAX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

PTRB vs. PDBAX — Risk / Return Rank

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

PTRB

PTRB Risk / Return Rank: 36
PTRB Sharpe Ratio Rank: 37
PTRB Sortino Ratio Rank: 36
PTRB Omega Ratio Rank: 35
PTRB Calmar Ratio Rank: 37
PTRB Martin Ratio Rank: 35

PDBAX

PDBAX Risk / Return Rank: 21
PDBAX Sharpe Ratio Rank: 19
PDBAX Sortino Ratio Rank: 21
PDBAX Omega Ratio Rank: 19
PDBAX Calmar Ratio Rank: 24
PDBAX Martin Ratio Rank: 20

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. PDBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Total Return Bond ETF (PTRB) and PGIM Total Return Bond Fund (PDBAX). 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	PDBAX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.21	+0.04
Sortino ratio: Return per unit of downside risk	1.80	1.82	-0.02
Omega ratio: Gain probability vs. loss probability	1.22	1.22	0.00
Calmar ratio: Return relative to maximum drawdown	1.71	1.72	0.00
Martin ratio: Return relative to average drawdown	5.05	5.01	+0.04
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. PDBAX - Sharpe Ratio Comparison

The current PTRB Sharpe Ratio is 1.24, which is comparable to the PDBAX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of PTRB and PDBAX, 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	PDBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.21	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.04	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	1.09	-1.05

Drawdowns

PTRB vs. PDBAX - Drawdown Comparison

The maximum PTRB drawdown since its inception was -19.17%, smaller than the maximum PDBAX drawdown of -21.24%. Use the drawdown chart below to compare losses from any high point for PTRB and PDBAX.

Drawdown Indicators

	PTRB	PDBAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.17%	-21.24%	+2.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-3.07%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-5.52%	-5.99%	+0.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.24%	—
Current Drawdown Current decline from peak	-2.01%	-1.67%	-0.34%
Average Drawdown Average peak-to-trough decline	-7.63%	-2.47%	-5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.05%	-0.07%

Volatility

PTRB vs. PDBAX - Volatility Comparison

The current volatility for PGIM Total Return Bond ETF (PTRB) is 1.40%, while PGIM Total Return Bond Fund (PDBAX) has a volatility of 2.06%. This indicates that PTRB experiences smaller price fluctuations and is considered to be less risky than PDBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PTRB	PDBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	2.06%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	3.30%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	4.00%	4.40%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.25%	6.04%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.25%	5.35%	+0.90%

PTRB vs. PDBAX - Expense Ratio Comparison

PTRB has a 0.49% expense ratio, which is lower than PDBAX's 0.76% expense ratio.

Dividends

PTRB vs. PDBAX - Dividend Comparison

PTRB's dividend yield for the trailing twelve months is around 4.76%, more than PDBAX's 4.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDBAX PGIM Total Return Bond Fund	4.31%	4.27%	3.76%	3.55%	5.49%	2.47%	2.68%	10.32%	3.74%	2.60%	3.65%	2.94%
PTRB PGIM Total Return Bond ETF	4.76%	4.73%	5.10%	4.62%	4.07%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PTRB and PDBAX in my portfolio?

PTRB and PDBAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTRB or PDBAX?

PDBAX has higher volatility (2.06%) compared to PTRB (1.40%). In terms of maximum drawdown, PTRB dropped -19.17% vs PDBAX's -21.24%.

Which has better risk-adjusted returns?

PTRB currently has the higher Sharpe Ratio (1.24 vs 1.21), 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.