SPSB vs. PCL

Last updated Jun 21, 2026

SPSB (SPDR Portfolio Short Term Corporate Bond ETF) and PCL (PGIM Corporate Bond 10+ Year ETF) are both Corporate Bonds funds. SPSB is passively managed, while PCL is actively managed. A 0.66 correlation means they provide meaningful diversification when combined. SPSB charges 0.07%/yr vs 0.25%/yr for PCL.

Performance

SPSB vs. PCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Short Term Corporate Bond ETF (SPSB) and PGIM Corporate Bond 10+ Year ETF (PCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPSB achieves a 0.97% return, which is significantly lower than PCL's 2.29% return.

SPSB

• 1D: 0.17%
• 1M: 0.26%
• YTD: 0.97%
• 6M: 1.14%
• 1Y: 4.09%
• 3Y*: 5.35%
• 5Y*: 2.76%
• 10Y*: 2.62%

PCL

• 1D: 0.25%
• 1M: 2.27%
• YTD: 2.29%
• 6M: 2.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPSB vs. PCL - Yearly Performance Comparison

	2026 (YTD)	2025
SPSB SPDR Portfolio Short Term Corporate Bond ETF	0.97%	2.56%
PCL PGIM Corporate Bond 10+ Year ETF	2.29%	2.51%

Correlation

The correlation between SPSB and PCL is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025	0.66

Return for Risk

SPSB vs. PCL — Risk / Return Rank

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

SPSB

SPSB Risk / Return Rank: 93
SPSB Sharpe Ratio Rank: 93
SPSB Sortino Ratio Rank: 95
SPSB Omega Ratio Rank: 95
SPSB Calmar Ratio Rank: 89
SPSB Martin Ratio Rank: 93

PCL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SPSB vs. PCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Short Term Corporate Bond ETF (SPSB) and PGIM Corporate Bond 10+ Year ETF (PCL). 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.

	SPSB	PCL	Difference
Sharpe ratio: Return per unit of total volatility	3.13	—	—
Sortino ratio: Return per unit of downside risk	5.00	—	—
Omega ratio: Gain probability vs. loss probability	1.69	—	—
Calmar ratio: Return relative to maximum drawdown	4.90	—	—
Martin ratio: Return relative to average drawdown	22.63	—	—

Drawdowns

SPSB vs. PCL - Drawdown Comparison

The maximum SPSB drawdown since its inception was -11.75%, which is greater than PCL's maximum drawdown of -5.14%. Use the drawdown chart below to compare losses from any high point for SPSB and PCL.

Drawdown Indicators

	SPSB	PCL	Difference
Max Drawdown Largest peak-to-trough decline	-11.75%	-5.14%	-6.61%
Max Drawdown (1Y) Largest decline over 1 year	-0.87%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-11.75%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.68%	+0.58%
Average Drawdown Average peak-to-trough decline	-0.54%	-1.73%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	—	—

Volatility

Volatility by Period

	SPSB	PCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.37%	7.85%	-6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.99%	7.85%	-5.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.06%	7.85%	-4.79%

SPSB vs. PCL - Expense Ratio Comparison

SPSB has a 0.07% expense ratio, which is lower than PCL's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPSB vs. PCL - Dividend Comparison

SPSB's dividend yield for the trailing twelve months is around 4.40%, less than PCL's 5.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PCL PGIM Corporate Bond 10+ Year ETF	5.26%	2.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPSB SPDR Portfolio Short Term Corporate Bond ETF	4.40%	4.55%	4.85%	4.05%	1.92%	1.19%	1.94%	2.77%	2.36%	1.94%	1.65%	1.43%

Frequently Asked Questions

Can I hold both SPSB and PCL in my portfolio?

SPSB and PCL have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPSB or PCL?

On fees, SPSB is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPSB or PCL?

SPSB is cheaper with a 0.07% expense ratio, compared with 0.25% for PCL.

Which ETF pays a higher dividend yield, SPSB or PCL?

PCL has the higher dividend yield at 5.26%, compared with 4.40% for SPSB.

What is the main difference between SPSB and PCL?

They also come from different issuers: State Street and PGIM. Their fees differ too: 0.07% for SPSB and 0.25% for PCL.