TAGG vs. PCRB

Last updated Jul 17, 2026

TAGG (T. Rowe Price QM U.S. Bond ETF) and PCRB (Putnam ESG Core Bond ETF -) are both Intermediate Core Bond funds. Both are actively managed. Their correlation of 0.90 suggests significant overlap in exposure. TAGG charges 0.08%/yr vs 0.35%/yr for PCRB.

Performance

TAGG vs. PCRB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price QM U.S. Bond ETF (TAGG) and Putnam ESG Core Bond ETF - (PCRB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TAGG

• 1D: 0.01%
• 1M: -0.44%
• 6M: -0.07%
• YTD: 0.30%
• 1Y: 4.39%
• 3Y*: 3.99%
• 5Y*: —
• 10Y*: —

PCRB

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAGG vs. PCRB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TAGG T. Rowe Price QM U.S. Bond ETF	0.30%	7.40%	1.73%	1.91%
PCRB Putnam ESG Core Bond ETF -	-0.48%	7.21%	1.91%	2.40%

Correlation

The correlation between TAGG and PCRB is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 20, 2023	0.90

The correlation between TAGG and PCRB has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

TAGG vs. PCRB — Risk / Return Rank

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

TAGG

TAGG Risk / Return Rank: 37
TAGG Sharpe Ratio Rank: 41
TAGG Sortino Ratio Rank: 41
TAGG Omega Ratio Rank: 40
TAGG Calmar Ratio Rank: 33
TAGG Martin Ratio Rank: 31

PCRB

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.

TAGG vs. PCRB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM U.S. Bond ETF (TAGG) and Putnam ESG Core Bond ETF - (PCRB). 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.

	TAGG	PCRB	Difference
Sharpe ratio: Return per unit of total volatility	1.20	—	—
Sortino ratio: Return per unit of downside risk	1.77	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.38	—	—
Martin ratio: Return relative to average drawdown	3.61	—	—

Drawdowns

Drawdown Indicators

	TAGG	PCRB	Difference
Max Drawdown Largest peak-to-trough decline	-17.26%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.26%	—	—
Current Drawdown Current decline from peak	-1.91%	—	—
Average Drawdown Average peak-to-trough decline	-6.74%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	—	—

Volatility

Volatility by Period

	TAGG	PCRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.67%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.48%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.48%	—	—

TAGG vs. PCRB - Expense Ratio Comparison

TAGG has a 0.08% expense ratio, which is lower than PCRB's 0.35% expense ratio.

Dividends

TAGG vs. PCRB - Dividend Comparison

TAGG's dividend yield for the trailing twelve months is around 4.54%, while PCRB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
PCRB Putnam ESG Core Bond ETF -	9.42%	4.30%	4.38%	3.65%	0.00%	0.00%
TAGG T. Rowe Price QM U.S. Bond ETF	4.54%	4.36%	4.36%	3.48%	3.67%	0.33%

Frequently Asked Questions

Can I hold both TAGG and PCRB in my portfolio?

TAGG and PCRB have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAGG or PCRB?

On fees, TAGG is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TAGG or PCRB?

TAGG is cheaper with a 0.08% expense ratio, compared with 0.35% for PCRB.

Which ETF pays a higher dividend yield, TAGG or PCRB?

PCRB has the higher dividend yield at 9.42%, compared with 4.54% for TAGG.

What is the main difference between TAGG and PCRB?

They also come from different issuers: T. Rowe Price and Putnam. Their fees differ too: 0.08% for TAGG and 0.35% for PCRB.