XBB vs. PCMM

Last updated Jun 5, 2026

XBB (BondBloxx BB Rated USD High Yield Corporate Bond ETF) and PCMM (BondBloxx Private Credit CLO ETF) are both exchange-traded funds - XBB is a High Yield Bonds fund tracking the ICE BofA BB US Cash Pay High Yield Constrained Index, while PCMM is a CLO fund actively managed by BondBloxx. XBB is passively managed, while PCMM is actively managed. Over the past year, XBB returned 6.37% vs 4.09% for PCMM. At a 0.11 correlation, their price movements are largely independent. XBB charges 0.20%/yr vs 0.68%/yr for PCMM.

Performance

XBB vs. PCMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx BB Rated USD High Yield Corporate Bond ETF (XBB) and BondBloxx Private Credit CLO ETF (PCMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XBB achieves a 1.53% return, which is significantly higher than PCMM's 1.05% return.

XBB

• 1D: 0.21%
• 1M: 0.46%
• YTD: 1.53%
• 6M: 1.76%
• 1Y: 6.37%
• 3Y*: 7.84%
• 5Y*: —
• 10Y*: —

PCMM

• 1D: -0.10%
• 1M: -0.09%
• YTD: 1.05%
• 6M: 1.73%
• 1Y: 4.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XBB vs. PCMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF	1.53%	8.59%	-1.02%
PCMM BondBloxx Private Credit CLO ETF	1.05%	6.30%	0.50%

Correlation

The correlation between XBB and PCMM is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.11

Return for Risk

XBB vs. PCMM — Risk / Return Rank

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

XBB

XBB Risk / Return Rank: 50
XBB Sharpe Ratio Rank: 48
XBB Sortino Ratio Rank: 50
XBB Omega Ratio Rank: 50
XBB Calmar Ratio Rank: 48
XBB Martin Ratio Rank: 55

PCMM

PCMM Risk / Return Rank: 34
PCMM Sharpe Ratio Rank: 30
PCMM Sortino Ratio Rank: 29
PCMM Omega Ratio Rank: 30
PCMM Calmar Ratio Rank: 39
PCMM Martin Ratio Rank: 42

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.

XBB vs. PCMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx BB Rated USD High Yield Corporate Bond ETF (XBB) and BondBloxx Private Credit CLO ETF (PCMM). 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.

	XBB	PCMM	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.07	+0.57
Sortino ratio: Return per unit of downside risk	2.41	1.53	+0.88
Omega ratio: Gain probability vs. loss probability	1.31	1.20	+0.11
Calmar ratio: Return relative to maximum drawdown	2.28	1.91	+0.38
Martin ratio: Return relative to average drawdown	9.49	6.62	+2.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBB vs. PCMM - Sharpe Ratio Comparison

The current XBB Sharpe Ratio is 1.64, which is higher than the PCMM Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of XBB and PCMM, 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

	XBB	PCMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.07	+0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	1.06	-0.26

Drawdowns

XBB vs. PCMM - Drawdown Comparison

The maximum XBB drawdown since its inception was -8.87%, which is greater than PCMM's maximum drawdown of -4.32%. Use the drawdown chart below to compare losses from any high point for XBB and PCMM.

Drawdown Indicators

	XBB	PCMM	Difference
Max Drawdown Largest peak-to-trough decline	-8.87%	-4.32%	-4.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-2.16%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-3.86%	—	—
Current Drawdown Current decline from peak	-0.20%	-0.51%	+0.31%
Average Drawdown Average peak-to-trough decline	-1.33%	-0.43%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.62%	+0.05%

Volatility

XBB vs. PCMM - Volatility Comparison

BondBloxx BB Rated USD High Yield Corporate Bond ETF (XBB) has a higher volatility of 1.25% compared to BondBloxx Private Credit CLO ETF (PCMM) at 1.12%. This indicates that XBB's price experiences larger fluctuations and is considered to be riskier than PCMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBB	PCMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.12%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	2.64%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	3.92%	3.86%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.08%	4.97%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.08%	4.97%	+2.11%

XBB vs. PCMM - Expense Ratio Comparison

XBB has a 0.20% expense ratio, which is lower than PCMM's 0.68% expense ratio.

Dividends

XBB vs. PCMM - Dividend Comparison

XBB's dividend yield for the trailing twelve months is around 5.55%, less than PCMM's 6.63% yield.

Position	TTM	2025	2024	2023	2022
PCMM BondBloxx Private Credit CLO ETF	6.63%	7.02%	0.00%	0.00%	0.00%
XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF	5.55%	5.42%	6.35%	6.15%	3.73%

Frequently Asked Questions

Can I hold both XBB and PCMM in my portfolio?

XBB and PCMM have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBB or PCMM?

XBB has higher volatility (1.25%) compared to PCMM (1.12%). In terms of maximum drawdown, XBB dropped -8.87% vs PCMM's -4.32%.

Which ETF is better, XBB or PCMM?

On 1-year performance, XBB leads with 6.37% vs 4.09% for PCMM. On fees, XBB is cheaper at 0.20% per year. On volatility, PCMM has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBB or PCMM?

Over the 1-year period, XBB has performed better with a 6.37% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBB or PCMM?

XBB is cheaper with a 0.20% expense ratio, compared with 0.68% for PCMM.

Which ETF pays a higher dividend yield, XBB or PCMM?

PCMM has the higher dividend yield at 6.63%, compared with 5.55% for XBB.

What is the main difference between XBB and PCMM?

XBB is categorized as High Yield Bonds, while PCMM is CLO. Their fees differ too: 0.20% for XBB and 0.68% for PCMM.

Which has better risk-adjusted returns?

XBB currently has the higher Sharpe Ratio (1.64 vs 1.07), 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.