XBB vs. PCMM

Last updated Apr 1, 2026

Compare and contrast key facts about BondBloxx BB Rated USD High Yield Corporate Bond ETF (XBB) and BondBloxx Private Credit CLO ETF (PCMM).

XBB and PCMM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XBB is a passively managed fund by BondBloxx that tracks the performance of the ICE BofA BB US Cash Pay High Yield Constrained Index. It was launched on May 24, 2022. PCMM is an actively managed fund by BondBloxx. It was launched on Dec 2, 2024.

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.

XBB vs. PCMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF	-0.26%	8.59%	-1.02%
PCMM BondBloxx Private Credit CLO ETF	-0.92%	6.30%	0.50%

Returns By Period

In the year-to-date period, XBB achieves a -0.26% return, which is significantly higher than PCMM's -0.92% return.

XBB

• 1D: 0.97%
• 1M: -1.30%
• YTD: -0.26%
• 6M: 1.05%
• 1Y: 6.15%
• 3Y*: 7.03%
• 5Y*: —
• 10Y*: —

PCMM

• 1D: -0.63%
• 1M: -1.81%
• YTD: -0.92%
• 6M: 0.37%
• 1Y: 3.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XBB vs. PCMM - Expense Ratio Comparison

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

PCMM

BondBloxx Private Credit CLO ETF

XBB

BondBloxx BB Rated USD High Yield Corporate Bond ETF

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: 73
XBB Sharpe Ratio Rank: 70
XBB Sortino Ratio Rank: 72
XBB Omega Ratio Rank: 70
XBB Calmar Ratio Rank: 73
XBB Martin Ratio Rank: 76

PCMM

PCMM Risk / Return Rank: 34
PCMM Sharpe Ratio Rank: 32
PCMM Sortino Ratio Rank: 31
PCMM Omega Ratio Rank: 31
PCMM Calmar Ratio Rank: 31
PCMM Martin Ratio Rank: 45

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	1.23	0.60	+0.62
Sortino ratio Return per unit of downside risk	1.79	0.90	+0.89
Omega ratio Gain probability vs. loss probability	1.25	1.12	+0.13
Calmar ratio Return relative to maximum drawdown	1.86	0.77	+1.09
Martin ratio Return relative to average drawdown	7.95	4.26	+3.69
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 1.23, which is higher than the PCMM Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of XBB and PCMM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XBB	PCMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	0.60	+0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.87	-0.10

Correlation

The correlation between XBB and PCMM is 0.12, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

XBB vs. PCMM - Dividend Comparison

XBB's dividend yield for the trailing twelve months is around 5.37%, less than PCMM's 6.83% yield.

	TTM	2025	2024	2023	2022
XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF	5.37%	5.42%	6.35%	6.15%	3.73%
PCMM BondBloxx Private Credit CLO ETF	6.83%	7.02%	0.00%	0.00%	0.00%

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	-3.51%	-3.99%	+0.48%
Current Drawdown Current decline from peak	-1.68%	-2.16%	+0.48%
Average Drawdown Average peak-to-trough decline	-1.37%	-0.39%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.72%	+0.10%

Volatility

XBB vs. PCMM - Volatility Comparison

BondBloxx BB Rated USD High Yield Corporate Bond ETF (XBB) has a higher volatility of 1.93% compared to BondBloxx Private Credit CLO ETF (PCMM) at 1.48%. 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	1.93%	1.48%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	3.14%	2.34%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	5.49%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.20%	5.11%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.20%	5.11%	+2.09%