XTWY vs. PCMM

Last updated Jun 24, 2026

XTWY (BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF) and PCMM (BondBloxx Private Credit CLO ETF) are both exchange-traded funds - XTWY is a Government Bonds fund tracking the Bloomberg US Treasury 20 Year Target Duration Index, while PCMM is a CLO fund actively managed by BondBloxx. XTWY is passively managed, while PCMM is actively managed. Over the past year, XTWY returned 3.85% vs 4.76% for PCMM. At a correlation of -0.03, they often move in opposite directions. XTWY charges 0.12%/yr vs 0.68%/yr for PCMM.

Performance

XTWY vs. PCMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY) 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, XTWY achieves a 0.98% return, which is significantly lower than PCMM's 2.10% return.

XTWY

• 1D: 0.11%
• 1M: 2.79%
• YTD: 0.98%
• 6M: 0.48%
• 1Y: 3.85%
• 3Y*: -3.26%
• 5Y*: —
• 10Y*: —

PCMM

• 1D: 0.02%
• 1M: 0.94%
• YTD: 2.10%
• 6M: 2.32%
• 1Y: 4.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XTWY vs. PCMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XTWY BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF	0.98%	2.52%	-7.84%
PCMM BondBloxx Private Credit CLO ETF	2.10%	6.30%	0.37%

Correlation

The correlation between XTWY and PCMM is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	-0.03

Return for Risk

XTWY vs. PCMM — Risk / Return Rank

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

XTWY

XTWY Risk / Return Rank: 13
XTWY Sharpe Ratio Rank: 14
XTWY Sortino Ratio Rank: 13
XTWY Omega Ratio Rank: 12
XTWY Calmar Ratio Rank: 13
XTWY Martin Ratio Rank: 13

PCMM

PCMM Risk / Return Rank: 44
PCMM Sharpe Ratio Rank: 42
PCMM Sortino Ratio Rank: 40
PCMM Omega Ratio Rank: 42
PCMM Calmar Ratio Rank: 48
PCMM Martin Ratio Rank: 50

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.

XTWY vs. PCMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY) 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.

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.

	XTWY	PCMM	Difference
Sharpe ratio: Return per unit of total volatility	0.34	1.37	-1.03
Sortino ratio: Return per unit of downside risk	0.57	1.95	-1.38
Omega ratio: Gain probability vs. loss probability	1.06	1.25	-0.19
Calmar ratio: Return relative to maximum drawdown	0.41	2.22	-1.81
Martin ratio: Return relative to average drawdown	0.94	7.94	-7.00

XTWY vs. PCMM - Sharpe Ratio Comparison

The current XTWY Sharpe Ratio is 0.34, which is lower than the PCMM Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of XTWY 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.

Drawdowns

XTWY vs. PCMM - Drawdown Comparison

The maximum XTWY drawdown since its inception was -25.92%, which is greater than PCMM's maximum drawdown of -4.32%. Use the drawdown chart below to compare losses from any high point for XTWY and PCMM.

Drawdown Indicators

	XTWY	PCMM	Difference
Max Drawdown Largest peak-to-trough decline	-25.92%	-4.32%	-21.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.48%	-2.16%	-7.32%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	—	—
Current Drawdown Current decline from peak	-14.11%	0.00%	-14.11%
Average Drawdown Average peak-to-trough decline	-12.25%	-0.42%	-11.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	0.61%	+3.48%

Volatility

XTWY vs. PCMM - Volatility Comparison

BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY) has a higher volatility of 2.69% compared to BondBloxx Private Credit CLO ETF (PCMM) at 0.83%. This indicates that XTWY'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

	XTWY	PCMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	0.83%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	7.87%	2.64%	+5.23%
Volatility (1Y) Calculated over the trailing 1-year period	11.38%	3.51%	+7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.54%	4.90%	+12.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.54%	4.90%	+12.64%

XTWY vs. PCMM - Expense Ratio Comparison

XTWY has a 0.13% expense ratio, which is lower than PCMM's 0.68% expense ratio.

Dividends

XTWY vs. PCMM - Dividend Comparison

XTWY's dividend yield for the trailing twelve months is around 4.63%, less than PCMM's 6.56% yield.

Position	TTM	2025	2024	2023	2022
PCMM BondBloxx Private Credit CLO ETF	6.56%	7.02%	0.00%	0.00%	0.00%
XTWY BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF	4.63%	4.56%	4.65%	3.86%	1.08%

Frequently Asked Questions

Can I hold both XTWY and PCMM in my portfolio?

XTWY and PCMM have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTWY or PCMM?

XTWY has higher volatility (2.69%) compared to PCMM (0.83%). In terms of maximum drawdown, XTWY dropped -25.92% vs PCMM's -4.32%.

Which ETF is better, XTWY or PCMM?

On 1-year performance, PCMM leads with 4.76% vs 3.85% for XTWY. On fees, XTWY is cheaper at 0.12% per year. On volatility, PCMM has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTWY or PCMM?

Over the 1-year period, PCMM has performed better with a 4.76% return vs 3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTWY or PCMM?

XTWY is cheaper with a 0.12% expense ratio, compared with 0.68% for PCMM.

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

PCMM has the higher dividend yield at 6.56%, compared with 4.63% for XTWY.

What is the main difference between XTWY and PCMM?

XTWY is categorized as Government Bonds, while PCMM is CLO. Their fees differ too: 0.12% for XTWY and 0.68% for PCMM.

Which has better risk-adjusted returns?

PCMM currently has the higher Sharpe Ratio (1.37 vs 0.34), 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.