ZTEN vs. PCL

Last updated Jun 5, 2026

ZTEN (F/M 10-Year Investment Grade Corporate Bond ETF) and PCL (PGIM Corporate Bond 10+ Year ETF) are both exchange-traded funds - ZTEN is a Long-Term Bond fund tracking the ICE 10-Year US Target Maturity Corporate Index - Benchmark TR Gross, while PCL is a Corporate Bonds fund actively managed by PGIM. ZTEN is passively managed, while PCL is actively managed. With a 0.95 correlation, they move nearly in lockstep. ZTEN charges 0.15%/yr vs 0.25%/yr for PCL.

Performance

ZTEN vs. PCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) 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, ZTEN achieves a 0.33% return, which is significantly lower than PCL's 1.72% return.

ZTEN

• 1D: 0.16%
• 1M: 0.29%
• YTD: 0.33%
• 6M: 0.40%
• 1Y: 6.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PCL

• 1D: 0.26%
• 1M: 1.20%
• YTD: 1.72%
• 6M: 1.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZTEN vs. PCL - Yearly Performance Comparison

	2026 (YTD)	2025
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF	0.33%	3.18%
PCL PGIM Corporate Bond 10+ Year ETF	1.72%	2.51%

Correlation

The correlation between ZTEN and PCL is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 4, 2025	0.95

Return for Risk

ZTEN vs. PCL — Risk / Return Rank

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

ZTEN

ZTEN Risk / Return Rank: 38
ZTEN Sharpe Ratio Rank: 37
ZTEN Sortino Ratio Rank: 37
ZTEN Omega Ratio Rank: 35
ZTEN Calmar Ratio Rank: 39
ZTEN Martin Ratio Rank: 40

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.

ZTEN vs. PCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/M 10-Year Investment Grade Corporate Bond ETF (ZTEN) 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.

	ZTEN	PCL	Difference
Sharpe ratio: Return per unit of total volatility	1.28	—	—
Sortino ratio: Return per unit of downside risk	1.87	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.91	—	—
Martin ratio: Return relative to average drawdown	6.21	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZTEN	PCL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	0.65	+0.51

Drawdowns

ZTEN vs. PCL - Drawdown Comparison

The maximum ZTEN drawdown since its inception was -3.43%, smaller than the maximum PCL drawdown of -5.14%. Use the drawdown chart below to compare losses from any high point for ZTEN and PCL.

Drawdown Indicators

	ZTEN	PCL	Difference
Max Drawdown Largest peak-to-trough decline	-3.43%	-5.14%	+1.71%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	—	—
Current Drawdown Current decline from peak	-1.30%	-1.23%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.79%	-1.76%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	—	—

Volatility

Volatility by Period

	ZTEN	PCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.99%	7.87%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.79%	7.87%	-2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.79%	7.87%	-2.08%

ZTEN vs. PCL - Expense Ratio Comparison

ZTEN has a 0.15% 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

ZTEN vs. PCL - Dividend Comparison

ZTEN's dividend yield for the trailing twelve months is around 5.07%, less than PCL's 5.29% yield.

Position	TTM	2025	2024
PCL PGIM Corporate Bond 10+ Year ETF	5.29%	2.52%	0.00%
ZTEN F/M 10-Year Investment Grade Corporate Bond ETF	5.07%	5.16%	0.44%

Frequently Asked Questions

Can I hold both ZTEN and PCL in my portfolio?

With a correlation of 0.95, ZTEN and PCL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ZTEN or PCL?

On fees, ZTEN is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZTEN or PCL?

ZTEN is cheaper with a 0.15% expense ratio, compared with 0.25% for PCL.

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

PCL has the higher dividend yield at 5.29%, compared with 5.07% for ZTEN.

What is the main difference between ZTEN and PCL?

ZTEN is categorized as Long-Term Bond, while PCL is Corporate Bonds. They also come from different issuers: F/m and PGIM. Their fees differ too: 0.15% for ZTEN and 0.25% for PCL.