BAUG vs. PBFR

Last updated Jun 21, 2026

BAUG (Innovator U.S. Equity Buffer ETF - August) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds. BAUG is passively managed, while PBFR is actively managed. Over the past year, BAUG returned 20.03% vs 12.75% for PBFR. Their correlation of 0.90 suggests significant overlap in exposure. BAUG charges 0.79%/yr vs 0.50%/yr for PBFR.

Performance

BAUG vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - August (BAUG) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BAUG achieves a 6.80% return, which is significantly higher than PBFR's 4.59% return.

BAUG

• 1D: 0.53%
• 1M: 0.91%
• YTD: 6.80%
• 6M: 7.14%
• 1Y: 20.03%
• 3Y*: 17.05%
• 5Y*: 11.21%
• 10Y*: —

PBFR

• 1D: 0.30%
• 1M: 0.58%
• YTD: 4.59%
• 6M: 5.10%
• 1Y: 12.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BAUG vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BAUG Innovator U.S. Equity Buffer ETF - August	6.80%	14.81%	8.22%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.59%	10.44%	5.53%

Correlation

The correlation between BAUG and PBFR is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.90

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

BAUG vs. PBFR - Sectors Allocation Comparison

Sectors	BAUG	PBFR
Technology	38.4%	38.4%
Financial Services	11.0%	11.0%
Communication Services	10.8%	10.8%
Consumer Cyclical	10.0%	10.0%
Healthcare	8.4%	8.4%
Industrials	7.9%	7.9%
Consumer Defensive	4.6%	4.6%
Energy	3.2%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

BAUG vs. PBFR — Risk / Return Rank

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

BAUG

BAUG Risk / Return Rank: 84
BAUG Sharpe Ratio Rank: 84
BAUG Sortino Ratio Rank: 87
BAUG Omega Ratio Rank: 87
BAUG Calmar Ratio Rank: 73
BAUG Martin Ratio Rank: 87

PBFR

PBFR Risk / Return Rank: 91
PBFR Sharpe Ratio Rank: 91
PBFR Sortino Ratio Rank: 92
PBFR Omega Ratio Rank: 94
PBFR Calmar Ratio Rank: 85
PBFR Martin Ratio Rank: 93

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.

BAUG vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - August (BAUG) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). 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.

	BAUG	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.92	-0.34
Sortino ratio: Return per unit of downside risk	3.73	4.24	-0.51
Omega ratio: Gain probability vs. loss probability	1.51	1.64	-0.13
Calmar ratio: Return relative to maximum drawdown	3.52	4.50	-0.98
Martin ratio: Return relative to average drawdown	17.82	23.38	-5.56

BAUG vs. PBFR - Sharpe Ratio Comparison

The current BAUG Sharpe Ratio is 2.58, which is comparable to the PBFR Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of BAUG and PBFR, 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

BAUG vs. PBFR - Drawdown Comparison

The maximum BAUG drawdown since its inception was -24.19%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for BAUG and PBFR.

Drawdown Indicators

	BAUG	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-24.19%	-8.50%	-15.69%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-2.82%	-2.84%
Max Drawdown (3Y) Largest decline over 3 years	-13.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.59%	—	—
Current Drawdown Current decline from peak	-0.11%	-0.16%	+0.05%
Average Drawdown Average peak-to-trough decline	-2.83%	-0.63%	-2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	0.54%	+0.58%

Volatility

BAUG vs. PBFR - Volatility Comparison

Innovator U.S. Equity Buffer ETF - August (BAUG) has a higher volatility of 1.73% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 1.27%. This indicates that BAUG's price experiences larger fluctuations and is considered to be riskier than PBFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BAUG	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	1.27%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	6.01%	3.52%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	4.34%	+3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.72%	6.86%	+4.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.92%	6.86%	+7.06%

BAUG vs. PBFR - Expense Ratio Comparison

BAUG has a 0.79% expense ratio, which is higher than PBFR's 0.50% expense ratio.

Dividends

BAUG vs. PBFR - Dividend Comparison

BAUG has not paid dividends to shareholders, while PBFR's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BAUG Innovator U.S. Equity Buffer ETF - August	0.00%	0.00%	0.00%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%

Frequently Asked Questions

Can I hold both BAUG and PBFR in my portfolio?

With a correlation of 0.90, BAUG and PBFR 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 is riskier, BAUG or PBFR?

BAUG has higher volatility (1.73%) compared to PBFR (1.27%). In terms of maximum drawdown, BAUG dropped -24.19% vs PBFR's -8.50%.

Which ETF is better, BAUG or PBFR?

On 1-year performance, BAUG leads with 20.03% vs 12.75% for PBFR. On fees, PBFR is cheaper at 0.50% per year. On volatility, PBFR has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BAUG or PBFR?

Over the 1-year period, BAUG has performed better with a 20.03% return vs 12.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAUG or PBFR?

PBFR is cheaper with a 0.50% expense ratio, compared with 0.79% for BAUG.

Which ETF pays a higher dividend yield, BAUG or PBFR?

PBFR has the higher dividend yield at 0.01%, compared with 0.00% for BAUG.

What is the main difference between BAUG and PBFR?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for BAUG and 0.50% for PBFR.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.92 vs 2.58), 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.