BUFP vs. PBFR

Last updated Jun 23, 2026

BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds from PGIM. BUFP is passively managed, while PBFR is actively managed. Over the past year, BUFP returned 17.31% vs 12.60% for PBFR. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

BUFP vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) 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, BUFP achieves a 6.33% return, which is significantly higher than PBFR's 4.45% return.

BUFP

• 1D: 0.28%
• 1M: 0.57%
• YTD: 6.33%
• 6M: 6.42%
• 1Y: 17.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBFR

• 1D: -0.13%
• 1M: 0.30%
• YTD: 4.45%
• 6M: 4.57%
• 1Y: 12.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUFP vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.33%	12.92%	6.30%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.45%	10.44%	5.53%

Correlation

The correlation between BUFP and PBFR is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.88

The correlation between BUFP and PBFR has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

BUFP vs. PBFR - Sectors Allocation Comparison

Sectors	BUFP	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

BUFP vs. PBFR — Risk / Return Rank

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

BUFP

BUFP Risk / Return Rank: 88
BUFP Sharpe Ratio Rank: 87
BUFP Sortino Ratio Rank: 90
BUFP Omega Ratio Rank: 91
BUFP Calmar Ratio Rank: 79
BUFP Martin Ratio Rank: 92

PBFR

PBFR Risk / Return Rank: 91
PBFR Sharpe Ratio Rank: 90
PBFR Sortino Ratio Rank: 92
PBFR Omega Ratio Rank: 93
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.

BUFP vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) 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.

	BUFP	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.91	-0.19
Sortino ratio: Return per unit of downside risk	4.02	4.23	-0.21
Omega ratio: Gain probability vs. loss probability	1.57	1.64	-0.07
Calmar ratio: Return relative to maximum drawdown	3.94	4.49	-0.55
Martin ratio: Return relative to average drawdown	21.61	23.30	-1.69

BUFP vs. PBFR - Sharpe Ratio Comparison

The current BUFP Sharpe Ratio is 2.72, which is comparable to the PBFR Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of BUFP 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

BUFP vs. PBFR - Drawdown Comparison

The maximum BUFP drawdown since its inception was -11.98%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for BUFP and PBFR.

Drawdown Indicators

	BUFP	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-11.98%	-8.50%	-3.48%
Max Drawdown (1Y) Largest decline over 1 year	-4.41%	-2.82%	-1.59%
Current Drawdown Current decline from peak	-0.19%	-0.29%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.99%	-0.63%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.54%	+0.26%

Volatility

BUFP vs. PBFR - Volatility Comparison

PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a higher volatility of 1.99% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 1.27%. This indicates that BUFP'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

	BUFP	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	1.27%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	5.11%	3.51%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	6.40%	4.35%	+2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.46%	6.86%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.46%	6.86%	+2.60%

BUFP vs. PBFR - Expense Ratio Comparison

Both BUFP and PBFR have an expense ratio of 0.50%.

Dividends

BUFP vs. PBFR - Dividend Comparison

BUFP's dividend yield for the trailing twelve months is around 0.01%, which matches PBFR's 0.01% yield.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%

Frequently Asked Questions

Can I hold both BUFP and PBFR in my portfolio?

BUFP and PBFR have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFP or PBFR?

BUFP has higher volatility (1.99%) compared to PBFR (1.27%). In terms of maximum drawdown, BUFP dropped -11.98% vs PBFR's -8.50%.

Which ETF is better, BUFP or PBFR?

On 1-year performance, BUFP leads with 17.31% vs 12.60% for PBFR. Both ETFs have the same 0.50% expense ratio. 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, BUFP or PBFR?

Over the 1-year period, BUFP has performed better with a 17.31% return vs 12.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFP or PBFR?

BUFP and PBFR have the same expense ratio: 0.50% per year.

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

BUFP and PBFR have nearly identical dividend yields, around 0.01%.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.91 vs 2.72), 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.