BUFS vs. BUFP

Last updated Aug 4, 2026

BUFS (FT Vest Laddered Small Cap Moderate Buffer ETF) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds. BUFS is actively managed, while BUFP is passively managed. Over the past year, BUFS returned 20.19% vs 14.81% for BUFP. Their 0.75 correlation means they have sometimes moved together and sometimes differently. BUFS charges 1.01%/yr vs 0.50%/yr for BUFP.

Performance

BUFS vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Laddered Small Cap Moderate Buffer ETF (BUFS) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUFS achieves a 10.29% return, which is significantly higher than BUFP's 7.65% return.

BUFS

• 1D: 0.52%
• 1M: 0.60%
• 6M: 7.35%
• YTD: 10.29%
• 1Y: 20.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.27%

BUFP

• 1D: 0.50%
• 1M: 1.19%
• 6M: 6.45%
• YTD: 7.65%
• 1Y: 14.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	$1.05M	$1.21M	$1.54M
BUFS FT Vest Laddered Small Cap Moderate Buffer ETF	$1.11M	$1.20M	$981.93K

BUFS vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BUFS FT Vest Laddered Small Cap Moderate Buffer ETF	10.29%	7.08%	6.69%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	7.65%	12.92%	6.30%

Correlation

The correlation between BUFS and BUFP is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.75

The correlation between BUFS and BUFP has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

Return for Risk

BUFS vs. BUFP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BUFS

BUFS Risk / Return Rank: 91
BUFS Sharpe Ratio Rank: 89
BUFS Sortino Ratio Rank: 91
BUFS Omega Ratio Rank: 91
BUFS Calmar Ratio Rank: 91
BUFS Martin Ratio Rank: 93

BUFP

BUFP Risk / Return Rank: 90
BUFP Sharpe Ratio Rank: 90
BUFP Sortino Ratio Rank: 92
BUFP Omega Ratio Rank: 92
BUFP Calmar Ratio Rank: 85
BUFP Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BUFS vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Laddered Small Cap Moderate Buffer ETF (BUFS) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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.

	BUFS	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.32	+0.06
Sortino ratio: Return per unit of downside risk	3.50	3.44	+0.06
Omega ratio: Gain probability vs. loss probability	1.46	1.47	-0.01
Calmar ratio: Return relative to maximum drawdown	4.33	3.37	+0.96
Martin ratio: Return relative to average drawdown	18.23	18.03	+0.20

BUFS vs. BUFP - Sharpe Ratio Comparison

The current BUFS Sharpe Ratio is 2.38, which is comparable to the BUFP Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of BUFS and BUFP, 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

BUFS vs. BUFP - Drawdown Comparison

The maximum BUFS drawdown since its inception was -15.03%, which is greater than BUFP's maximum drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for BUFS and BUFP.

Drawdown Indicators

	BUFS	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-15.03%	-11.98%	-3.05%
Max Drawdown (1Y) Largest decline over 1 year	-4.68%	-4.41%	-0.27%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.26%	-0.97%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	0.82%	+0.29%

Volatility

BUFS vs. BUFP - Volatility Comparison

The current volatility for FT Vest Laddered Small Cap Moderate Buffer ETF (BUFS) is 1.41%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 1.70%. This indicates that BUFS experiences smaller price fluctuations and is considered to be less risky than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFS	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	1.70%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	5.63%	5.24%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	8.55%	6.44%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.91%	9.30%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.91%	9.30%	+1.61%

BUFS vs. BUFP - Expense Ratio Comparison

BUFS has a 1.01% expense ratio, which is higher than BUFP's 0.50% expense ratio.

Dividends

BUFS vs. BUFP - Dividend Comparison

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

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
BUFS FT Vest Laddered Small Cap Moderate Buffer ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BUFS and BUFP in my portfolio?

BUFS and BUFP have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFS or BUFP?

BUFP has higher volatility (1.70%) compared to BUFS (1.41%). In terms of maximum drawdown, BUFS dropped -15.03% vs BUFP's -11.98%.

Which ETF is better, BUFS or BUFP?

On 1-year performance, BUFS leads with 20.19% vs 14.81% for BUFP. On fees, BUFP is cheaper at 0.50% per year. On volatility, BUFS has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFS or BUFP?

Over the 1-year period, BUFS has performed better with a 20.19% return vs 14.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFS or BUFP?

BUFP is cheaper with a 0.50% expense ratio, compared with 1.01% for BUFS.

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

BUFP has the higher dividend yield at 0.01%, compared with 0.00% for BUFS.

What is the main difference between BUFS and BUFP?

They also come from different issuers: First Trust and PGIM. Their fees differ too: 1.01% for BUFS and 0.50% for BUFP.

Which has better risk-adjusted returns?

BUFS currently has the higher Sharpe Ratio (2.38 vs 2.32), 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.