DECZ vs. PBFR

Last updated Jun 4, 2026

DECZ (TrueShares Structured Outcome (December) ETF) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds. DECZ is passively managed, while PBFR is actively managed. Over the past year, DECZ returned 20.18% vs 12.83% for PBFR. Their correlation of 0.88 suggests significant overlap in exposure. DECZ charges 0.79%/yr vs 0.50%/yr for PBFR.

Performance

DECZ vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (December) ETF (DECZ) 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, DECZ achieves a 8.14% return, which is significantly higher than PBFR's 4.52% return.

DECZ

• 1D: -0.53%
• 1M: 4.15%
• YTD: 8.14%
• 6M: 8.12%
• 1Y: 20.18%
• 3Y*: 16.28%
• 5Y*: 11.21%
• 10Y*: —

PBFR

• 1D: -0.16%
• 1M: 1.58%
• YTD: 4.52%
• 6M: 5.34%
• 1Y: 12.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECZ vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DECZ TrueShares Structured Outcome (December) ETF	8.14%	12.34%	7.33%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	10.44%	5.53%

Correlation

The correlation between DECZ and PBFR is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.88

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

DECZ vs. PBFR - Sectors Allocation Comparison

Sectors	DECZ	PBFR
Technology	35.3%	36.2%
Financial Services	13.4%	11.9%
Consumer Cyclical	10.6%	10.1%
Communication Services	9.9%	10.9%
Healthcare	8.8%	8.4%
Industrials	7.8%	8.1%
Consumer Defensive	5.2%	4.9%
Energy	3.0%	3.5%
Utilities	2.5%	2.3%
Real Estate	2.0%	1.9%
Basic Materials	1.6%	1.8%

Return for Risk

DECZ vs. PBFR — Risk / Return Rank

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

DECZ

DECZ Risk / Return Rank: 62
DECZ Sharpe Ratio Rank: 64
DECZ Sortino Ratio Rank: 65
DECZ Omega Ratio Rank: 64
DECZ Calmar Ratio Rank: 55
DECZ Martin Ratio Rank: 63

PBFR

PBFR Risk / Return Rank: 90
PBFR Sharpe Ratio Rank: 88
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 84
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.

DECZ vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (December) ETF (DECZ) 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.

	DECZ	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.99	-0.87
Sortino ratio: Return per unit of downside risk	2.98	4.36	-1.38
Omega ratio: Gain probability vs. loss probability	1.38	1.66	-0.27
Calmar ratio: Return relative to maximum drawdown	2.69	4.57	-1.88
Martin ratio: Return relative to average drawdown	11.35	24.09	-12.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DECZ vs. PBFR - Sharpe Ratio Comparison

The current DECZ Sharpe Ratio is 2.12, which is comparable to the PBFR Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of DECZ 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.

Sharpe Ratios by Period

	DECZ	PBFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.99	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	1.54	-0.54

Drawdowns

DECZ vs. PBFR - Drawdown Comparison

The maximum DECZ drawdown since its inception was -16.57%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for DECZ and PBFR.

Drawdown Indicators

	DECZ	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-16.57%	-8.50%	-8.07%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-2.82%	-4.71%
Max Drawdown (3Y) Largest decline over 3 years	-14.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.57%	—	—
Current Drawdown Current decline from peak	-0.53%	-0.16%	-0.37%
Average Drawdown Average peak-to-trough decline	-3.06%	-0.63%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	0.53%	+1.25%

Volatility

DECZ vs. PBFR - Volatility Comparison

TrueShares Structured Outcome (December) ETF (DECZ) has a higher volatility of 2.47% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 0.64%. This indicates that DECZ'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

	DECZ	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	0.64%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	3.34%	+3.86%
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	4.33%	+5.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.59%	6.89%	+5.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.39%	6.89%	+5.50%

DECZ vs. PBFR - Expense Ratio Comparison

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

Dividends

DECZ vs. PBFR - Dividend Comparison

DECZ's dividend yield for the trailing twelve months is around 3.03%, more than PBFR's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021
DECZ TrueShares Structured Outcome (December) ETF	3.03%	3.28%	2.55%	1.23%	1.44%	0.46%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DECZ and PBFR in my portfolio?

DECZ and PBFR have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECZ or PBFR?

DECZ has higher volatility (2.47%) compared to PBFR (0.64%). In terms of maximum drawdown, DECZ dropped -16.57% vs PBFR's -8.50%.

Which ETF is better, DECZ or PBFR?

On 1-year performance, DECZ leads with 20.18% vs 12.83% for PBFR. On fees, PBFR is cheaper at 0.50% per year. On volatility, PBFR has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECZ or PBFR?

Over the 1-year period, DECZ has performed better with a 20.18% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECZ or PBFR?

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

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

DECZ has the higher dividend yield at 3.03%, compared with 0.01% for PBFR.

What is the main difference between DECZ and PBFR?

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

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.99 vs 2.12), 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.