DLAG vs. PBFR

Last updated Jun 6, 2026

DLAG (FT Vest U.S. Equity Dual Directional Buffer ETF - August) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.91 suggests significant overlap in exposure. DLAG charges 0.85%/yr vs 0.50%/yr for PBFR.

Performance

DLAG vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Dual Directional Buffer ETF - August (DLAG) 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, DLAG achieves a 4.75% return, which is significantly higher than PBFR's 3.97% return.

DLAG

• 1D: -0.63%
• 1M: 0.63%
• YTD: 4.75%
• 6M: 5.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBFR

• 1D: -0.65%
• 1M: 0.41%
• YTD: 3.97%
• 6M: 4.67%
• 1Y: 12.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DLAG vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025
DLAG FT Vest U.S. Equity Dual Directional Buffer ETF - August	4.75%	2.18%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	3.97%	2.28%

Correlation

The correlation between DLAG and PBFR is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 23, 2025	0.91

Return for Risk

DLAG vs. PBFR — Risk / Return Rank

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

PBFR

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

DLAG vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Dual Directional Buffer ETF - August (DLAG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DLAG	PBFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	1.49	+0.07

Drawdowns

DLAG vs. PBFR - Drawdown Comparison

The maximum DLAG drawdown since its inception was -4.23%, smaller than the maximum PBFR drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for DLAG and PBFR.

Drawdown Indicators

	DLAG	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-4.23%	-8.50%	+4.27%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.82%	—
Current Drawdown Current decline from peak	-0.63%	-0.69%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.56%	-0.63%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.54%	—

Volatility

Volatility by Period

	DLAG	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.88%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.54%	4.37%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.54%	6.90%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.54%	6.90%	-0.36%

DLAG vs. PBFR - Expense Ratio Comparison

DLAG has a 0.85% expense ratio, which is higher than PBFR's 0.50% expense ratio.

Dividends

DLAG vs. PBFR - Dividend Comparison

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

Position	TTM	2025	2024
DLAG FT Vest U.S. Equity Dual Directional 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 DLAG and PBFR in my portfolio?

With a correlation of 0.91, DLAG 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 ETF is better, DLAG or PBFR?

On fees, PBFR is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DLAG or PBFR?

PBFR is cheaper with a 0.50% expense ratio, compared with 0.85% for DLAG.

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

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

What is the main difference between DLAG and PBFR?

They also come from different issuers: First Trust and PGIM. Their fees differ too: 0.85% for DLAG and 0.50% for PBFR.