DOCT vs. PBFR

Last updated Jun 24, 2026

DOCT (FT Vest U.S. Equity Deep Buffer ETF - October) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds. DOCT is passively managed, while PBFR is actively managed. Over the past year, DOCT returned 15.18% vs 11.76% for PBFR. Their correlation of 0.84 suggests significant overlap in exposure. DOCT charges 0.85%/yr vs 0.50%/yr for PBFR.

Performance

DOCT vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Deep Buffer ETF - October (DOCT) 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, DOCT achieves a 4.64% return, which is significantly higher than PBFR's 4.21% return.

DOCT

• 1D: -0.42%
• 1M: 0.11%
• YTD: 4.64%
• 6M: 4.31%
• 1Y: 15.18%
• 3Y*: 10.34%
• 5Y*: 7.57%
• 10Y*: —

PBFR

• 1D: -0.23%
• 1M: 0.07%
• YTD: 4.21%
• 6M: 4.15%
• 1Y: 11.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DOCT vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DOCT FT Vest U.S. Equity Deep Buffer ETF - October	4.64%	12.50%	2.83%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.21%	10.44%	5.53%

Correlation

The correlation between DOCT 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 13, 2024	0.84

The correlation between DOCT and PBFR has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

DOCT vs. PBFR - Sectors Allocation Comparison

Sectors	DOCT	PBFR
Technology	39.0%	38.4%
Financial Services	11.1%	11.0%
Communication Services	10.6%	10.8%
Consumer Cyclical	9.9%	10.0%
Healthcare	8.3%	8.4%
Industrials	7.8%	7.9%
Consumer Defensive	4.5%	4.6%
Energy	3.1%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

DOCT vs. PBFR — Risk / Return Rank

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

DOCT

DOCT Risk / Return Rank: 85
DOCT Sharpe Ratio Rank: 86
DOCT Sortino Ratio Rank: 90
DOCT Omega Ratio Rank: 88
DOCT Calmar Ratio Rank: 74
DOCT Martin Ratio Rank: 88

PBFR

PBFR Risk / Return Rank: 89
PBFR Sharpe Ratio Rank: 89
PBFR Sortino Ratio Rank: 90
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 83
PBFR Martin Ratio Rank: 92

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.

DOCT vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Deep Buffer ETF - October (DOCT) 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.

	DOCT	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.73	-0.17
Sortino ratio: Return per unit of downside risk	3.86	3.95	-0.09
Omega ratio: Gain probability vs. loss probability	1.50	1.59	-0.09
Calmar ratio: Return relative to maximum drawdown	3.51	4.19	-0.68
Martin ratio: Return relative to average drawdown	17.53	21.70	-4.17

DOCT vs. PBFR - Sharpe Ratio Comparison

The current DOCT Sharpe Ratio is 2.56, which is comparable to the PBFR Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of DOCT 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

DOCT vs. PBFR - Drawdown Comparison

The maximum DOCT drawdown since its inception was -9.92%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for DOCT and PBFR.

Drawdown Indicators

	DOCT	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-9.92%	-8.50%	-1.42%
Max Drawdown (1Y) Largest decline over 1 year	-4.34%	-2.82%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-9.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.92%	—	—
Current Drawdown Current decline from peak	-0.66%	-0.52%	-0.14%
Average Drawdown Average peak-to-trough decline	-1.53%	-0.63%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.54%	+0.33%

Volatility

DOCT vs. PBFR - Volatility Comparison

FT Vest U.S. Equity Deep Buffer ETF - October (DOCT) has a higher volatility of 1.64% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 1.30%. This indicates that DOCT'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

	DOCT	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.30%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	4.59%	3.51%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	5.98%	4.35%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.36%	6.85%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.35%	6.85%	+41.50%

DOCT vs. PBFR - Expense Ratio Comparison

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

Dividends

DOCT vs. PBFR - Dividend Comparison

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

Position	TTM	2025	2024
DOCT FT Vest U.S. Equity Deep Buffer ETF - October	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 DOCT and PBFR in my portfolio?

DOCT 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, DOCT or PBFR?

DOCT has higher volatility (1.64%) compared to PBFR (1.30%). In terms of maximum drawdown, DOCT dropped -9.92% vs PBFR's -8.50%.

Which ETF is better, DOCT or PBFR?

On 1-year performance, DOCT leads with 15.18% vs 11.76% for PBFR. On fees, PBFR is cheaper at 0.50% per year. On volatility, PBFR has been the lower-risk option at 1.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DOCT or PBFR?

Over the 1-year period, DOCT has performed better with a 15.18% return vs 11.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DOCT or PBFR?

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

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

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

What is the main difference between DOCT and PBFR?

They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for DOCT and 0.50% for PBFR.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.73 vs 2.56), 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.