FEBP vs. SHDG

Last updated Aug 6, 2026

FEBP (PGIM US Large-Cap Buffer 12 ETF - February) and SHDG (Soundwatch Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, FEBP returned 16.33% vs 10.90% for SHDG. Their correlation of 0.89 means they have usually moved in the same direction. FEBP charges 0.50%/yr vs 0.53%/yr for SHDG.

Performance

FEBP vs. SHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - February (FEBP) and Soundwatch Hedged Equity ETF (SHDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEBP achieves a 8.86% return, which is significantly higher than SHDG's 3.41% return.

FEBP

• 1D: 0.59%
• 1M: 1.52%
• 6M: 7.75%
• YTD: 8.86%
• 1Y: 16.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.01%

SHDG

• 1D: -0.31%
• 1M: 1.66%
• 6M: 2.76%
• YTD: 3.41%
• 1Y: 10.90%
• 3Y*: 12.23%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.47%

*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)
FEBP PGIM US Large-Cap Buffer 12 ETF - February	$132.90K	$135.08K	$132.88K
SHDG Soundwatch Hedged Equity ETF	$177.85K	$138.95K	$158.50K

FEBP vs. SHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEBP PGIM US Large-Cap Buffer 12 ETF - February	8.86%	12.06%	11.40%
SHDG Soundwatch Hedged Equity ETF	3.41%	11.46%	17.95%

Correlation

The correlation between FEBP and SHDG is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	0.89

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

Return for Risk

FEBP vs. SHDG — Risk / Return Rank

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

FEBP

FEBP Risk / Return Rank: 70
FEBP Sharpe Ratio Rank: 56
FEBP Sortino Ratio Rank: 58
FEBP Omega Ratio Rank: 84
FEBP Calmar Ratio Rank: 66
FEBP Martin Ratio Rank: 87

SHDG

SHDG Risk / Return Rank: 46
SHDG Sharpe Ratio Rank: 48
SHDG Sortino Ratio Rank: 46
SHDG Omega Ratio Rank: 50
SHDG Calmar Ratio Rank: 41
SHDG Martin Ratio Rank: 47

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.

FEBP vs. SHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - February (FEBP) and Soundwatch Hedged Equity ETF (SHDG). 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.

	FEBP	SHDG	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.37	+0.18
Sortino ratio: Return per unit of downside risk	2.27	1.92	+0.35
Omega ratio: Gain probability vs. loss probability	1.40	1.26	+0.14
Calmar ratio: Return relative to maximum drawdown	2.66	1.65	+1.01
Martin ratio: Return relative to average drawdown	14.19	6.04	+8.15

FEBP vs. SHDG - Sharpe Ratio Comparison

The current FEBP Sharpe Ratio is 1.55, which is comparable to the SHDG Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of FEBP and SHDG, 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

FEBP vs. SHDG - Drawdown Comparison

The maximum FEBP drawdown since its inception was -12.11%, smaller than the maximum SHDG drawdown of -15.82%. Use the drawdown chart below to compare losses from any high point for FEBP and SHDG.

Drawdown Indicators

	FEBP	SHDG	Difference
Max Drawdown Largest peak-to-trough decline	-12.11%	-15.82%	+3.71%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	-6.62%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.82%	—
Current Drawdown Current decline from peak	0.00%	-0.31%	+0.31%
Average Drawdown Average peak-to-trough decline	-0.90%	-1.69%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	1.81%	-0.66%

Volatility

FEBP vs. SHDG - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 12 ETF - February (FEBP) is 1.96%, while Soundwatch Hedged Equity ETF (SHDG) has a volatility of 3.11%. This indicates that FEBP experiences smaller price fluctuations and is considered to be less risky than SHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEBP	SHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	3.11%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	9.78%	5.60%	+4.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.58%	8.02%	+2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.18%	10.85%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.18%	10.85%	-0.67%

FEBP vs. SHDG - Expense Ratio Comparison

FEBP has a 0.50% expense ratio, which is lower than SHDG's 0.53% expense ratio.

Dividends

FEBP vs. SHDG - Dividend Comparison

FEBP has not paid dividends to shareholders, while SHDG's dividend yield for the trailing twelve months is around 0.48%.

Position	TTM	2025	2024	2023	2022
FEBP PGIM US Large-Cap Buffer 12 ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%
SHDG Soundwatch Hedged Equity ETF	0.48%	0.49%	0.62%	1.24%	0.90%

Frequently Asked Questions

Can I hold both FEBP and SHDG in my portfolio?

FEBP and SHDG 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, FEBP or SHDG?

SHDG has higher volatility (3.11%) compared to FEBP (1.96%). In terms of maximum drawdown, FEBP dropped -12.11% vs SHDG's -15.82%.

Which ETF is better, FEBP or SHDG?

On 1-year performance, FEBP leads with 16.33% vs 10.90% for SHDG. On fees, FEBP is cheaper at 0.50% per year. On volatility, FEBP has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEBP or SHDG?

Over the 1-year period, FEBP has performed better with a 16.33% return vs 10.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBP or SHDG?

FEBP is cheaper with a 0.50% expense ratio, compared with 0.53% for SHDG.

Which ETF pays a higher dividend yield, FEBP or SHDG?

SHDG has the higher dividend yield at 0.48%, compared with 0.00% for FEBP.

What is the main difference between FEBP and SHDG?

They also come from different issuers: PGIM and SoundWatch Capital. Their fees differ too: 0.50% for FEBP and 0.53% for SHDG.

Which has better risk-adjusted returns?

FEBP currently has the higher Sharpe Ratio (1.55 vs 1.37), 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.