FEBT vs. FEBP

Last updated Jun 23, 2026

FEBT (Allianzim U.S. Large Cap Buffer10 Feb ETF) and FEBP (PGIM US Large-Cap Buffer 12 ETF - February) are both Options Trading funds. Both are actively managed. Over the past year, FEBT returned 19.91% vs 18.29% for FEBP. With a 0.96 correlation, they move nearly in lockstep. FEBT charges 0.74%/yr vs 0.50%/yr for FEBP.

Performance

FEBT vs. FEBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer10 Feb ETF (FEBT) and PGIM US Large-Cap Buffer 12 ETF - February (FEBP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEBT achieves a 7.54% return, which is significantly higher than FEBP's 6.61% return.

FEBT

• 1D: -0.19%
• 1M: 0.35%
• YTD: 7.54%
• 6M: 7.41%
• 1Y: 19.91%
• 3Y*: 15.72%
• 5Y*: —
• 10Y*: —

FEBP

• 1D: -0.16%
• 1M: 0.94%
• YTD: 6.61%
• 6M: 6.68%
• 1Y: 18.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEBT vs. FEBP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEBT Allianzim U.S. Large Cap Buffer10 Feb ETF	7.54%	12.72%	14.93%
FEBP PGIM US Large-Cap Buffer 12 ETF - February	6.61%	12.06%	11.40%

Correlation

The correlation between FEBT and FEBP is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	0.96

The correlation between FEBT and FEBP has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

Return for Risk

FEBT vs. FEBP — Risk / Return Rank

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

FEBT

FEBT Risk / Return Rank: 81
FEBT Sharpe Ratio Rank: 83
FEBT Sortino Ratio Rank: 86
FEBT Omega Ratio Rank: 85
FEBT Calmar Ratio Rank: 68
FEBT Martin Ratio Rank: 84

FEBP

FEBP Risk / Return Rank: 82
FEBP Sharpe Ratio Rank: 84
FEBP Sortino Ratio Rank: 86
FEBP Omega Ratio Rank: 87
FEBP Calmar Ratio Rank: 70
FEBP Martin Ratio Rank: 85

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.

FEBT vs. FEBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer10 Feb ETF (FEBT) and PGIM US Large-Cap Buffer 12 ETF - February (FEBP). 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.

	FEBT	FEBP	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.59	-0.03
Sortino ratio: Return per unit of downside risk	3.66	3.70	-0.04
Omega ratio: Gain probability vs. loss probability	1.50	1.51	-0.02
Calmar ratio: Return relative to maximum drawdown	3.31	3.36	-0.05
Martin ratio: Return relative to average drawdown	16.57	17.08	-0.51

FEBT vs. FEBP - Sharpe Ratio Comparison

The current FEBT Sharpe Ratio is 2.56, which is comparable to the FEBP Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of FEBT and FEBP, 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

FEBT vs. FEBP - Drawdown Comparison

The maximum FEBT drawdown since its inception was -13.19%, which is greater than FEBP's maximum drawdown of -12.11%. Use the drawdown chart below to compare losses from any high point for FEBT and FEBP.

Drawdown Indicators

	FEBT	FEBP	Difference
Max Drawdown Largest peak-to-trough decline	-13.19%	-12.11%	-1.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.04%	-5.47%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	-13.19%	—	—
Current Drawdown Current decline from peak	-0.67%	-0.42%	-0.25%
Average Drawdown Average peak-to-trough decline	-1.17%	-0.92%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	1.07%	+0.13%

Volatility

FEBT vs. FEBP - Volatility Comparison

Allianzim U.S. Large Cap Buffer10 Feb ETF (FEBT) and PGIM US Large-Cap Buffer 12 ETF - February (FEBP) have volatilities of 2.31% and 2.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEBT	FEBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	2.29%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	6.26%	5.74%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	7.82%	7.10%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.75%	9.02%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.75%	9.02%	+0.73%

FEBT vs. FEBP - Expense Ratio Comparison

FEBT has a 0.74% expense ratio, which is higher than FEBP's 0.50% expense ratio.

Dividends

FEBT vs. FEBP - Dividend Comparison

Neither FEBT nor FEBP has paid dividends to shareholders.

Position	TTM	2025	2024
FEBP PGIM US Large-Cap Buffer 12 ETF - February	0.00%	0.00%	0.00%
FEBT Allianzim U.S. Large Cap Buffer10 Feb ETF	0.00%	0.00%	0.28%

Frequently Asked Questions

Can I hold both FEBT and FEBP in my portfolio?

With a correlation of 0.96, FEBT and FEBP 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 is riskier, FEBT or FEBP?

FEBT has higher volatility (2.31%) compared to FEBP (2.29%). In terms of maximum drawdown, FEBT dropped -13.19% vs FEBP's -12.11%.

Which ETF is better, FEBT or FEBP?

On 1-year performance, FEBT leads with 19.91% vs 18.29% for FEBP. On fees, FEBP is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEBT or FEBP?

Over the 1-year period, FEBT has performed better with a 19.91% return vs 18.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBT or FEBP?

FEBP is cheaper with a 0.50% expense ratio, compared with 0.74% for FEBT.

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

FEBT and FEBP have nearly identical dividend yields, around 0.00%.

What is the main difference between FEBT and FEBP?

They also come from different issuers: Allianz and PGIM. Their fees differ too: 0.74% for FEBT and 0.50% for FEBP.

Which has better risk-adjusted returns?

FEBP currently has the higher Sharpe Ratio (2.59 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.