FEBW vs. PBMR

Last updated Jun 23, 2026

FEBW (Allianzim U.S. Large Cap Buffer20 Feb ETF) and PBMR (PGIM US Large-Cap Buffer 20 ETF - March) are both Options Trading funds. Both are actively managed. Over the past year, FEBW returned 13.16% vs 12.98% for PBMR. Their correlation of 0.89 suggests significant overlap in exposure. FEBW charges 0.74%/yr vs 0.50%/yr for PBMR.

Performance

FEBW vs. PBMR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) and PGIM US Large-Cap Buffer 20 ETF - March (PBMR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEBW achieves a 4.48% return, which is significantly lower than PBMR's 4.98% return.

FEBW

• 1D: -0.12%
• 1M: 0.34%
• YTD: 4.48%
• 6M: 4.67%
• 1Y: 13.16%
• 3Y*: 10.76%
• 5Y*: —
• 10Y*: —

PBMR

• 1D: -0.09%
• 1M: 0.27%
• YTD: 4.98%
• 6M: 5.26%
• 1Y: 12.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEBW vs. PBMR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEBW Allianzim U.S. Large Cap Buffer20 Feb ETF	4.48%	9.63%	8.42%
PBMR PGIM US Large-Cap Buffer 20 ETF - March	4.98%	10.89%	9.62%

Correlation

The correlation between FEBW and PBMR is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.89

The correlation between FEBW and PBMR has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

FEBW vs. PBMR — Risk / Return Rank

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

FEBW

FEBW Risk / Return Rank: 84
FEBW Sharpe Ratio Rank: 87
FEBW Sortino Ratio Rank: 90
FEBW Omega Ratio Rank: 91
FEBW Calmar Ratio Rank: 68
FEBW Martin Ratio Rank: 85

PBMR

PBMR Risk / Return Rank: 90
PBMR Sharpe Ratio Rank: 91
PBMR Sortino Ratio Rank: 94
PBMR Omega Ratio Rank: 94
PBMR Calmar Ratio Rank: 78
PBMR 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.

FEBW vs. PBMR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) and PGIM US Large-Cap Buffer 20 ETF - March (PBMR). 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.

	FEBW	PBMR	Difference
Sharpe ratio: Return per unit of total volatility	2.73	2.98	-0.25
Sortino ratio: Return per unit of downside risk	3.97	4.51	-0.53
Omega ratio: Gain probability vs. loss probability	1.57	1.66	-0.09
Calmar ratio: Return relative to maximum drawdown	3.31	3.92	-0.61
Martin ratio: Return relative to average drawdown	17.02	22.51	-5.49

FEBW vs. PBMR - Sharpe Ratio Comparison

The current FEBW Sharpe Ratio is 2.73, which is comparable to the PBMR Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of FEBW and PBMR, 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

FEBW vs. PBMR - Drawdown Comparison

The maximum FEBW drawdown since its inception was -8.82%, which is greater than PBMR's maximum drawdown of -7.64%. Use the drawdown chart below to compare losses from any high point for FEBW and PBMR.

Drawdown Indicators

	FEBW	PBMR	Difference
Max Drawdown Largest peak-to-trough decline	-8.82%	-7.64%	-1.18%
Max Drawdown (1Y) Largest decline over 1 year	-4.00%	-3.33%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-8.82%	—	—
Current Drawdown Current decline from peak	-0.27%	-0.25%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.67%	-0.50%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.58%	+0.19%

Volatility

FEBW vs. PBMR - Volatility Comparison

Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) and PGIM US Large-Cap Buffer 20 ETF - March (PBMR) have volatilities of 1.41% and 1.36%, 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

	FEBW	PBMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	1.36%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	3.60%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	4.85%	4.38%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.30%	6.58%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.30%	6.58%	-0.28%

FEBW vs. PBMR - Expense Ratio Comparison

FEBW has a 0.74% expense ratio, which is higher than PBMR's 0.50% expense ratio.

Dividends

FEBW vs. PBMR - Dividend Comparison

Neither FEBW nor PBMR has paid dividends to shareholders.

Position	TTM	2025	2024
FEBW Allianzim U.S. Large Cap Buffer20 Feb ETF	0.00%	0.00%	0.14%
PBMR PGIM US Large-Cap Buffer 20 ETF - March	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEBW and PBMR in my portfolio?

With a correlation of 0.92, FEBW and PBMR 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, FEBW or PBMR?

FEBW has higher volatility (1.41%) compared to PBMR (1.36%). In terms of maximum drawdown, FEBW dropped -8.82% vs PBMR's -7.64%.

Which ETF is better, FEBW or PBMR?

On 1-year performance, FEBW leads with 13.16% vs 12.98% for PBMR. On fees, PBMR 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, FEBW or PBMR?

Over the 1-year period, FEBW has performed better with a 13.16% return vs 12.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBW or PBMR?

PBMR is cheaper with a 0.50% expense ratio, compared with 0.74% for FEBW.

Which ETF pays a higher dividend yield, FEBW or PBMR?

FEBW and PBMR have nearly identical dividend yields, around 0.00%.

What is the main difference between FEBW and PBMR?

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

Which has better risk-adjusted returns?

PBMR currently has the higher Sharpe Ratio (2.98 vs 2.73), 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.