FLAO vs. BUFP

Last updated Jun 4, 2026

FLAO (AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds. FLAO is actively managed, while BUFP is passively managed. Over the past year, FLAO returned 4.33% vs 17.24% for BUFP. Their correlation of 0.89 suggests significant overlap in exposure. FLAO charges 0.74%/yr vs 0.50%/yr for BUFP.

Performance

FLAO vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF (FLAO) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLAO achieves a -0.85% return, which is significantly lower than BUFP's 6.23% return.

FLAO

• 1D: -0.05%
• 1M: 0.99%
• YTD: -0.85%
• 6M: -0.46%
• 1Y: 4.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: -0.22%
• 1M: 2.04%
• YTD: 6.23%
• 6M: 7.00%
• 1Y: 17.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLAO vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLAO AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF	-0.85%	3.38%	7.04%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.23%	12.92%	6.36%

Correlation

The correlation between FLAO and BUFP 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 14, 2024	0.89

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

FLAO vs. BUFP - Sectors Allocation Comparison

Sectors	FLAO	BUFP
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

FLAO vs. BUFP — Risk / Return Rank

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

FLAO

FLAO Risk / Return Rank: 22
FLAO Sharpe Ratio Rank: 23
FLAO Sortino Ratio Rank: 21
FLAO Omega Ratio Rank: 27
FLAO Calmar Ratio Rank: 16
FLAO Martin Ratio Rank: 21

BUFP

BUFP Risk / Return Rank: 86
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 89
BUFP Omega Ratio Rank: 89
BUFP Calmar Ratio Rank: 77
BUFP Martin Ratio Rank: 91

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.

FLAO vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF (FLAO) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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.

	FLAO	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	0.76	2.77	-2.00
Sortino ratio: Return per unit of downside risk	1.06	4.12	-3.07
Omega ratio: Gain probability vs. loss probability	1.18	1.58	-0.40
Calmar ratio: Return relative to maximum drawdown	0.57	3.93	-3.35
Martin ratio: Return relative to average drawdown	2.41	21.96	-19.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLAO vs. BUFP - Sharpe Ratio Comparison

The current FLAO Sharpe Ratio is 0.76, which is lower than the BUFP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of FLAO and BUFP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FLAO	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	2.77	-2.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	1.40	-0.64

Drawdowns

FLAO vs. BUFP - Drawdown Comparison

The maximum FLAO drawdown since its inception was -10.12%, smaller than the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for FLAO and BUFP.

Drawdown Indicators

	FLAO	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-10.12%	-11.98%	+1.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.60%	-4.41%	-3.19%
Current Drawdown Current decline from peak	-2.07%	-0.22%	-1.85%
Average Drawdown Average peak-to-trough decline	-1.90%	-1.00%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	0.79%	+1.01%

Volatility

FLAO vs. BUFP - Volatility Comparison

The current volatility for AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF (FLAO) is 0.32%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 0.95%. This indicates that FLAO experiences smaller price fluctuations and is considered to be less risky than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLAO	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	0.95%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	5.15%	4.82%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	5.69%	6.27%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.50%	9.49%	-1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.50%	9.49%	-1.99%

FLAO vs. BUFP - Expense Ratio Comparison

FLAO has a 0.74% expense ratio, which is higher than BUFP's 0.50% expense ratio.

Dividends

FLAO vs. BUFP - Dividend Comparison

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

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
FLAO AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLAO and BUFP in my portfolio?

FLAO and BUFP 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, FLAO or BUFP?

BUFP has higher volatility (0.95%) compared to FLAO (0.32%). In terms of maximum drawdown, FLAO dropped -10.12% vs BUFP's -11.98%.

Which ETF is better, FLAO or BUFP?

On 1-year performance, BUFP leads with 17.24% vs 4.33% for FLAO. On fees, BUFP is cheaper at 0.50% per year. On volatility, FLAO has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLAO or BUFP?

Over the 1-year period, BUFP has performed better with a 17.24% return vs 4.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLAO or BUFP?

BUFP is cheaper with a 0.50% expense ratio, compared with 0.74% for FLAO.

Which ETF pays a higher dividend yield, FLAO or BUFP?

BUFP has the higher dividend yield at 0.01%, compared with 0.00% for FLAO.

What is the main difference between FLAO and BUFP?

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

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.77 vs 0.76), 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.