GFEB vs. PBFB

Last updated Apr 1, 2026

Compare and contrast key facts about FT Cboe Vest U.S. Equity Moderate Buffer ETF - February (GFEB) and PGIM US Large-Cap Buffer 20 ETF - February (PBFB).

GFEB and PBFB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GFEB is a passively managed fund by FT Vest that tracks the performance of the NONE. It was launched on Feb 16, 2023. PBFB is an actively managed fund by PGIM. It was launched on Jan 31, 2024.

Performance

GFEB vs. PBFB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - February (GFEB) and PGIM US Large-Cap Buffer 20 ETF - February (PBFB). The values are adjusted to include any dividend payments, if applicable.

GFEB vs. PBFB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GFEB FT Cboe Vest U.S. Equity Moderate Buffer ETF - February	-1.06%	11.19%	11.76%
PBFB PGIM US Large-Cap Buffer 20 ETF - February	-1.32%	9.86%	10.00%

Returns By Period

In the year-to-date period, GFEB achieves a -1.06% return, which is significantly higher than PBFB's -1.32% return.

GFEB

• 1D: 1.58%
• 1M: -2.54%
• YTD: -1.06%
• 6M: 1.28%
• 1Y: 11.75%
• 3Y*: 11.58%
• 5Y*: —
• 10Y*: —

PBFB

• 1D: 1.37%
• 1M: -1.73%
• YTD: -1.32%
• 6M: 1.11%
• 1Y: 10.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GFEB vs. PBFB - Expense Ratio Comparison

GFEB has a 0.85% expense ratio, which is higher than PBFB's 0.50% expense ratio.

GFEB

FT Cboe Vest U.S. Equity Moderate Buffer ETF - February

PBFB

PGIM US Large-Cap Buffer 20 ETF - February

Return for Risk

GFEB vs. PBFB — Risk / Return Rank

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

GFEB

GFEB Risk / Return Rank: 72
GFEB Sharpe Ratio Rank: 67
GFEB Sortino Ratio Rank: 70
GFEB Omega Ratio Rank: 78
GFEB Calmar Ratio Rank: 63
GFEB Martin Ratio Rank: 81

PBFB

PBFB Risk / Return Rank: 74
PBFB Sharpe Ratio Rank: 69
PBFB Sortino Ratio Rank: 73
PBFB Omega Ratio Rank: 80
PBFB Calmar Ratio Rank: 66
PBFB Martin Ratio Rank: 83

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.

GFEB vs. PBFB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - February (GFEB) and PGIM US Large-Cap Buffer 20 ETF - February (PBFB). 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.

	GFEB	PBFB	Difference
Sharpe ratio Return per unit of total volatility	1.20	1.26	-0.05
Sortino ratio Return per unit of downside risk	1.79	1.89	-0.09
Omega ratio Gain probability vs. loss probability	1.30	1.32	-0.01
Calmar ratio Return relative to maximum drawdown	1.65	1.74	-0.09
Martin ratio Return relative to average drawdown	9.04	9.60	-0.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GFEB vs. PBFB - Sharpe Ratio Comparison

The current GFEB Sharpe Ratio is 1.20, which is comparable to the PBFB Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of GFEB and PBFB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GFEB	PBFB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	1.26	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.55	1.31	+0.24

Correlation

The correlation between GFEB and PBFB is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GFEB vs. PBFB - Dividend Comparison

Neither GFEB nor PBFB has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GFEB vs. PBFB - Drawdown Comparison

The maximum GFEB drawdown since its inception was -9.63%, which is greater than PBFB's maximum drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for GFEB and PBFB.

Drawdown Indicators

	GFEB	PBFB	Difference
Max Drawdown Largest peak-to-trough decline	-9.63%	-8.65%	-0.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.27%	-6.16%	-1.11%
Current Drawdown Current decline from peak	-2.95%	-2.47%	-0.48%
Average Drawdown Average peak-to-trough decline	-0.72%	-0.63%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	1.11%	+0.22%

Volatility

GFEB vs. PBFB - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - February (GFEB) has a higher volatility of 2.98% compared to PGIM US Large-Cap Buffer 20 ETF - February (PBFB) at 2.54%. This indicates that GFEB's price experiences larger fluctuations and is considered to be riskier than PBFB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GFEB	PBFB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	2.54%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	4.30%	3.80%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	9.79%	8.31%	+1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.68%	6.54%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.68%	6.54%	+1.14%