IVVB vs. PBAP
IVVB (iShares Large Cap Deep Buffer ETF) and PBAP (PGIM US Large-Cap Buffer 20 ETF - April) are both Options Trading funds. Both are actively managed. Over the past year, IVVB returned 12.68% vs 12.34% for PBAP. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.
Performance
IVVB vs. PBAP - Performance Comparison
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Returns By Period
In the year-to-date period, IVVB achieves a 3.81% return, which is significantly lower than PBAP's 6.49% return.
IVVB
- 1D
- -0.46%
- 1M
- -0.43%
- YTD
- 3.81%
- 6M
- 2.94%
- 1Y
- 12.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBAP
- 1D
- -0.37%
- 1M
- 0.06%
- YTD
- 6.49%
- 6M
- 6.58%
- 1Y
- 12.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IVVB vs. PBAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IVVB iShares Large Cap Deep Buffer ETF | 3.81% | 9.60% | 11.46% |
PBAP PGIM US Large-Cap Buffer 20 ETF - April | 6.49% | 6.34% | 8.86% |
Correlation
The correlation between IVVB and PBAP is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024 | 0.87 |
The correlation between IVVB and PBAP shifts across timeframes, from 0.77 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IVVB vs. PBAP — Risk / Return Rank
IVVB
PBAP
IVVB vs. PBAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Deep Buffer ETF (IVVB) and PGIM US Large-Cap Buffer 20 ETF - April (PBAP). 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.
| IVVB | PBAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -3.94 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 2.00 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 10.58 | -8.37 |
| Martin ratioReturn relative to average drawdown | 9.43 | 65.60 | -56.17 |
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Drawdowns
IVVB vs. PBAP - Drawdown Comparison
The maximum IVVB drawdown since its inception was -13.08%, which is greater than PBAP's maximum drawdown of -9.70%. Use the drawdown chart below to compare losses from any high point for IVVB and PBAP.
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Drawdown Indicators
| IVVB | PBAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.08% | -9.70% | -3.38% |
Max Drawdown (1Y)Largest decline over 1 year | -5.75% | -1.17% | -4.58% |
Current DrawdownCurrent decline from peak | -0.88% | -0.42% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -1.59% | -0.78% | -0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 0.19% | +1.16% |
Volatility
IVVB vs. PBAP - Volatility Comparison
iShares Large Cap Deep Buffer ETF (IVVB) has a higher volatility of 1.74% compared to PGIM US Large-Cap Buffer 20 ETF - April (PBAP) at 1.25%. This indicates that IVVB's price experiences larger fluctuations and is considered to be riskier than PBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVVB | PBAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 1.25% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 5.49% | 2.33% | +3.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.40% | 3.24% | +4.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.25% | 7.06% | +2.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.25% | 7.06% | +2.19% |
IVVB vs. PBAP - Expense Ratio Comparison
Both IVVB and PBAP have an expense ratio of 0.50%.
Dividends
IVVB vs. PBAP - Dividend Comparison
IVVB's dividend yield for the trailing twelve months is around 1.18%, while PBAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IVVB iShares Large Cap Deep Buffer ETF | 1.18% | 1.22% | 0.87% |
PBAP PGIM US Large-Cap Buffer 20 ETF - April | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IVVB and PBAP have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVVB has higher volatility (1.74%) compared to PBAP (1.25%). In terms of maximum drawdown, IVVB dropped -13.08% vs PBAP's -9.70%.
On 1-year performance, IVVB leads with 12.68% vs 12.34% for PBAP. Both ETFs have the same 0.50% expense ratio. On volatility, PBAP has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IVVB has performed better with a 12.68% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVVB and PBAP have the same expense ratio: 0.50% per year.
IVVB has the higher dividend yield at 1.18%, compared with 0.00% for PBAP.
They also come from different issuers: iShares and PGIM.
PBAP currently has the higher Sharpe Ratio (3.86 vs 1.72), 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.
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