JULP vs. PBFR

Last updated Jun 4, 2026

JULP (PGIM S&P 500 Buffer 12 ETF - July) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, JULP returned 17.08% vs 12.83% for PBFR. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

JULP vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - July (JULP) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JULP achieves a 5.33% return, which is significantly higher than PBFR's 4.52% return.

JULP

• 1D: -0.02%
• 1M: 1.47%
• YTD: 5.33%
• 6M: 6.10%
• 1Y: 17.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBFR

• 1D: -0.16%
• 1M: 1.58%
• YTD: 4.52%
• 6M: 5.34%
• 1Y: 12.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JULP vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JULP PGIM S&P 500 Buffer 12 ETF - July	5.33%	13.68%	6.74%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	10.44%	5.53%

Correlation

The correlation between JULP and PBFR is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.88

The correlation between JULP and PBFR has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

JULP vs. PBFR — Risk / Return Rank

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

JULP

JULP Risk / Return Rank: 84
JULP Sharpe Ratio Rank: 81
JULP Sortino Ratio Rank: 86
JULP Omega Ratio Rank: 87
JULP Calmar Ratio Rank: 77
JULP Martin Ratio Rank: 90

PBFR

PBFR Risk / Return Rank: 90
PBFR Sharpe Ratio Rank: 88
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 84
PBFR Martin Ratio Rank: 93

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.

JULP vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - July (JULP) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). 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.

	JULP	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.99	-0.40
Sortino ratio: Return per unit of downside risk	3.81	4.36	-0.55
Omega ratio: Gain probability vs. loss probability	1.54	1.66	-0.12
Calmar ratio: Return relative to maximum drawdown	3.84	4.57	-0.74
Martin ratio: Return relative to average drawdown	20.97	24.09	-3.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JULP vs. PBFR - Sharpe Ratio Comparison

The current JULP Sharpe Ratio is 2.59, which is comparable to the PBFR Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of JULP and PBFR, 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

	JULP	PBFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.99	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	1.54	-0.16

Drawdowns

JULP vs. PBFR - Drawdown Comparison

The maximum JULP drawdown since its inception was -12.36%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for JULP and PBFR.

Drawdown Indicators

	JULP	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-12.36%	-8.50%	-3.86%
Max Drawdown (1Y) Largest decline over 1 year	-4.47%	-2.82%	-1.65%
Current Drawdown Current decline from peak	-0.02%	-0.16%	+0.14%
Average Drawdown Average peak-to-trough decline	-1.09%	-0.63%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.53%	+0.29%

Volatility

JULP vs. PBFR - Volatility Comparison

PGIM S&P 500 Buffer 12 ETF - July (JULP) has a higher volatility of 1.06% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 0.64%. This indicates that JULP's price experiences larger fluctuations and is considered to be riskier than PBFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JULP	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	0.64%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	4.87%	3.34%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	6.65%	4.33%	+2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.77%	6.89%	+2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.77%	6.89%	+2.88%

JULP vs. PBFR - Expense Ratio Comparison

Both JULP and PBFR have an expense ratio of 0.50%.

Dividends

JULP vs. PBFR - Dividend Comparison

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

Position	TTM	2025	2024
JULP PGIM S&P 500 Buffer 12 ETF - July	0.00%	0.00%	0.00%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%

Frequently Asked Questions

Can I hold both JULP and PBFR in my portfolio?

JULP and PBFR have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JULP or PBFR?

JULP has higher volatility (1.06%) compared to PBFR (0.64%). In terms of maximum drawdown, JULP dropped -12.36% vs PBFR's -8.50%.

Which ETF is better, JULP or PBFR?

On 1-year performance, JULP leads with 17.08% vs 12.83% for PBFR. Both ETFs have the same 0.50% expense ratio. On volatility, PBFR has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JULP or PBFR?

Over the 1-year period, JULP has performed better with a 17.08% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULP or PBFR?

JULP and PBFR have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, JULP or PBFR?

PBFR has the higher dividend yield at 0.01%, compared with 0.00% for JULP.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.99 vs 2.59), 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.