MARU vs. BUFP

Last updated Jun 26, 2026

MARU (AllianzIM U.S. Equity Buffer15 Uncapped Mar ETF) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds - MARU tracks the SPDR S&P 500 ETF Trust (SPY) Price Return while BUFP tracks the S&P 500. Both are passively managed. Over the past year, MARU returned 15.22% vs 14.76% for BUFP. Their correlation of 0.92 suggests significant overlap in exposure. MARU charges 0.74%/yr vs 0.50%/yr for BUFP.

Performance

MARU vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Mar ETF (MARU) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MARU having a 5.31% return and BUFP slightly higher at 5.56%.

MARU

• 1D: 0.02%
• 1M: -1.89%
• YTD: 5.31%
• 6M: 4.06%
• 1Y: 15.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: 0.06%
• 1M: -0.34%
• YTD: 5.56%
• 6M: 5.26%
• 1Y: 14.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MARU vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025
MARU AllianzIM U.S. Equity Buffer15 Uncapped Mar ETF	5.31%	10.80%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	5.56%	11.16%

Correlation

The correlation between MARU and BUFP is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	0.92

The correlation between MARU and BUFP has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

MARU vs. BUFP — Risk / Return Rank

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

MARU

MARU Risk / Return Rank: 49
MARU Sharpe Ratio Rank: 47
MARU Sortino Ratio Rank: 45
MARU Omega Ratio Rank: 45
MARU Calmar Ratio Rank: 52
MARU Martin Ratio Rank: 55

BUFP

BUFP Risk / Return Rank: 85
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 87
BUFP Omega Ratio Rank: 88
BUFP Calmar Ratio Rank: 75
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.

MARU vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Mar ETF (MARU) 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.

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.

	MARU	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.33	-0.85
Sortino ratio: Return per unit of downside risk	2.06	3.43	-1.37
Omega ratio: Gain probability vs. loss probability	1.27	1.48	-0.21
Calmar ratio: Return relative to maximum drawdown	2.33	3.36	-1.03
Martin ratio: Return relative to average drawdown	8.52	18.28	-9.76

MARU vs. BUFP - Sharpe Ratio Comparison

The current MARU Sharpe Ratio is 1.49, which is lower than the BUFP Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of MARU 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.

Drawdowns

MARU vs. BUFP - Drawdown Comparison

The maximum MARU drawdown since its inception was -9.91%, smaller than the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for MARU and BUFP.

Drawdown Indicators

	MARU	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-9.91%	-11.98%	+2.07%
Max Drawdown (1Y) Largest decline over 1 year	-6.56%	-4.41%	-2.15%
Current Drawdown Current decline from peak	-2.89%	-0.90%	-1.99%
Average Drawdown Average peak-to-trough decline	-1.61%	-0.99%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	0.81%	+0.98%

Volatility

MARU vs. BUFP - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Mar ETF (MARU) has a higher volatility of 3.69% compared to PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) at 2.11%. This indicates that MARU's price experiences larger fluctuations and is considered to be riskier than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MARU	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	2.11%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	7.92%	5.13%	+2.79%
Volatility (1Y) Calculated over the trailing 1-year period	10.29%	6.35%	+3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.99%	9.45%	+2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.99%	9.45%	+2.54%

MARU vs. BUFP - Expense Ratio Comparison

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

Dividends

MARU vs. BUFP - Dividend Comparison

MARU 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%
MARU AllianzIM U.S. Equity Buffer15 Uncapped Mar ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MARU and BUFP in my portfolio?

With a correlation of 0.91, MARU and BUFP 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, MARU or BUFP?

MARU has higher volatility (3.69%) compared to BUFP (2.11%). In terms of maximum drawdown, MARU dropped -9.91% vs BUFP's -11.98%.

Which ETF is better, MARU or BUFP?

On 1-year performance, MARU leads with 15.22% vs 14.76% for BUFP. On fees, BUFP is cheaper at 0.50% per year. On volatility, BUFP has been the lower-risk option at 2.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MARU or BUFP?

Over the 1-year period, MARU has performed better with a 15.22% return vs 14.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARU or BUFP?

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

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

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

What is the main difference between MARU and BUFP?

MARU tracks SPDR S&P 500 ETF Trust (SPY) Price Return, while BUFP tracks S&P 500. They also come from different issuers: AllianzIM and PGIM. Their fees differ too: 0.74% for MARU and 0.50% for BUFP.

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.33 vs 1.49), 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.