MARW vs. PBAP

Last updated Jun 4, 2026

MARW (Allianzim U.S. Large Cap Buffer20 Mar ETF) and PBAP (PGIM US Large-Cap Buffer 20 ETF - April) are both Options Trading funds. Both are actively managed. Over the past year, MARW returned 12.91% vs 13.30% for PBAP. Their correlation of 0.88 suggests significant overlap in exposure. MARW charges 0.74%/yr vs 0.50%/yr for PBAP.

Performance

MARW vs. PBAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Mar ETF (MARW) and PGIM US Large-Cap Buffer 20 ETF - April (PBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MARW achieves a 5.01% return, which is significantly lower than PBAP's 6.70% return.

MARW

• 1D: -0.12%
• 1M: 1.59%
• YTD: 5.01%
• 6M: 5.94%
• 1Y: 12.91%
• 3Y*: 11.31%
• 5Y*: —
• 10Y*: —

PBAP

• 1D: -0.13%
• 1M: 1.19%
• YTD: 6.70%
• 6M: 7.49%
• 1Y: 13.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MARW vs. PBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MARW Allianzim U.S. Large Cap Buffer20 Mar ETF	5.01%	10.61%	8.34%
PBAP PGIM US Large-Cap Buffer 20 ETF - April	6.70%	6.34%	8.88%

Correlation

The correlation between MARW and PBAP is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.88

The correlation between MARW and PBAP has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

Return for Risk

MARW vs. PBAP — Risk / Return Rank

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

MARW

MARW Risk / Return Rank: 89
MARW Sharpe Ratio Rank: 90
MARW Sortino Ratio Rank: 92
MARW Omega Ratio Rank: 95
MARW Calmar Ratio Rank: 77
MARW Martin Ratio Rank: 92

PBAP

PBAP Risk / Return Rank: 98
PBAP Sharpe Ratio Rank: 96
PBAP Sortino Ratio Rank: 98
PBAP Omega Ratio Rank: 98
PBAP Calmar Ratio Rank: 97
PBAP Martin Ratio Rank: 98

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.

MARW vs. PBAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Mar ETF (MARW) 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.

	MARW	PBAP	Difference
Sharpe ratio: Return per unit of total volatility	3.07	4.29	-1.22
Sortino ratio: Return per unit of downside risk	4.50	7.35	-2.84
Omega ratio: Gain probability vs. loss probability	1.71	2.15	-0.44
Calmar ratio: Return relative to maximum drawdown	3.83	11.41	-7.58
Martin ratio: Return relative to average drawdown	22.52	82.09	-59.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MARW vs. PBAP - Sharpe Ratio Comparison

The current MARW Sharpe Ratio is 3.07, which is comparable to the PBAP Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of MARW and PBAP, 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

	MARW	PBAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	4.29	-1.22
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	1.45	+0.52

Drawdowns

MARW vs. PBAP - Drawdown Comparison

The maximum MARW drawdown since its inception was -7.58%, smaller than the maximum PBAP drawdown of -9.70%. Use the drawdown chart below to compare losses from any high point for MARW and PBAP.

Drawdown Indicators

	MARW	PBAP	Difference
Max Drawdown Largest peak-to-trough decline	-7.58%	-9.70%	+2.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-1.17%	-2.22%
Max Drawdown (3Y) Largest decline over 3 years	-7.58%	—	—
Current Drawdown Current decline from peak	-0.12%	-0.13%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.48%	-0.79%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.16%	+0.41%

Volatility

MARW vs. PBAP - Volatility Comparison

Allianzim U.S. Large Cap Buffer20 Mar ETF (MARW) has a higher volatility of 0.71% compared to PGIM US Large-Cap Buffer 20 ETF - April (PBAP) at 0.59%. This indicates that MARW'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.

Volatility by Period

	MARW	PBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	0.59%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	3.37%	2.00%	+1.37%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	3.12%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.10%	7.10%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	7.10%	-1.00%

MARW vs. PBAP - Expense Ratio Comparison

MARW has a 0.74% expense ratio, which is higher than PBAP's 0.50% expense ratio.

Dividends

MARW vs. PBAP - Dividend Comparison

Neither MARW nor PBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MARW and PBAP in my portfolio?

MARW and PBAP have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MARW or PBAP?

MARW has higher volatility (0.71%) compared to PBAP (0.59%). In terms of maximum drawdown, MARW dropped -7.58% vs PBAP's -9.70%.

Which ETF is better, MARW or PBAP?

On 1-year performance, PBAP leads with 13.30% vs 12.91% for MARW. On fees, PBAP is cheaper at 0.50% per year. On volatility, PBAP has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MARW or PBAP?

Over the 1-year period, PBAP has performed better with a 13.30% return vs 12.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARW or PBAP?

PBAP is cheaper with a 0.50% expense ratio, compared with 0.74% for MARW.

Which ETF pays a higher dividend yield, MARW or PBAP?

MARW and PBAP have nearly identical dividend yields, around 0.00%.

What is the main difference between MARW and PBAP?

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

Which has better risk-adjusted returns?

PBAP currently has the higher Sharpe Ratio (4.29 vs 3.07), 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.