MAYP vs. FBUF

Last updated Jun 4, 2026

MAYP (PGIM S&P 500 Buffer 12 ETF - May) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, MAYP returned 13.30% vs 19.61% for FBUF. Their correlation of 0.87 suggests significant overlap in exposure. MAYP charges 0.50%/yr vs 0.48%/yr for FBUF.

Performance

MAYP vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - May (MAYP) and Fidelity Dynamic Buffered Equity ETF (FBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAYP achieves a 5.01% return, which is significantly lower than FBUF's 5.32% return.

MAYP

• 1D: -0.29%
• 1M: 2.55%
• YTD: 5.01%
• 6M: 5.93%
• 1Y: 13.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBUF

• 1D: -0.12%
• 1M: 2.85%
• YTD: 5.32%
• 6M: 6.28%
• 1Y: 19.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAYP vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAYP PGIM S&P 500 Buffer 12 ETF - May	5.01%	10.99%	11.55%
FBUF Fidelity Dynamic Buffered Equity ETF	5.32%	14.01%	12.77%

Correlation

The correlation between MAYP and FBUF 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 May 2, 2024	0.87

The correlation between MAYP and FBUF has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

MAYP vs. FBUF — Risk / Return Rank

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

MAYP

MAYP Risk / Return Rank: 93
MAYP Sharpe Ratio Rank: 89
MAYP Sortino Ratio Rank: 93
MAYP Omega Ratio Rank: 94
MAYP Calmar Ratio Rank: 92
MAYP Martin Ratio Rank: 96

FBUF

FBUF Risk / Return Rank: 79
FBUF Sharpe Ratio Rank: 80
FBUF Sortino Ratio Rank: 79
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 70
FBUF Martin Ratio Rank: 80

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.

MAYP vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - May (MAYP) and Fidelity Dynamic Buffered Equity ETF (FBUF). 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.

	MAYP	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	2.96	2.63	+0.33
Sortino ratio: Return per unit of downside risk	4.55	3.55	+1.00
Omega ratio: Gain probability vs. loss probability	1.68	1.53	+0.15
Calmar ratio: Return relative to maximum drawdown	6.34	3.51	+2.83
Martin ratio: Return relative to average drawdown	36.59	15.68	+20.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAYP vs. FBUF - Sharpe Ratio Comparison

The current MAYP Sharpe Ratio is 2.96, which is comparable to the FBUF Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of MAYP and FBUF, 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

	MAYP	FBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.96	2.63	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	1.47	-0.01

Drawdowns

MAYP vs. FBUF - Drawdown Comparison

The maximum MAYP drawdown since its inception was -11.06%, roughly equal to the maximum FBUF drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for MAYP and FBUF.

Drawdown Indicators

	MAYP	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-11.06%	-11.09%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-5.61%	+3.50%
Current Drawdown Current decline from peak	-0.29%	-0.22%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.65%	-1.38%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	1.25%	-0.89%

Volatility

MAYP vs. FBUF - Volatility Comparison

PGIM S&P 500 Buffer 12 ETF - May (MAYP) has a higher volatility of 1.71% compared to Fidelity Dynamic Buffered Equity ETF (FBUF) at 1.11%. This indicates that MAYP's price experiences larger fluctuations and is considered to be riskier than FBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAYP	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	1.11%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	3.52%	5.37%	-1.85%
Volatility (1Y) Calculated over the trailing 1-year period	4.51%	7.49%	-2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.25%	9.55%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.25%	9.55%	-0.30%

MAYP vs. FBUF - Expense Ratio Comparison

MAYP has a 0.50% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

MAYP vs. FBUF - Dividend Comparison

MAYP has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.63%.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.63%	0.64%	0.54%
MAYP PGIM S&P 500 Buffer 12 ETF - May	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MAYP and FBUF in my portfolio?

MAYP and FBUF 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, MAYP or FBUF?

MAYP has higher volatility (1.71%) compared to FBUF (1.11%). In terms of maximum drawdown, MAYP dropped -11.06% vs FBUF's -11.09%.

Which ETF is better, MAYP or FBUF?

On 1-year performance, FBUF leads with 19.61% vs 13.30% for MAYP. On fees, FBUF is cheaper at 0.48% per year. On volatility, FBUF has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAYP or FBUF?

Over the 1-year period, FBUF has performed better with a 19.61% return vs 13.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAYP or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.50% for MAYP.

Which ETF pays a higher dividend yield, MAYP or FBUF?

FBUF has the higher dividend yield at 0.63%, compared with 0.00% for MAYP.

What is the main difference between MAYP and FBUF?

They also come from different issuers: PGIM and Fidelity. Their fees differ too: 0.50% for MAYP and 0.48% for FBUF.

Which has better risk-adjusted returns?

MAYP currently has the higher Sharpe Ratio (2.96 vs 2.63), 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.