NOVP vs. PBL

Last updated Jun 6, 2026

NOVP (PGIM S&P 500 Buffer 12 ETF - November) and PBL (PGIM Portfolio Ballast ETF) are both exchange-traded funds - NOVP is a Defined Outcome fund actively managed by PGIM, while PBL is a Diversified Portfolio fund actively managed by PGIM. Both are actively managed. Over the past year, NOVP returned 16.09% vs 17.94% for PBL. Their correlation of 0.90 suggests significant overlap in exposure. NOVP charges 0.50%/yr vs 0.45%/yr for PBL.

Performance

NOVP vs. PBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - November (NOVP) and PGIM Portfolio Ballast ETF (PBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOVP achieves a 5.76% return, which is significantly lower than PBL's 6.23% return.

NOVP

• 1D: -1.29%
• 1M: 0.49%
• YTD: 5.76%
• 6M: 6.14%
• 1Y: 16.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBL

• 1D: -1.74%
• 1M: 1.04%
• YTD: 6.23%
• 6M: 6.64%
• 1Y: 17.94%
• 3Y*: 14.52%
• 5Y*: —
• 10Y*: —

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

NOVP vs. PBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NOVP PGIM S&P 500 Buffer 12 ETF - November	5.76%	12.14%	8.67%
PBL PGIM Portfolio Ballast ETF	6.23%	12.35%	8.19%

Correlation

The correlation between NOVP and PBL is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since May 23, 2024	0.90

The correlation between NOVP and PBL has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

NOVP vs. PBL — Risk / Return Rank

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

NOVP

NOVP Risk / Return Rank: 74
NOVP Sharpe Ratio Rank: 74
NOVP Sortino Ratio Rank: 76
NOVP Omega Ratio Rank: 81
NOVP Calmar Ratio Rank: 61
NOVP Martin Ratio Rank: 78

PBL

PBL Risk / Return Rank: 65
PBL Sharpe Ratio Rank: 64
PBL Sortino Ratio Rank: 64
PBL Omega Ratio Rank: 62
PBL Calmar Ratio Rank: 66
PBL Martin Ratio Rank: 71

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.

NOVP vs. PBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - November (NOVP) and PGIM Portfolio Ballast ETF (PBL). 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.

	NOVP	PBL	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.99	+0.23
Sortino ratio: Return per unit of downside risk	3.14	2.76	+0.37
Omega ratio: Gain probability vs. loss probability	1.45	1.35	+0.10
Calmar ratio: Return relative to maximum drawdown	2.82	3.10	-0.28
Martin ratio: Return relative to average drawdown	13.94	12.45	+1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOVP vs. PBL - Sharpe Ratio Comparison

The current NOVP Sharpe Ratio is 2.22, which is comparable to the PBL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of NOVP and PBL, 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

	NOVP	PBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.99	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	1.34	+0.04

Drawdowns

NOVP vs. PBL - Drawdown Comparison

The maximum NOVP drawdown since its inception was -11.79%, roughly equal to the maximum PBL drawdown of -11.69%. Use the drawdown chart below to compare losses from any high point for NOVP and PBL.

Drawdown Indicators

	NOVP	PBL	Difference
Max Drawdown Largest peak-to-trough decline	-11.79%	-11.69%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-5.82%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.69%	—
Current Drawdown Current decline from peak	-1.34%	-1.74%	+0.40%
Average Drawdown Average peak-to-trough decline	-1.02%	-1.64%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.44%	-0.28%

Volatility

NOVP vs. PBL - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 12 ETF - November (NOVP) is 2.01%, while PGIM Portfolio Ballast ETF (PBL) has a volatility of 3.04%. This indicates that NOVP experiences smaller price fluctuations and is considered to be less risky than PBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOVP	PBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.01%	3.04%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	6.19%	6.81%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	7.29%	9.05%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.66%	9.86%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.66%	9.86%	-0.20%

NOVP vs. PBL - Expense Ratio Comparison

NOVP has a 0.50% expense ratio, which is higher than PBL's 0.45% expense ratio.

Dividends

NOVP vs. PBL - Dividend Comparison

NOVP has not paid dividends to shareholders, while PBL's dividend yield for the trailing twelve months is around 2.08%.

Position	TTM	2025	2024	2023	2022
NOVP PGIM S&P 500 Buffer 12 ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%
PBL PGIM Portfolio Ballast ETF	2.08%	2.21%	6.89%	7.92%	0.16%

Frequently Asked Questions

Can I hold both NOVP and PBL in my portfolio?

NOVP and PBL have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOVP or PBL?

PBL has higher volatility (3.04%) compared to NOVP (2.01%). In terms of maximum drawdown, NOVP dropped -11.79% vs PBL's -11.69%.

Which ETF is better, NOVP or PBL?

On 1-year performance, PBL leads with 17.94% vs 16.09% for NOVP. On fees, PBL is cheaper at 0.45% per year. On volatility, NOVP has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOVP or PBL?

Over the 1-year period, PBL has performed better with a 17.94% return vs 16.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOVP or PBL?

PBL is cheaper with a 0.45% expense ratio, compared with 0.50% for NOVP.

Which ETF pays a higher dividend yield, NOVP or PBL?

PBL has the higher dividend yield at 2.08%, compared with 0.00% for NOVP.

What is the main difference between NOVP and PBL?

NOVP is categorized as Defined Outcome, while PBL is Diversified Portfolio. Their fees differ too: 0.50% for NOVP and 0.45% for PBL.

Which has better risk-adjusted returns?

NOVP currently has the higher Sharpe Ratio (2.22 vs 1.99), 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.