OCTP vs. BUFP

Last updated Jun 24, 2026

OCTP (PGIM S&P 500 Buffer 12 ETF - October) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds from PGIM. OCTP is actively managed, while BUFP is passively managed. Over the past year, OCTP returned 16.09% vs 15.71% for BUFP. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

OCTP vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - October (OCTP) 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 OCTP having a 5.58% return and BUFP slightly higher at 5.60%.

OCTP

• 1D: -0.50%
• 1M: 0.64%
• YTD: 5.58%
• 6M: 5.27%
• 1Y: 16.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: -0.69%
• 1M: -0.13%
• YTD: 5.60%
• 6M: 5.30%
• 1Y: 15.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OCTP vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OCTP PGIM S&P 500 Buffer 12 ETF - October	5.58%	13.14%	5.83%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	5.60%	12.92%	6.30%

Correlation

The correlation between OCTP and BUFP is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.93

The correlation between OCTP and BUFP has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

OCTP vs. BUFP — Risk / Return Rank

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

OCTP

OCTP Risk / Return Rank: 78
OCTP Sharpe Ratio Rank: 77
OCTP Sortino Ratio Rank: 79
OCTP Omega Ratio Rank: 82
OCTP Calmar Ratio Rank: 68
OCTP Martin Ratio Rank: 83

BUFP

BUFP Risk / Return Rank: 84
BUFP Sharpe Ratio Rank: 82
BUFP Sortino Ratio Rank: 86
BUFP Omega Ratio Rank: 88
BUFP Calmar Ratio Rank: 75
BUFP Martin Ratio Rank: 90

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.

OCTP vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - October (OCTP) 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.

	OCTP	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.47	-0.25
Sortino ratio: Return per unit of downside risk	3.15	3.63	-0.48
Omega ratio: Gain probability vs. loss probability	1.44	1.51	-0.07
Calmar ratio: Return relative to maximum drawdown	3.10	3.58	-0.48
Martin ratio: Return relative to average drawdown	15.18	19.56	-4.38

OCTP vs. BUFP - Sharpe Ratio Comparison

The current OCTP Sharpe Ratio is 2.22, which is comparable to the BUFP Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of OCTP 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

OCTP vs. BUFP - Drawdown Comparison

The maximum OCTP drawdown since its inception was -11.96%, roughly equal to the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for OCTP and BUFP.

Drawdown Indicators

	OCTP	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-11.98%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-4.41%	-0.81%
Current Drawdown Current decline from peak	-0.77%	-0.87%	+0.10%
Average Drawdown Average peak-to-trough decline	-1.04%	-0.99%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.80%	+0.26%

Volatility

OCTP vs. BUFP - Volatility Comparison

PGIM S&P 500 Buffer 12 ETF - October (OCTP) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) have volatilities of 2.16% and 2.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OCTP	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	2.12%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	5.16%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	7.31%	6.43%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.57%	9.47%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.57%	9.47%	+0.10%

OCTP vs. BUFP - Expense Ratio Comparison

Both OCTP and BUFP have an expense ratio of 0.50%.

Dividends

OCTP vs. BUFP - Dividend Comparison

OCTP 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%
OCTP PGIM S&P 500 Buffer 12 ETF - October	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OCTP and BUFP in my portfolio?

With a correlation of 0.92, OCTP 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, OCTP or BUFP?

OCTP has higher volatility (2.16%) compared to BUFP (2.12%). In terms of maximum drawdown, OCTP dropped -11.96% vs BUFP's -11.98%.

Which ETF is better, OCTP or BUFP?

On 1-year performance, OCTP leads with 16.09% vs 15.71% for BUFP. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCTP or BUFP?

Over the 1-year period, OCTP has performed better with a 16.09% return vs 15.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCTP or BUFP?

OCTP and BUFP have the same expense ratio: 0.50% per year.

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

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

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.47 vs 2.22), 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.