PBAP vs. AMZY

Last updated Jun 24, 2026

PBAP (PGIM US Large-Cap Buffer 20 ETF - April) and AMZY (YieldMax AMZN Option Income Strategy ETF) are both exchange-traded funds - PBAP is a Options Trading fund actively managed by PGIM, while AMZY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, PBAP returned 12.34% vs 6.82% for AMZY. A 0.57 correlation means they provide meaningful diversification when combined. PBAP charges 0.50%/yr vs 1.09%/yr for AMZY.

Performance

PBAP vs. AMZY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and YieldMax AMZN Option Income Strategy ETF (AMZY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBAP achieves a 6.49% return, which is significantly higher than AMZY's -1.83% return.

PBAP

• 1D: -0.37%
• 1M: 0.06%
• YTD: 6.49%
• 6M: 6.58%
• 1Y: 12.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMZY

• 1D: 0.57%
• 1M: -10.29%
• YTD: -1.83%
• 6M: -1.84%
• 1Y: 6.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBAP vs. AMZY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBAP PGIM US Large-Cap Buffer 20 ETF - April	6.49%	6.34%	8.86%
AMZY YieldMax AMZN Option Income Strategy ETF	-1.83%	10.39%	14.01%

Correlation

The correlation between PBAP and AMZY is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.57

The correlation between PBAP and AMZY has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.

Return for Risk

PBAP vs. AMZY — Risk / Return Rank

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

PBAP

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

AMZY

AMZY Risk / Return Rank: 12
AMZY Sharpe Ratio Rank: 12
AMZY Sortino Ratio Rank: 12
AMZY Omega Ratio Rank: 13
AMZY Calmar Ratio Rank: 12
AMZY Martin Ratio Rank: 12

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.

PBAP vs. AMZY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and YieldMax AMZN Option Income Strategy ETF (AMZY). 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.

	PBAP	AMZY	Difference
Sharpe ratio: Return per unit of total volatility	3.86	0.28	+3.57
Sortino ratio: Return per unit of downside risk	6.36	0.54	+5.82
Omega ratio: Gain probability vs. loss probability	2.00	1.07	+0.93
Calmar ratio: Return relative to maximum drawdown	10.58	0.35	+10.24
Martin ratio: Return relative to average drawdown	65.60	0.83	+64.77

PBAP vs. AMZY - Sharpe Ratio Comparison

The current PBAP Sharpe Ratio is 3.86, which is higher than the AMZY Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of PBAP and AMZY, 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

PBAP vs. AMZY - Drawdown Comparison

The maximum PBAP drawdown since its inception was -9.70%, smaller than the maximum AMZY drawdown of -23.70%. Use the drawdown chart below to compare losses from any high point for PBAP and AMZY.

Drawdown Indicators

	PBAP	AMZY	Difference
Max Drawdown Largest peak-to-trough decline	-9.70%	-23.70%	+14.00%
Max Drawdown (1Y) Largest decline over 1 year	-1.17%	-19.61%	+18.44%
Current Drawdown Current decline from peak	-0.42%	-12.34%	+11.92%
Average Drawdown Average peak-to-trough decline	-0.78%	-5.40%	+4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	8.20%	-8.01%

Volatility

PBAP vs. AMZY - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) is 1.25%, while YieldMax AMZN Option Income Strategy ETF (AMZY) has a volatility of 7.99%. This indicates that PBAP experiences smaller price fluctuations and is considered to be less risky than AMZY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAP	AMZY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	7.99%	-6.74%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	17.06%	-14.73%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	24.24%	-21.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.06%	25.14%	-18.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.06%	25.14%	-18.08%

PBAP vs. AMZY - Expense Ratio Comparison

PBAP has a 0.50% expense ratio, which is lower than AMZY's 1.09% expense ratio.

Dividends

PBAP vs. AMZY - Dividend Comparison

PBAP has not paid dividends to shareholders, while AMZY's dividend yield for the trailing twelve months is around 58.30%.

Position	TTM	2025	2024	2023
AMZY YieldMax AMZN Option Income Strategy ETF	58.30%	52.59%	47.91%	9.90%
PBAP PGIM US Large-Cap Buffer 20 ETF - April	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBAP and AMZY in my portfolio?

PBAP and AMZY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBAP or AMZY?

AMZY has higher volatility (7.99%) compared to PBAP (1.25%). In terms of maximum drawdown, PBAP dropped -9.70% vs AMZY's -23.70%.

Which ETF is better, PBAP or AMZY?

On 1-year performance, PBAP leads with 12.34% vs 6.82% for AMZY. On fees, PBAP is cheaper at 0.50% per year. On volatility, PBAP has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBAP or AMZY?

Over the 1-year period, PBAP has performed better with a 12.34% return vs 6.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBAP or AMZY?

PBAP is cheaper with a 0.50% expense ratio, compared with 1.09% for AMZY.

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

AMZY has the higher dividend yield at 58.30%, compared with 0.00% for PBAP.

What is the main difference between PBAP and AMZY?

PBAP is categorized as Options Trading, while AMZY is Derivative Income. They also come from different issuers: PGIM and YieldMax. Their fees differ too: 0.50% for PBAP and 1.09% for AMZY.

Which has better risk-adjusted returns?

PBAP currently has the higher Sharpe Ratio (3.86 vs 0.28), 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.