PBAP vs. BDRY

Last updated Jun 24, 2026

PBAP (PGIM US Large-Cap Buffer 20 ETF - April) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - PBAP is a Options Trading fund actively managed by PGIM, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. PBAP is actively managed, while BDRY is passively managed. Over the past year, PBAP returned 12.34% vs 103.63% for BDRY. At a correlation of -0.03, they often move in opposite directions. PBAP charges 0.50%/yr vs 3.76%/yr for BDRY.

Performance

PBAP vs. BDRY - 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 Breakwave Dry Bulk Shipping ETF (BDRY). 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 lower than BDRY's 34.21% return.

PBAP

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

BDRY

• 1D: 1.64%
• 1M: -7.14%
• YTD: 34.21%
• 6M: 34.67%
• 1Y: 103.63%
• 3Y*: 24.09%
• 5Y*: -16.41%
• 10Y*: —

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

PBAP vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBAP PGIM US Large-Cap Buffer 20 ETF - April	6.49%	6.34%	8.86%
BDRY Breakwave Dry Bulk Shipping ETF	34.21%	44.24%	-56.13%

Correlation

The correlation between PBAP and BDRY is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	-0.03

Return for Risk

PBAP vs. BDRY — 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

BDRY

BDRY Risk / Return Rank: 75
BDRY Sharpe Ratio Rank: 82
BDRY Sortino Ratio Rank: 67
BDRY Omega Ratio Rank: 63
BDRY Calmar Ratio Rank: 88
BDRY Martin Ratio Rank: 76

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. BDRY - 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 Breakwave Dry Bulk Shipping ETF (BDRY). 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	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	3.86	2.48	+1.38
Sortino ratio: Return per unit of downside risk	6.36	2.90	+3.45
Omega ratio: Gain probability vs. loss probability	2.00	1.36	+0.64
Calmar ratio: Return relative to maximum drawdown	10.58	4.82	+5.76
Martin ratio: Return relative to average drawdown	65.60	13.59	+52.01

PBAP vs. BDRY - Sharpe Ratio Comparison

The current PBAP Sharpe Ratio is 3.86, which is higher than the BDRY Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of PBAP and BDRY, 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. BDRY - Drawdown Comparison

The maximum PBAP drawdown since its inception was -9.70%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for PBAP and BDRY.

Drawdown Indicators

	PBAP	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-9.70%	-89.16%	+79.46%
Max Drawdown (1Y) Largest decline over 1 year	-1.17%	-21.60%	+20.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-69.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-0.42%	-71.65%	+71.23%
Average Drawdown Average peak-to-trough decline	-0.78%	-58.43%	+57.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	7.65%	-7.46%

Volatility

PBAP vs. BDRY - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) is 1.25%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 7.30%. This indicates that PBAP experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAP	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	7.30%	-6.05%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	29.14%	-26.81%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	42.10%	-38.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.06%	60.24%	-53.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.06%	62.40%	-55.34%

PBAP vs. BDRY - Expense Ratio Comparison

PBAP has a 0.50% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

PBAP vs. BDRY - Dividend Comparison

Neither PBAP nor BDRY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBAP and BDRY in my portfolio?

PBAP and BDRY have a correlation of -0.06, 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 BDRY?

BDRY has higher volatility (7.30%) compared to PBAP (1.25%). In terms of maximum drawdown, PBAP dropped -9.70% vs BDRY's -89.16%.

Which ETF is better, PBAP or BDRY?

On 1-year performance, BDRY leads with 103.63% vs 12.34% for PBAP. 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 BDRY?

Over the 1-year period, BDRY has performed better with a 103.63% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBAP or BDRY?

PBAP is cheaper with a 0.50% expense ratio, compared with 3.76% for BDRY.

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

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

What is the main difference between PBAP and BDRY?

PBAP is categorized as Options Trading, while BDRY is Commodities. They also come from different issuers: PGIM and ETFMG. Their fees differ too: 0.50% for PBAP and 3.76% for BDRY.

Which has better risk-adjusted returns?

PBAP currently has the higher Sharpe Ratio (3.86 vs 2.48), 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.