PBAP vs. DRLL

Last updated Aug 4, 2026

PBAP (PGIM US Large-Cap Buffer 20 ETF - April) and DRLL (Strive U.S. Energy ETF) are both exchange-traded funds - PBAP is a Options Trading fund actively managed by PGIM, while DRLL is a Energy Equities fund tracking the Bloomberg US Energy Select Index. PBAP is actively managed, while DRLL is passively managed. Over the past year, PBAP returned 12.52% vs 42.98% for DRLL. Their 0.12 correlation means their historical movements had little consistent relationship. PBAP charges 0.50%/yr vs 0.41%/yr for DRLL.

Performance

PBAP vs. DRLL - 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 Strive U.S. Energy ETF (DRLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBAP achieves a 7.91% return, which is significantly lower than DRLL's 34.95% return.

PBAP

• 1D: 0.41%
• 1M: 0.82%
• 6M: 7.27%
• YTD: 7.91%
• 1Y: 12.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.98%

DRLL

• 1D: -1.27%
• 1M: 12.74%
• 6M: 22.18%
• YTD: 34.95%
• 1Y: 42.98%
• 3Y*: 12.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DRLL Strive U.S. Energy ETF	$486.14K	$506.54K	$559.53K
PBAP PGIM US Large-Cap Buffer 20 ETF - April	$124.94K	$134.45K	$161.92K

PBAP vs. DRLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBAP PGIM US Large-Cap Buffer 20 ETF - April	7.91%	6.34%	8.86%
DRLL Strive U.S. Energy ETF	34.95%	7.74%	-11.01%

Correlation

The correlation between PBAP and DRLL is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.14
Correlation (All Time) Calculated using the full available price history since Apr 1, 2024	0.12

The correlation between PBAP and DRLL shifts across timeframes, from -0.14 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PBAP vs. DRLL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBAP

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

DRLL

DRLL Risk / Return Rank: 68
DRLL Sharpe Ratio Rank: 78
DRLL Sortino Ratio Rank: 71
DRLL Omega Ratio Rank: 70
DRLL Calmar Ratio Rank: 69
DRLL Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBAP vs. DRLL - 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 Strive U.S. Energy ETF (DRLL). 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	DRLL	Difference
Sharpe ratio: Return per unit of total volatility	3.68	1.88	+1.79
Sortino ratio: Return per unit of downside risk	6.00	2.42	+3.58
Omega ratio: Gain probability vs. loss probability	1.92	1.31	+0.61
Calmar ratio: Return relative to maximum drawdown	10.73	2.54	+8.19
Martin ratio: Return relative to average drawdown	61.34	6.46	+54.88

PBAP vs. DRLL - Sharpe Ratio Comparison

The current PBAP Sharpe Ratio is 3.68, which is higher than the DRLL Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of PBAP and DRLL, 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. DRLL - Drawdown Comparison

The maximum PBAP drawdown since its inception was -9.70%, smaller than the maximum DRLL drawdown of -23.73%. Use the drawdown chart below to compare losses from any high point for PBAP and DRLL.

Drawdown Indicators

	PBAP	DRLL	Difference
Max Drawdown Largest peak-to-trough decline	-9.70%	-23.73%	+14.03%
Max Drawdown (1Y) Largest decline over 1 year	-1.17%	-16.99%	+15.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.73%	—
Current Drawdown Current decline from peak	0.00%	-5.52%	+5.52%
Average Drawdown Average peak-to-trough decline	-0.75%	-8.14%	+7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	6.67%	-6.47%

Volatility

PBAP vs. DRLL - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) is 1.34%, while Strive U.S. Energy ETF (DRLL) has a volatility of 6.98%. This indicates that PBAP experiences smaller price fluctuations and is considered to be less risky than DRLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAP	DRLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	6.98%	-5.64%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	18.78%	-16.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	22.98%	-19.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	23.79%	-16.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.94%	23.79%	-16.85%

PBAP vs. DRLL - Expense Ratio Comparison

PBAP has a 0.50% expense ratio, which is higher than DRLL's 0.41% expense ratio.

Dividends

PBAP vs. DRLL - Dividend Comparison

PBAP has not paid dividends to shareholders, while DRLL's dividend yield for the trailing twelve months is around 2.25%.

Position	TTM	2025	2024	2023	2022
DRLL Strive U.S. Energy ETF	2.25%	2.99%	3.00%	3.01%	1.18%
PBAP PGIM US Large-Cap Buffer 20 ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBAP and DRLL in my portfolio?

PBAP and DRLL have a correlation of -0.14, 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 DRLL?

DRLL has higher volatility (6.98%) compared to PBAP (1.34%). In terms of maximum drawdown, PBAP dropped -9.70% vs DRLL's -23.73%.

Which ETF is better, PBAP or DRLL?

On 1-year performance, DRLL leads with 42.98% vs 12.52% for PBAP. On fees, DRLL is cheaper at 0.41% per year. On volatility, PBAP has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBAP or DRLL?

Over the 1-year period, DRLL has performed better with a 42.98% return vs 12.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBAP or DRLL?

DRLL is cheaper with a 0.41% expense ratio, compared with 0.50% for PBAP.

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

DRLL has the higher dividend yield at 2.25%, compared with 0.00% for PBAP.

What is the main difference between PBAP and DRLL?

PBAP is categorized as Options Trading, while DRLL is Energy Equities. They also come from different issuers: PGIM and Strive. Their fees differ too: 0.50% for PBAP and 0.41% for DRLL.

Which has better risk-adjusted returns?

PBAP currently has the higher Sharpe Ratio (3.68 vs 1.88), 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.