PBAP vs. LITL

Last updated Aug 4, 2026

PBAP (PGIM US Large-Cap Buffer 20 ETF - April) and LITL (Simplify Piper Sandler US Small-Cap PLUS Income ETF) are both exchange-traded funds - PBAP is a Options Trading fund actively managed by PGIM, while LITL is a Small Cap Blend Equities fund actively managed by Simplify. Both are actively managed. Over the past year, PBAP returned 12.52% vs 34.58% for LITL. Their 0.65 correlation means they have sometimes moved together and sometimes differently. PBAP charges 0.50%/yr vs 0.91%/yr for LITL.

Performance

PBAP vs. LITL - 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 Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL). 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 LITL's 17.71% return.

PBAP

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

LITL

• 1D: 2.32%
• 1M: -0.14%
• 6M: 13.50%
• YTD: 17.71%
• 1Y: 34.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 30.54%

*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)
LITL Simplify Piper Sandler US Small-Cap PLUS Income ETF	$101.38K	$73.38K	$60.57K
PBAP PGIM US Large-Cap Buffer 20 ETF - April	$124.94K	$134.45K	$161.92K

PBAP vs. LITL - Yearly Performance Comparison

	2026 (YTD)	2025
PBAP PGIM US Large-Cap Buffer 20 ETF - April	7.91%	9.34%
LITL Simplify Piper Sandler US Small-Cap PLUS Income ETF	17.71%	18.93%

Correlation

The correlation between PBAP and LITL is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.65

The correlation between PBAP and LITL has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.

Return for Risk

PBAP vs. LITL — 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

LITL

LITL Risk / Return Rank: 78
LITL Sharpe Ratio Rank: 75
LITL Sortino Ratio Rank: 79
LITL Omega Ratio Rank: 71
LITL Calmar Ratio Rank: 87
LITL Martin Ratio Rank: 80

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. LITL - 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 Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL). 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	LITL	Difference
Sharpe ratio: Return per unit of total volatility	3.68	1.92	+1.76
Sortino ratio: Return per unit of downside risk	6.00	2.83	+3.17
Omega ratio: Gain probability vs. loss probability	1.92	1.33	+0.58
Calmar ratio: Return relative to maximum drawdown	10.73	3.73	+7.01
Martin ratio: Return relative to average drawdown	61.34	11.66	+49.68

PBAP vs. LITL - Sharpe Ratio Comparison

The current PBAP Sharpe Ratio is 3.68, which is higher than the LITL Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PBAP and LITL, 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. LITL - Drawdown Comparison

The maximum PBAP drawdown since its inception was -9.70%, roughly equal to the maximum LITL drawdown of -9.32%. Use the drawdown chart below to compare losses from any high point for PBAP and LITL.

Drawdown Indicators

	PBAP	LITL	Difference
Max Drawdown Largest peak-to-trough decline	-9.70%	-9.32%	-0.38%
Max Drawdown (1Y) Largest decline over 1 year	-1.17%	-9.32%	+8.15%
Current Drawdown Current decline from peak	0.00%	-0.72%	+0.72%
Average Drawdown Average peak-to-trough decline	-0.75%	-2.23%	+1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	2.97%	-2.77%

Volatility

PBAP vs. LITL - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) is 1.34%, while Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL) has a volatility of 4.27%. This indicates that PBAP experiences smaller price fluctuations and is considered to be less risky than LITL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAP	LITL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	4.27%	-2.93%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	12.34%	-9.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	18.13%	-14.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	18.40%	-11.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.94%	18.40%	-11.46%

PBAP vs. LITL - Expense Ratio Comparison

PBAP has a 0.50% expense ratio, which is lower than LITL's 0.91% expense ratio.

Dividends

PBAP vs. LITL - Dividend Comparison

PBAP has not paid dividends to shareholders, while LITL's dividend yield for the trailing twelve months is around 1.63%.

Position	TTM	2025
LITL Simplify Piper Sandler US Small-Cap PLUS Income ETF	1.63%	0.71%
PBAP PGIM US Large-Cap Buffer 20 ETF - April	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBAP and LITL in my portfolio?

PBAP and LITL have a correlation of 0.62, 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 LITL?

LITL has higher volatility (4.27%) compared to PBAP (1.34%). In terms of maximum drawdown, PBAP dropped -9.70% vs LITL's -9.32%.

Which ETF is better, PBAP or LITL?

On 1-year performance, LITL leads with 34.58% vs 12.52% for PBAP. On fees, PBAP is cheaper at 0.50% 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 LITL?

Over the 1-year period, LITL has performed better with a 34.58% 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 LITL?

PBAP is cheaper with a 0.50% expense ratio, compared with 0.91% for LITL.

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

LITL has the higher dividend yield at 1.63%, compared with 0.00% for PBAP.

What is the main difference between PBAP and LITL?

PBAP is categorized as Options Trading, while LITL is Small Cap Blend Equities. They also come from different issuers: PGIM and Simplify. Their fees differ too: 0.50% for PBAP and 0.91% for LITL.

Which has better risk-adjusted returns?

PBAP currently has the higher Sharpe Ratio (3.68 vs 1.92), 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.