PBDE vs. FBUF

Last updated Jun 4, 2026

PBDE (PGIM S&P 500 Buffer 20 ETF - December) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, PBDE returned 15.21% vs 19.61% for FBUF. Their correlation of 0.90 suggests significant overlap in exposure. PBDE charges 0.50%/yr vs 0.48%/yr for FBUF.

Performance

PBDE vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - December (PBDE) and Fidelity Dynamic Buffered Equity ETF (FBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBDE achieves a 4.81% return, which is significantly lower than FBUF's 5.32% return.

PBDE

• 1D: -0.13%
• 1M: 1.81%
• YTD: 4.81%
• 6M: 5.33%
• 1Y: 15.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBUF

• 1D: -0.12%
• 1M: 2.85%
• YTD: 5.32%
• 6M: 6.28%
• 1Y: 19.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBDE vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBDE PGIM S&P 500 Buffer 20 ETF - December	4.81%	11.87%	5.01%
FBUF Fidelity Dynamic Buffered Equity ETF	5.32%	14.01%	9.70%

Correlation

The correlation between PBDE and FBUF is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since May 28, 2024	0.90

The correlation between PBDE and FBUF has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

PBDE vs. FBUF — Risk / Return Rank

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

PBDE

PBDE Risk / Return Rank: 86
PBDE Sharpe Ratio Rank: 84
PBDE Sortino Ratio Rank: 89
PBDE Omega Ratio Rank: 88
PBDE Calmar Ratio Rank: 77
PBDE Martin Ratio Rank: 90

FBUF

FBUF Risk / Return Rank: 79
FBUF Sharpe Ratio Rank: 80
FBUF Sortino Ratio Rank: 79
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 70
FBUF Martin Ratio Rank: 80

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.

PBDE vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - December (PBDE) and Fidelity Dynamic Buffered Equity ETF (FBUF). 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.

	PBDE	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.63	+0.07
Sortino ratio: Return per unit of downside risk	4.03	3.55	+0.48
Omega ratio: Gain probability vs. loss probability	1.55	1.53	+0.02
Calmar ratio: Return relative to maximum drawdown	3.88	3.51	+0.37
Martin ratio: Return relative to average drawdown	20.58	15.68	+4.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBDE vs. FBUF - Sharpe Ratio Comparison

The current PBDE Sharpe Ratio is 2.70, which is comparable to the FBUF Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of PBDE and FBUF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PBDE	FBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.63	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	1.47	+0.06

Drawdowns

PBDE vs. FBUF - Drawdown Comparison

The maximum PBDE drawdown since its inception was -8.73%, smaller than the maximum FBUF drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for PBDE and FBUF.

Drawdown Indicators

	PBDE	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-8.73%	-11.09%	+2.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-5.61%	+1.67%
Current Drawdown Current decline from peak	-0.13%	-0.22%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.76%	-1.38%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	1.25%	-0.51%

Volatility

PBDE vs. FBUF - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 20 ETF - December (PBDE) is 0.81%, while Fidelity Dynamic Buffered Equity ETF (FBUF) has a volatility of 1.11%. This indicates that PBDE experiences smaller price fluctuations and is considered to be less risky than FBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBDE	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	1.11%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	4.08%	5.37%	-1.29%
Volatility (1Y) Calculated over the trailing 1-year period	5.66%	7.49%	-1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.15%	9.55%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.15%	9.55%	-2.40%

PBDE vs. FBUF - Expense Ratio Comparison

PBDE has a 0.50% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

PBDE vs. FBUF - Dividend Comparison

PBDE has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.63%.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.63%	0.64%	0.54%
PBDE PGIM S&P 500 Buffer 20 ETF - December	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBDE and FBUF in my portfolio?

With a correlation of 0.91, PBDE and FBUF 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, PBDE or FBUF?

FBUF has higher volatility (1.11%) compared to PBDE (0.81%). In terms of maximum drawdown, PBDE dropped -8.73% vs FBUF's -11.09%.

Which ETF is better, PBDE or FBUF?

On 1-year performance, FBUF leads with 19.61% vs 15.21% for PBDE. On fees, FBUF is cheaper at 0.48% per year. On volatility, PBDE has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBDE or FBUF?

Over the 1-year period, FBUF has performed better with a 19.61% return vs 15.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBDE or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.50% for PBDE.

Which ETF pays a higher dividend yield, PBDE or FBUF?

FBUF has the higher dividend yield at 0.63%, compared with 0.00% for PBDE.

What is the main difference between PBDE and FBUF?

They also come from different issuers: PGIM and Fidelity. Their fees differ too: 0.50% for PBDE and 0.48% for FBUF.

Which has better risk-adjusted returns?

PBDE currently has the higher Sharpe Ratio (2.70 vs 2.63), 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.