PBFB vs. BUFP

Last updated Aug 1, 2026

PBFB (PGIM US Large-Cap Buffer 20 ETF - February) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both exchange-traded funds - PBFB is a Options Trading fund actively managed by PGIM, while BUFP is a Defined Outcome fund tracking the S&P 500. PBFB is actively managed, while BUFP is passively managed. Over the past year, PBFB returned 11.47% vs 14.24% for BUFP. Their correlation of 0.89 means they have usually moved in the same direction. Both charge a 0.50% expense ratio.

Performance

PBFB vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 20 ETF - February (PBFB) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBFB achieves a 5.25% return, which is significantly lower than BUFP's 7.12% return.

PBFB

• 1D: 0.11%
• 1M: 0.41%
• 6M: 4.03%
• YTD: 5.25%
• 1Y: 11.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.55%

BUFP

• 1D: 0.44%
• 1M: 0.69%
• 6M: 6.15%
• YTD: 7.12%
• 1Y: 14.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.53%

*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)
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	$1.13M	$1.22M	$1.53M
PBFB PGIM US Large-Cap Buffer 20 ETF - February	$103.06K	$113.68K	$131.93K

PBFB vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBFB PGIM US Large-Cap Buffer 20 ETF - February	5.25%	9.86%	5.06%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	7.12%	12.92%	6.30%

Correlation

The correlation between PBFB and BUFP is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.89

The correlation between PBFB and BUFP has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

PBFB vs. BUFP — Risk / Return Rank

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

PBFB

PBFB Risk / Return Rank: 88
PBFB Sharpe Ratio Rank: 88
PBFB Sortino Ratio Rank: 90
PBFB Omega Ratio Rank: 91
PBFB Calmar Ratio Rank: 79
PBFB Martin Ratio Rank: 90

BUFP

BUFP Risk / Return Rank: 88
BUFP Sharpe Ratio Rank: 86
BUFP Sortino Ratio Rank: 88
BUFP Omega Ratio Rank: 90
BUFP Calmar Ratio Rank: 82
BUFP Martin Ratio Rank: 92

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.

PBFB vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - February (PBFB) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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.

	PBFB	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.06	+0.11
Sortino ratio: Return per unit of downside risk	3.16	3.03	+0.13
Omega ratio: Gain probability vs. loss probability	1.44	1.41	+0.02
Calmar ratio: Return relative to maximum drawdown	2.84	3.02	-0.17
Martin ratio: Return relative to average drawdown	14.77	16.13	-1.36

PBFB vs. BUFP - Sharpe Ratio Comparison

The current PBFB Sharpe Ratio is 2.16, which is comparable to the BUFP Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of PBFB and BUFP, 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

PBFB vs. BUFP - Drawdown Comparison

The maximum PBFB drawdown since its inception was -8.65%, smaller than the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for PBFB and BUFP.

Drawdown Indicators

	PBFB	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-8.65%	-11.98%	+3.33%
Max Drawdown (1Y) Largest decline over 1 year	-3.79%	-4.41%	+0.62%
Current Drawdown Current decline from peak	-0.14%	-0.12%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.97%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.83%	-0.10%

Volatility

PBFB vs. BUFP - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 20 ETF - February (PBFB) is 1.53%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 1.63%. This indicates that PBFB experiences smaller price fluctuations and is considered to be less risky than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFB	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	1.63%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	4.16%	5.23%	-1.07%
Volatility (1Y) Calculated over the trailing 1-year period	4.99%	6.48%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	9.30%	-2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.38%	9.30%	-2.92%

PBFB vs. BUFP - Expense Ratio Comparison

Both PBFB and BUFP have an expense ratio of 0.50%.

Dividends

PBFB vs. BUFP - Dividend Comparison

PBFB has not paid dividends to shareholders, while BUFP's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
PBFB PGIM US Large-Cap Buffer 20 ETF - February	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBFB and BUFP in my portfolio?

PBFB and BUFP have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBFB or BUFP?

BUFP has higher volatility (1.63%) compared to PBFB (1.53%). In terms of maximum drawdown, PBFB dropped -8.65% vs BUFP's -11.98%.

Which ETF is better, PBFB or BUFP?

On 1-year performance, BUFP leads with 14.24% vs 11.47% for PBFB. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBFB or BUFP?

Over the 1-year period, BUFP has performed better with a 14.24% return vs 11.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBFB or BUFP?

PBFB and BUFP have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PBFB or BUFP?

BUFP has the higher dividend yield at 0.01%, compared with 0.00% for PBFB.

What is the main difference between PBFB and BUFP?

PBFB is categorized as Options Trading, while BUFP is Defined Outcome.

Which has better risk-adjusted returns?

PBFB currently has the higher Sharpe Ratio (2.16 vs 2.06), 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.