PBFB vs. HOCT

Last updated Apr 1, 2026

Compare and contrast key facts about PGIM US Large-Cap Buffer 20 ETF - February (PBFB) and Innovator Premium Income 9 Buffer ETF - October (HOCT).

PBFB and HOCT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBFB is an actively managed fund by PGIM. It was launched on Jan 31, 2024. HOCT is an actively managed fund by Innovator. It was launched on Sep 29, 2023.

Performance

PBFB vs. HOCT - 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 Innovator Premium Income 9 Buffer ETF - October (HOCT). The values are adjusted to include any dividend payments, if applicable.

PBFB vs. HOCT - Yearly Performance Comparison

	2026 (YTD)
PBFB PGIM US Large-Cap Buffer 20 ETF - February	-2.19%
HOCT Innovator Premium Income 9 Buffer ETF - October	0.00%

Returns By Period

PBFB

• 1D: 1.37%
• 1M: -1.73%
• YTD: -1.32%
• 6M: 1.11%
• 1Y: 10.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HOCT

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBFB vs. HOCT - Expense Ratio Comparison

PBFB has a 0.50% expense ratio, which is lower than HOCT's 0.79% expense ratio.

HOCT

Innovator Premium Income 9 Buffer ETF - October

PBFB

PGIM US Large-Cap Buffer 20 ETF - February

Return for Risk

PBFB vs. HOCT — Risk / Return Rank

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

PBFB

PBFB Risk / Return Rank: 74
PBFB Sharpe Ratio Rank: 69
PBFB Sortino Ratio Rank: 73
PBFB Omega Ratio Rank: 80
PBFB Calmar Ratio Rank: 66
PBFB Martin Ratio Rank: 83

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.

PBFB vs. HOCT - 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 Innovator Premium Income 9 Buffer ETF - October (HOCT). 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.

	PBFB	HOCT	Difference
Sharpe ratio Return per unit of total volatility	1.26	—	—
Sortino ratio Return per unit of downside risk	1.89	—	—
Omega ratio Gain probability vs. loss probability	1.32	—	—
Calmar ratio Return relative to maximum drawdown	1.74	—	—
Martin ratio Return relative to average drawdown	9.60	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PBFB	HOCT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	—	—

Dividends

PBFB vs. HOCT - Dividend Comparison

Neither PBFB nor HOCT has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

PBFB vs. HOCT - Drawdown Comparison

The maximum PBFB drawdown since its inception was -8.65%, which is greater than HOCT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for PBFB and HOCT.

Drawdown Indicators

	PBFB	HOCT	Difference
Max Drawdown Largest peak-to-trough decline	-8.65%	0.00%	-8.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	—	—
Current Drawdown Current decline from peak	-2.47%	0.00%	-2.47%
Average Drawdown Average peak-to-trough decline	-0.63%	0.00%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	—	—

Volatility

Volatility by Period

	PBFB	HOCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.31%	0.00%	+8.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.54%	0.00%	+6.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.54%	0.00%	+6.54%