PBFB vs. PSH

Last updated Jun 4, 2026

PBFB (PGIM US Large-Cap Buffer 20 ETF - February) and PSH (PGIM Short Duration High Yield ETF) are both exchange-traded funds - PBFB is a Options Trading fund actively managed by PGIM, while PSH is a High Yield Bonds fund actively managed by PGIM. Both are actively managed. Over the past year, PBFB returned 13.63% vs 6.11% for PSH. A 0.58 correlation means they provide meaningful diversification when combined. PBFB charges 0.50%/yr vs 0.45%/yr for PSH.

Performance

PBFB vs. PSH - 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 Short Duration High Yield ETF (PSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBFB achieves a 4.68% return, which is significantly higher than PSH's 1.88% return.

PBFB

• 1D: -0.15%
• 1M: 1.70%
• YTD: 4.68%
• 6M: 5.66%
• 1Y: 13.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PSH

• 1D: -0.11%
• 1M: 0.08%
• YTD: 1.88%
• 6M: 2.38%
• 1Y: 6.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBFB vs. PSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBFB PGIM US Large-Cap Buffer 20 ETF - February	4.68%	9.86%	10.00%
PSH PGIM Short Duration High Yield ETF	1.88%	7.34%	7.40%

Correlation

The correlation between PBFB and PSH is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (All Time) Calculated using the full available price history since Feb 2, 2024	0.58

The correlation between PBFB and PSH has been stable across timeframes, ranging from 0.55 to 0.58 - a consistent structural relationship.

Return for Risk

PBFB vs. PSH — Risk / Return Rank

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

PBFB

PBFB Risk / Return Rank: 86
PBFB Sharpe Ratio Rank: 87
PBFB Sortino Ratio Rank: 91
PBFB Omega Ratio Rank: 92
PBFB Calmar Ratio Rank: 73
PBFB Martin Ratio Rank: 88

PSH

PSH Risk / Return Rank: 71
PSH Sharpe Ratio Rank: 60
PSH Sortino Ratio Rank: 69
PSH Omega Ratio Rank: 72
PSH Calmar Ratio Rank: 82
PSH Martin Ratio Rank: 69

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. PSH - 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 Short Duration High Yield ETF (PSH). 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	PSH	Difference
Sharpe ratio: Return per unit of total volatility	2.87	2.04	+0.84
Sortino ratio: Return per unit of downside risk	4.27	3.19	+1.09
Omega ratio: Gain probability vs. loss probability	1.61	1.43	+0.18
Calmar ratio: Return relative to maximum drawdown	3.61	4.33	-0.71
Martin ratio: Return relative to average drawdown	19.17	12.80	+6.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBFB vs. PSH - Sharpe Ratio Comparison

The current PBFB Sharpe Ratio is 2.87, which is higher than the PSH Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of PBFB and PSH, 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

	PBFB	PSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	2.04	+0.84
Sharpe Ratio (All Time) Calculated using the full available price history	1.67	2.21	-0.54

Drawdowns

PBFB vs. PSH - Drawdown Comparison

The maximum PBFB drawdown since its inception was -8.65%, which is greater than PSH's maximum drawdown of -3.06%. Use the drawdown chart below to compare losses from any high point for PBFB and PSH.

Drawdown Indicators

	PBFB	PSH	Difference
Max Drawdown Largest peak-to-trough decline	-8.65%	-3.06%	-5.59%
Max Drawdown (1Y) Largest decline over 1 year	-3.79%	-1.42%	-2.37%
Current Drawdown Current decline from peak	-0.15%	-0.16%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.27%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.48%	+0.23%

Volatility

PBFB vs. PSH - Volatility Comparison

PGIM US Large-Cap Buffer 20 ETF - February (PBFB) has a higher volatility of 0.75% compared to PGIM Short Duration High Yield ETF (PSH) at 0.69%. This indicates that PBFB's price experiences larger fluctuations and is considered to be riskier than PSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFB	PSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.69%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.71%	2.10%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.77%	3.02%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	3.26%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.39%	3.26%	+3.13%

PBFB vs. PSH - Expense Ratio Comparison

PBFB has a 0.50% expense ratio, which is higher than PSH's 0.45% expense ratio.

Dividends

PBFB vs. PSH - Dividend Comparison

PBFB has not paid dividends to shareholders, while PSH's dividend yield for the trailing twelve months is around 6.66%.

Position	TTM	2025	2024
PBFB PGIM US Large-Cap Buffer 20 ETF - February	0.00%	0.00%	0.00%
PSH PGIM Short Duration High Yield ETF	6.66%	6.62%	8.35%

Frequently Asked Questions

Can I hold both PBFB and PSH in my portfolio?

PBFB and PSH have a correlation of 0.55, 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 PSH?

PBFB has higher volatility (0.75%) compared to PSH (0.69%). In terms of maximum drawdown, PBFB dropped -8.65% vs PSH's -3.06%.

Which ETF is better, PBFB or PSH?

On 1-year performance, PBFB leads with 13.63% vs 6.11% for PSH. On fees, PSH is cheaper at 0.45% per year. 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 PSH?

Over the 1-year period, PBFB has performed better with a 13.63% return vs 6.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBFB or PSH?

PSH is cheaper with a 0.45% expense ratio, compared with 0.50% for PBFB.

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

PSH has the higher dividend yield at 6.66%, compared with 0.00% for PBFB.

What is the main difference between PBFB and PSH?

PBFB is categorized as Options Trading, while PSH is High Yield Bonds. Their fees differ too: 0.50% for PBFB and 0.45% for PSH.

Which has better risk-adjusted returns?

PBFB currently has the higher Sharpe Ratio (2.87 vs 2.04), 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.