PBFB vs. XAPR

Last updated Jun 4, 2026

PBFB (PGIM US Large-Cap Buffer 20 ETF - February) and XAPR (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April) are both Options Trading funds. Both are actively managed. Over the past year, PBFB returned 13.63% vs 8.79% for XAPR. Their correlation of 0.84 suggests significant overlap in exposure. PBFB charges 0.50%/yr vs 0.85%/yr for XAPR.

Performance

PBFB vs. XAPR - 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 FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR). 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 XAPR's 3.39% return.

PBFB

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

XAPR

• 1D: -0.16%
• 1M: 1.66%
• YTD: 3.39%
• 6M: 4.05%
• 1Y: 8.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBFB vs. XAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBFB PGIM US Large-Cap Buffer 20 ETF - February	4.68%	9.86%	8.95%
XAPR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April	3.39%	12.57%	8.25%

Correlation

The correlation between PBFB and XAPR is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Apr 23, 2024	0.84

The correlation between PBFB and XAPR has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

PBFB vs. XAPR — 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

XAPR

XAPR Risk / Return Rank: 98
XAPR Sharpe Ratio Rank: 96
XAPR Sortino Ratio Rank: 98
XAPR Omega Ratio Rank: 98
XAPR Calmar Ratio Rank: 98
XAPR Martin Ratio Rank: 98

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. XAPR - 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 FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR). 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	XAPR	Difference
Sharpe ratio Return per unit of total volatility	2.87	4.31	-1.43
Sortino ratio Return per unit of downside risk	4.27	7.30	-3.03
Omega ratio Gain probability vs. loss probability	1.61	2.06	-0.46
Calmar ratio Return relative to maximum drawdown	3.61	13.37	-9.76
Martin ratio Return relative to average drawdown	19.17	70.60	-51.43
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. XAPR - Sharpe Ratio Comparison

The current PBFB Sharpe Ratio is 2.87, which is lower than the XAPR Sharpe Ratio of 4.31. The chart below compares the historical Sharpe Ratios of PBFB and XAPR, 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	XAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	4.31	-1.43
Sharpe Ratio (All Time) Calculated using the full available price history	1.67	1.88	-0.21

Drawdowns

PBFB vs. XAPR - Drawdown Comparison

The maximum PBFB drawdown since its inception was -8.65%, which is greater than XAPR's maximum drawdown of -6.18%. Use the drawdown chart below to compare losses from any high point for PBFB and XAPR.

Drawdown Indicators

	PBFB	XAPR	Difference
Max Drawdown Largest peak-to-trough decline	-8.65%	-6.18%	-2.47%
Max Drawdown (1Y) Largest decline over 1 year	-3.79%	-0.66%	-3.13%
Current Drawdown Current decline from peak	-0.15%	-0.16%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.18%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.12%	+0.59%

Volatility

PBFB vs. XAPR - Volatility Comparison

PGIM US Large-Cap Buffer 20 ETF - February (PBFB) and FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR) have volatilities of 0.75% and 0.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFB	XAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.75%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	3.71%	1.31%	+2.40%
Volatility (1Y) Calculated over the trailing 1-year period	4.77%	2.05%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	6.18%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.39%	6.18%	+0.21%

PBFB vs. XAPR - Expense Ratio Comparison

PBFB has a 0.50% expense ratio, which is lower than XAPR's 0.85% expense ratio.

Dividends

PBFB vs. XAPR - Dividend Comparison

Neither PBFB nor XAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBFB and XAPR in my portfolio?

PBFB and XAPR have a correlation of 0.81, 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 XAPR?

XAPR has higher volatility (0.75%) compared to PBFB (0.75%). In terms of maximum drawdown, PBFB dropped -8.65% vs XAPR's -6.18%.

Which ETF is better, PBFB or XAPR?

On 1-year performance, PBFB leads with 13.63% vs 8.79% for XAPR. On fees, PBFB is cheaper at 0.50% 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 XAPR?

Over the 1-year period, PBFB has performed better with a 13.63% return vs 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBFB or XAPR?

PBFB is cheaper with a 0.50% expense ratio, compared with 0.85% for XAPR.

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

PBFB and XAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between PBFB and XAPR?

They also come from different issuers: PGIM and FT Vest. Their fees differ too: 0.50% for PBFB and 0.85% for XAPR.

Which has better risk-adjusted returns?

XAPR currently has the higher Sharpe Ratio (4.31 vs 2.87), 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.