PBFB vs. XISE

Last updated Aug 1, 2026

PBFB (PGIM US Large-Cap Buffer 20 ETF - February) and XISE (FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September) are both Options Trading funds. Both are actively managed. Over the past year, PBFB returned 11.47% vs 6.55% for XISE. Their 0.68 correlation means they have sometimes moved together and sometimes differently. PBFB charges 0.50%/yr vs 0.85%/yr for XISE.

Performance

PBFB vs. XISE - 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 Buffer & Premium Income ETF – September (XISE). 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 higher than XISE's 3.86% return.

PBFB

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

XISE

• 1D: 0.07%
• 1M: 0.43%
• 6M: 3.43%
• YTD: 3.86%
• 1Y: 6.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.65%

*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)
PBFB PGIM US Large-Cap Buffer 20 ETF - February	$103.06K	$113.68K	$131.93K
XISE FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September	$33.96K	$36.32K	$142.47K

PBFB vs. XISE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBFB PGIM US Large-Cap Buffer 20 ETF - February	5.25%	9.86%	8.58%
XISE FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September	3.86%	6.42%	5.19%

Correlation

The correlation between PBFB and XISE is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	0.68

The correlation between PBFB and XISE shifts across timeframes, from 0.68 (all time) to 0.79 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PBFB vs. XISE — 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

XISE

XISE Risk / Return Rank: 91
XISE Sharpe Ratio Rank: 89
XISE Sortino Ratio Rank: 92
XISE Omega Ratio Rank: 94
XISE Calmar Ratio Rank: 86
XISE Martin Ratio Rank: 94

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. XISE - 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 Buffer & Premium Income ETF – September (XISE). 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	XISE	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.20	-0.04
Sortino ratio: Return per unit of downside risk	3.16	3.42	-0.25
Omega ratio: Gain probability vs. loss probability	1.44	1.51	-0.08
Calmar ratio: Return relative to maximum drawdown	2.84	3.41	-0.56
Martin ratio: Return relative to average drawdown	14.77	19.04	-4.27

PBFB vs. XISE - Sharpe Ratio Comparison

The current PBFB Sharpe Ratio is 2.16, which is comparable to the XISE Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of PBFB and XISE, 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. XISE - Drawdown Comparison

The maximum PBFB drawdown since its inception was -8.65%, which is greater than XISE's maximum drawdown of -6.17%. Use the drawdown chart below to compare losses from any high point for PBFB and XISE.

Drawdown Indicators

	PBFB	XISE	Difference
Max Drawdown Largest peak-to-trough decline	-8.65%	-6.17%	-2.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.79%	-1.88%	-1.91%
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.23%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.34%	+0.39%

Volatility

PBFB vs. XISE - Volatility Comparison

PGIM US Large-Cap Buffer 20 ETF - February (PBFB) has a higher volatility of 1.53% compared to FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September (XISE) at 0.19%. This indicates that PBFB's price experiences larger fluctuations and is considered to be riskier than XISE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFB	XISE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	0.19%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	4.16%	2.25%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	4.99%	2.91%	+2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	4.78%	+1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.38%	4.78%	+1.60%

PBFB vs. XISE - Expense Ratio Comparison

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

Dividends

PBFB vs. XISE - Dividend Comparison

PBFB has not paid dividends to shareholders, while XISE's dividend yield for the trailing twelve months is around 5.92%.

Position	TTM	2025	2024	2023
PBFB PGIM US Large-Cap Buffer 20 ETF - February	0.00%	0.00%	0.00%	0.00%
XISE FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September	5.44%	5.81%	7.04%	1.20%

Frequently Asked Questions

Can I hold both PBFB and XISE in my portfolio?

PBFB and XISE have a correlation of 0.79, 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 XISE?

PBFB has higher volatility (1.53%) compared to XISE (0.19%). In terms of maximum drawdown, PBFB dropped -8.65% vs XISE's -6.17%.

Which ETF is better, PBFB or XISE?

On 1-year performance, PBFB leads with 11.47% vs 6.55% for XISE. On fees, PBFB is cheaper at 0.50% per year. On volatility, XISE has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBFB or XISE?

Over the 1-year period, PBFB has performed better with a 11.47% return vs 6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBFB or XISE?

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

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

XISE has the higher dividend yield at 5.44%, compared with 0.00% for PBFB.

What is the main difference between PBFB and XISE?

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

Which has better risk-adjusted returns?

XISE currently has the higher Sharpe Ratio (2.20 vs 2.16), 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.