PBFR vs. AIOO

Last updated Jun 4, 2026

PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both Defined Outcome funds. Both are actively managed. A 0.71 correlation means they provide meaningful diversification when combined. PBFR charges 0.50%/yr vs 0.64%/yr for AIOO.

Performance

PBFR vs. AIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBFR achieves a 4.52% return, which is significantly higher than AIOO's 2.34% return.

PBFR

• 1D: -0.16%
• 1M: 1.58%
• YTD: 4.52%
• 6M: 5.34%
• 1Y: 12.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIOO

• 1D: -0.13%
• 1M: 1.13%
• YTD: 2.34%
• 6M: 2.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBFR vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	5.82%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.34%	2.67%

Correlation

The correlation between PBFR and AIOO is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	0.71

Return for Risk

PBFR vs. AIOO — Risk / Return Rank

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

PBFR

PBFR Risk / Return Rank: 90
PBFR Sharpe Ratio Rank: 88
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 84
PBFR Martin Ratio Rank: 93

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.

PBFR vs. AIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.

	PBFR	AIOO	Difference
Sharpe ratio: Return per unit of total volatility	2.99	—	—
Sortino ratio: Return per unit of downside risk	4.36	—	—
Omega ratio: Gain probability vs. loss probability	1.66	—	—
Calmar ratio: Return relative to maximum drawdown	4.57	—	—
Martin ratio: Return relative to average drawdown	24.09	—	—
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

	PBFR	AIOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	2.79	-1.24

Drawdowns

PBFR vs. AIOO - Drawdown Comparison

The maximum PBFR drawdown since its inception was -8.50%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for PBFR and AIOO.

Drawdown Indicators

	PBFR	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-8.50%	-0.74%	-7.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	—	—
Current Drawdown Current decline from peak	-0.16%	-0.13%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.17%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	—	—

Volatility

Volatility by Period

	PBFR	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	1.99%	+2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.89%	1.99%	+4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.89%	1.99%	+4.90%

PBFR vs. AIOO - Expense Ratio Comparison

PBFR has a 0.50% expense ratio, which is lower than AIOO's 0.64% expense ratio.

Dividends

PBFR vs. AIOO - Dividend Comparison

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

Position	TTM	2025	2024
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	0.00%	0.00%	0.00%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%

Frequently Asked Questions

Can I hold both PBFR and AIOO in my portfolio?

PBFR and AIOO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBFR or AIOO?

On fees, PBFR is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBFR or AIOO?

PBFR is cheaper with a 0.50% expense ratio, compared with 0.64% for AIOO.

Which ETF pays a higher dividend yield, PBFR or AIOO?

PBFR has the higher dividend yield at 0.01%, compared with 0.00% for AIOO.

What is the main difference between PBFR and AIOO?

They also come from different issuers: PGIM and Allianz. Their fees differ too: 0.50% for PBFR and 0.64% for AIOO.