PBFR vs. DMAX

Last updated Jun 4, 2026

PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. PBFR is actively managed, while DMAX is passively managed. Over the past year, PBFR returned 12.83% vs 8.46% for DMAX. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PBFR vs. DMAX - 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 iShares Large Cap Max Buffer December ETF (DMAX). 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 DMAX's 2.34% return.

PBFR

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

DMAX

• 1D: -0.07%
• 1M: 0.86%
• YTD: 2.34%
• 6M: 3.01%
• 1Y: 8.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBFR vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	10.36%
DMAX iShares Large Cap Max Buffer December ETF	2.34%	7.81%

Correlation

The correlation between PBFR and DMAX is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.82

The correlation between PBFR and DMAX has been stable across timeframes, ranging from 0.82 to 0.82 - a consistent structural relationship.

Return for Risk

PBFR vs. DMAX — 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

DMAX

DMAX Risk / Return Rank: 94
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 91
DMAX Martin Ratio Rank: 95

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. DMAX - 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 iShares Large Cap Max Buffer December ETF (DMAX). 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	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.99	3.65	-0.66
Sortino ratio: Return per unit of downside risk	4.36	5.65	-1.29
Omega ratio: Gain probability vs. loss probability	1.66	1.79	-0.13
Calmar ratio: Return relative to maximum drawdown	4.57	6.01	-1.44
Martin ratio: Return relative to average drawdown	24.09	30.74	-6.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBFR vs. DMAX - Sharpe Ratio Comparison

The current PBFR Sharpe Ratio is 2.99, which is comparable to the DMAX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of PBFR and DMAX, 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

	PBFR	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	3.65	-0.66
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	2.14	-0.60

Drawdowns

PBFR vs. DMAX - Drawdown Comparison

The maximum PBFR drawdown since its inception was -8.50%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for PBFR and DMAX.

Drawdown Indicators

	PBFR	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-8.50%	-3.37%	-5.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-1.41%	-1.41%
Current Drawdown Current decline from peak	-0.16%	-0.07%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.38%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.28%	+0.25%

Volatility

PBFR vs. DMAX - Volatility Comparison

PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) has a higher volatility of 0.64% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.32%. This indicates that PBFR's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFR	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.32%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	3.34%	1.54%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	2.33%	+2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.89%	3.40%	+3.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.89%	3.40%	+3.49%

PBFR vs. DMAX - Expense Ratio Comparison

Both PBFR and DMAX have an expense ratio of 0.50%.

Dividends

PBFR vs. DMAX - Dividend Comparison

PBFR's dividend yield for the trailing twelve months is around 0.01%, less than DMAX's 1.15% yield.

Position	TTM	2025	2024
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%	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 DMAX in my portfolio?

PBFR and DMAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBFR or DMAX?

PBFR has higher volatility (0.64%) compared to DMAX (0.32%). In terms of maximum drawdown, PBFR dropped -8.50% vs DMAX's -3.37%.

Which ETF is better, PBFR or DMAX?

On 1-year performance, PBFR leads with 12.83% vs 8.46% for DMAX. Both ETFs have the same 0.50% expense ratio. On volatility, DMAX has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBFR or DMAX?

Over the 1-year period, PBFR has performed better with a 12.83% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBFR or DMAX?

PBFR and DMAX have the same expense ratio: 0.50% per year.

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

DMAX has the higher dividend yield at 1.15%, compared with 0.01% for PBFR.

What is the main difference between PBFR and DMAX?

They also come from different issuers: PGIM and iShares.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.65 vs 2.99), 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.