PBFR vs. MMAX

Last updated Jun 4, 2026

PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, PBFR returned 12.83% vs 7.67% for MMAX. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

PBFR vs. MMAX - 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 Mar ETF (MMAX). 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 MMAX's 3.09% return.

PBFR

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

MMAX

• 1D: -0.13%
• 1M: 0.60%
• YTD: 3.09%
• 6M: 3.75%
• 1Y: 7.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBFR vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	11.54%
MMAX iShares Large Cap Max Buffer Mar ETF	3.09%	5.88%

Correlation

The correlation between PBFR and MMAX is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.66

The correlation between PBFR and MMAX has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

Return for Risk

PBFR vs. MMAX — 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

MMAX

MMAX Risk / Return Rank: 99
MMAX Sharpe Ratio Rank: 98
MMAX Sortino Ratio Rank: 99
MMAX Omega Ratio Rank: 99
MMAX Calmar Ratio Rank: 99
MMAX Martin Ratio Rank: 99

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. MMAX - 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 Mar ETF (MMAX). 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	MMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.99	5.52	-2.54
Sortino ratio: Return per unit of downside risk	4.36	10.56	-6.20
Omega ratio: Gain probability vs. loss probability	1.66	2.51	-0.86
Calmar ratio: Return relative to maximum drawdown	4.57	22.49	-17.91
Martin ratio: Return relative to average drawdown	24.09	112.49	-88.40
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. MMAX - Sharpe Ratio Comparison

The current PBFR Sharpe Ratio is 2.99, which is lower than the MMAX Sharpe Ratio of 5.52. The chart below compares the historical Sharpe Ratios of PBFR and MMAX, 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	MMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	5.52	-2.54
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	3.13	-1.59

Drawdowns

PBFR vs. MMAX - Drawdown Comparison

The maximum PBFR drawdown since its inception was -8.50%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for PBFR and MMAX.

Drawdown Indicators

	PBFR	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-8.50%	-1.93%	-6.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-0.34%	-2.48%
Current Drawdown Current decline from peak	-0.16%	-0.13%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.10%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.07%	+0.46%

Volatility

PBFR vs. MMAX - 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 Mar ETF (MMAX) at 0.36%. This indicates that PBFR's price experiences larger fluctuations and is considered to be riskier than MMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFR	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.36%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	3.34%	0.96%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	1.39%	+2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.89%	2.49%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.89%	2.49%	+4.40%

PBFR vs. MMAX - Expense Ratio Comparison

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

Dividends

PBFR vs. MMAX - Dividend Comparison

PBFR's dividend yield for the trailing twelve months is around 0.01%, less than MMAX's 1.27% yield.

Position	TTM	2025	2024
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%	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 MMAX in my portfolio?

PBFR and MMAX have a correlation of 0.64, 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 MMAX?

PBFR has higher volatility (0.64%) compared to MMAX (0.36%). In terms of maximum drawdown, PBFR dropped -8.50% vs MMAX's -1.93%.

Which ETF is better, PBFR or MMAX?

On 1-year performance, PBFR leads with 12.83% vs 7.67% for MMAX. Both ETFs have the same 0.50% expense ratio. On volatility, MMAX has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBFR or MMAX?

Over the 1-year period, PBFR has performed better with a 12.83% return vs 7.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBFR or MMAX?

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

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

MMAX has the higher dividend yield at 1.27%, compared with 0.01% for PBFR.

What is the main difference between PBFR and MMAX?

They also come from different issuers: PGIM and iShares.

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (5.52 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.