PBFR vs. SPLV

Last updated Jun 4, 2026

PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both exchange-traded funds - PBFR is a Defined Outcome fund actively managed by PGIM, while SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index. PBFR is actively managed, while SPLV is passively managed. Over the past year, PBFR returned 12.83% vs -0.03% for SPLV. At a 0.34 correlation, their price movements are largely independent. PBFR charges 0.50%/yr vs 0.25%/yr for SPLV.

Performance

PBFR vs. SPLV - 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 Invesco S&P 500 Low Volatility ETF (SPLV). 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 SPLV's 1.32% return.

PBFR

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

SPLV

• 1D: 0.08%
• 1M: -2.50%
• YTD: 1.32%
• 6M: 1.06%
• 1Y: -0.03%
• 3Y*: 7.54%
• 5Y*: 5.33%
• 10Y*: 8.01%

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

PBFR vs. SPLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	10.44%	5.53%
SPLV Invesco S&P 500 Low Volatility ETF	1.32%	4.10%	8.83%

Correlation

The correlation between PBFR and SPLV is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.34

PBFR vs. SPLV - Sectors Allocation Comparison

Sectors	PBFR	SPLV
Technology	36.2%	4.6%
Financial Services	11.9%	16.6%
Communication Services	10.9%	0.9%
Consumer Cyclical	10.1%	5.7%
Healthcare	8.4%	6.8%
Industrials	8.1%	10.1%
Consumer Defensive	4.9%	10.8%
Energy	3.5%	0.9%
Utilities	2.3%	26.8%
Real Estate	1.9%	14.8%
Basic Materials	1.8%	2.0%

Return for Risk

PBFR vs. SPLV — 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

SPLV

SPLV Risk / Return Rank: 8
SPLV Sharpe Ratio Rank: 8
SPLV Sortino Ratio Rank: 8
SPLV Omega Ratio Rank: 8
SPLV Calmar Ratio Rank: 8
SPLV Martin Ratio Rank: 8

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. SPLV - 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 Invesco S&P 500 Low Volatility ETF (SPLV). 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	SPLV	Difference
Sharpe ratio: Return per unit of total volatility	2.99	-0.00	+2.99
Sortino ratio: Return per unit of downside risk	4.36	0.06	+4.30
Omega ratio: Gain probability vs. loss probability	1.66	1.01	+0.65
Calmar ratio: Return relative to maximum drawdown	4.57	-0.00	+4.58
Martin ratio: Return relative to average drawdown	24.09	-0.01	+24.10
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. SPLV - Sharpe Ratio Comparison

The current PBFR Sharpe Ratio is 2.99, which is higher than the SPLV Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of PBFR and SPLV, 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	SPLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	-0.00	+2.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	0.68	+0.86

Drawdowns

PBFR vs. SPLV - Drawdown Comparison

The maximum PBFR drawdown since its inception was -8.50%, smaller than the maximum SPLV drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for PBFR and SPLV.

Drawdown Indicators

	PBFR	SPLV	Difference
Max Drawdown Largest peak-to-trough decline	-8.50%	-36.26%	+27.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-7.41%	+4.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.26%	—
Current Drawdown Current decline from peak	-0.16%	-6.91%	+6.75%
Average Drawdown Average peak-to-trough decline	-0.63%	-3.55%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	3.05%	-2.52%

Volatility

PBFR vs. SPLV - Volatility Comparison

The current volatility for PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) is 0.64%, while Invesco S&P 500 Low Volatility ETF (SPLV) has a volatility of 2.97%. This indicates that PBFR experiences smaller price fluctuations and is considered to be less risky than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFR	SPLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	2.97%	-2.33%
Volatility (6M) Calculated over the trailing 6-month period	3.34%	6.78%	-3.44%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	9.78%	-5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.89%	12.45%	-5.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.89%	15.36%	-8.47%

PBFR vs. SPLV - Expense Ratio Comparison

PBFR has a 0.50% expense ratio, which is higher than SPLV's 0.25% expense ratio.

Dividends

PBFR vs. SPLV - Dividend Comparison

PBFR's dividend yield for the trailing twelve months is around 0.01%, less than SPLV's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPLV Invesco S&P 500 Low Volatility ETF	2.22%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%

Frequently Asked Questions

Can I hold both PBFR and SPLV in my portfolio?

PBFR and SPLV have a correlation of 0.25, 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 SPLV?

SPLV has higher volatility (2.97%) compared to PBFR (0.64%). In terms of maximum drawdown, PBFR dropped -8.50% vs SPLV's -36.26%.

Which ETF is better, PBFR or SPLV?

On 1-year performance, PBFR leads with 12.83% vs -0.03% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, PBFR has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBFR or SPLV?

Over the 1-year period, PBFR has performed better with a 12.83% return vs -0.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBFR or SPLV?

SPLV is cheaper with a 0.25% expense ratio, compared with 0.50% for PBFR.

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

SPLV has the higher dividend yield at 2.22%, compared with 0.01% for PBFR.

What is the main difference between PBFR and SPLV?

PBFR is categorized as Defined Outcome, while SPLV is S&P 500. They also come from different issuers: PGIM and Invesco. Their fees differ too: 0.50% for PBFR and 0.25% for SPLV.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.99 vs -0.00), 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.