PBFR vs. SPY

Last updated Aug 2, 2026

PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PBFR is a Defined Outcome fund actively managed by PGIM, while SPY is a S&P 500 fund tracking the S&P 500 Index. PBFR is actively managed, while SPY is passively managed. Over the past year, PBFR returned 10.83% vs 21.49% for SPY. Their correlation of 0.90 means they have usually moved in the same direction. PBFR charges 0.50%/yr vs 0.09%/yr for SPY.

Performance

PBFR vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBFR achieves a 5.36% return, which is significantly lower than SPY's 10.13% return.

PBFR

• 1D: 0.18%
• 1M: 0.51%
• 6M: 4.75%
• YTD: 5.36%
• 1Y: 10.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.12%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	$1.19M	$1.15M	$1.62M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

PBFR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	5.36%	10.44%	5.53%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	9.31%

Correlation

The correlation between PBFR and SPY is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.90

The correlation between PBFR and SPY has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

PBFR vs. SPY - Sectors Allocation Comparison

Sectors	PBFR	SPY
Technology	37.9%	36.9%
Financial Services	11.7%	12.5%
Communication Services	10.0%	9.7%
Consumer Cyclical	9.6%	8.9%
Healthcare	9.1%	9.4%
Industrials	8.4%	7.6%
Consumer Defensive	4.6%	4.8%
Energy	3.0%	3.4%
Utilities	2.3%	2.6%
Real Estate	1.9%	2.0%
Basic Materials	1.7%	1.9%

Return for Risk

PBFR vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBFR

PBFR Risk / Return Rank: 92
PBFR Sharpe Ratio Rank: 92
PBFR Sortino Ratio Rank: 92
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 89
PBFR Martin Ratio Rank: 94

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

PBFR vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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.

	PBFR	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.52	+0.83
Sortino ratio: Return per unit of downside risk	3.39	2.11	+1.28
Omega ratio: Gain probability vs. loss probability	1.49	1.27	+0.21
Calmar ratio: Return relative to maximum drawdown	3.67	2.20	+1.47
Martin ratio: Return relative to average drawdown	18.68	9.40	+9.28

PBFR vs. SPY - Sharpe Ratio Comparison

The current PBFR Sharpe Ratio is 2.35, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of PBFR and SPY, 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

PBFR vs. SPY - Drawdown Comparison

The maximum PBFR drawdown since its inception was -8.50%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PBFR and SPY.

Drawdown Indicators

	PBFR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-8.50%	-55.19%	+46.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-8.88%	+6.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.05%	-1.40%	+1.35%
Average Drawdown Average peak-to-trough decline	-0.61%	-9.01%	+8.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	2.08%	-1.53%

Volatility

PBFR vs. SPY - Volatility Comparison

The current volatility for PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) is 1.24%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that PBFR experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	3.58%	-2.34%
Volatility (6M) Calculated over the trailing 6-month period	3.62%	10.14%	-6.52%
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	12.89%	-8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.74%	17.18%	-10.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.74%	17.95%	-11.21%

PBFR vs. SPY - Expense Ratio Comparison

PBFR has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PBFR vs. SPY - Dividend Comparison

PBFR's dividend yield for the trailing twelve months is around 0.01%, less than SPY's 1.01% 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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both PBFR and SPY in my portfolio?

With a correlation of 0.91, PBFR and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PBFR or SPY?

SPY has higher volatility (3.58%) compared to PBFR (1.24%). In terms of maximum drawdown, PBFR dropped -8.50% vs SPY's -55.19%.

Which ETF is better, PBFR or SPY?

On 1-year performance, SPY leads with 21.49% vs 10.83% for PBFR. On fees, SPY is cheaper at 0.09% per year. On volatility, PBFR has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBFR or SPY?

Over the 1-year period, SPY has performed better with a 21.49% return vs 10.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBFR or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for PBFR.

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

SPY has the higher dividend yield at 1.01%, compared with 0.01% for PBFR.

What is the main difference between PBFR and SPY?

PBFR is categorized as Defined Outcome, while SPY is S&P 500. They also come from different issuers: PGIM and State Street. Their fees differ too: 0.50% for PBFR and 0.09% for SPY.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.35 vs 1.52), 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.