PBFR vs. SPYX

Last updated Jun 23, 2026

PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) and SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) are both exchange-traded funds - PBFR is a Defined Outcome fund actively managed by PGIM, while SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index. PBFR is actively managed, while SPYX is passively managed. Over the past year, PBFR returned 12.60% vs 26.02% for SPYX. Their correlation of 0.90 suggests significant overlap in exposure. PBFR charges 0.50%/yr vs 0.20%/yr for SPYX.

Performance

PBFR vs. SPYX - 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 Fossil Fuel Reserves Free ETF (SPYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBFR achieves a 4.45% return, which is significantly lower than SPYX's 8.96% return.

PBFR

• 1D: -0.13%
• 1M: 0.30%
• YTD: 4.45%
• 6M: 4.57%
• 1Y: 12.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYX

• 1D: -0.40%
• 1M: 0.12%
• YTD: 8.96%
• 6M: 8.42%
• 1Y: 26.02%
• 3Y*: 21.19%
• 5Y*: 13.12%
• 10Y*: 15.77%

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

PBFR vs. SPYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.45%	10.44%	5.53%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	8.96%	17.87%	9.48%

Correlation

The correlation between PBFR and SPYX is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.90

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

PBFR vs. SPYX - Sectors Allocation Comparison

Sectors	PBFR	SPYX
Technology	38.4%	39.7%
Financial Services	11.0%	11.4%
Communication Services	10.8%	10.9%
Consumer Cyclical	10.0%	10.1%
Healthcare	8.4%	8.5%
Industrials	7.9%	7.9%
Consumer Defensive	4.6%	4.6%
Energy	3.2%	1.1%
Utilities	2.1%	2.2%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

PBFR vs. SPYX — Risk / Return Rank

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

PBFR

PBFR Risk / Return Rank: 91
PBFR Sharpe Ratio Rank: 90
PBFR Sortino Ratio Rank: 92
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 85
PBFR Martin Ratio Rank: 93

SPYX

SPYX Risk / Return Rank: 62
SPYX Sharpe Ratio Rank: 65
SPYX Sortino Ratio Rank: 62
SPYX Omega Ratio Rank: 64
SPYX Calmar Ratio Rank: 55
SPYX Martin Ratio Rank: 66

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. SPYX - 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 Fossil Fuel Reserves Free ETF (SPYX). 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	SPYX	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.05	+0.86
Sortino ratio: Return per unit of downside risk	4.23	2.79	+1.44
Omega ratio: Gain probability vs. loss probability	1.64	1.37	+0.27
Calmar ratio: Return relative to maximum drawdown	4.49	2.66	+1.83
Martin ratio: Return relative to average drawdown	23.30	11.88	+11.42

PBFR vs. SPYX - Sharpe Ratio Comparison

The current PBFR Sharpe Ratio is 2.91, which is higher than the SPYX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of PBFR and SPYX, 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. SPYX - Drawdown Comparison

The maximum PBFR drawdown since its inception was -8.50%, smaller than the maximum SPYX drawdown of -32.84%. Use the drawdown chart below to compare losses from any high point for PBFR and SPYX.

Drawdown Indicators

	PBFR	SPYX	Difference
Max Drawdown Largest peak-to-trough decline	-8.50%	-32.84%	+24.34%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-9.84%	+7.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.84%	—
Current Drawdown Current decline from peak	-0.29%	-1.75%	+1.46%
Average Drawdown Average peak-to-trough decline	-0.63%	-4.52%	+3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	2.20%	-1.66%

Volatility

PBFR vs. SPYX - Volatility Comparison

The current volatility for PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) is 1.27%, while State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) has a volatility of 4.78%. This indicates that PBFR experiences smaller price fluctuations and is considered to be less risky than SPYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFR	SPYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	4.78%	-3.51%
Volatility (6M) Calculated over the trailing 6-month period	3.51%	10.08%	-6.57%
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	12.76%	-8.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.86%	17.14%	-10.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.86%	18.06%	-11.20%

PBFR vs. SPYX - Expense Ratio Comparison

PBFR has a 0.50% expense ratio, which is higher than SPYX's 0.20% expense ratio.

Dividends

PBFR vs. SPYX - Dividend Comparison

PBFR's dividend yield for the trailing twelve months is around 0.01%, less than SPYX's 1.08% 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%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	1.08%	0.91%	1.05%	1.21%	1.41%	1.04%	1.33%	1.56%	1.92%	1.68%	1.91%	0.16%

Frequently Asked Questions

Can I hold both PBFR and SPYX in my portfolio?

With a correlation of 0.90, PBFR and SPYX 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 SPYX?

SPYX has higher volatility (4.78%) compared to PBFR (1.27%). In terms of maximum drawdown, PBFR dropped -8.50% vs SPYX's -32.84%.

Which ETF is better, PBFR or SPYX?

On 1-year performance, SPYX leads with 26.02% vs 12.60% for PBFR. On fees, SPYX is cheaper at 0.20% per year. On volatility, PBFR has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBFR or SPYX?

Over the 1-year period, SPYX has performed better with a 26.02% return vs 12.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBFR or SPYX?

SPYX is cheaper with a 0.20% expense ratio, compared with 0.50% for PBFR.

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

SPYX has the higher dividend yield at 1.08%, compared with 0.01% for PBFR.

What is the main difference between PBFR and SPYX?

PBFR is categorized as Defined Outcome, while SPYX is S&P 500. They also come from different issuers: PGIM and State Street. Their fees differ too: 0.50% for PBFR and 0.20% for SPYX.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.91 vs 2.05), 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.