PBFR vs. XXXX

Last updated Jun 23, 2026

PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) and XXXX (MAX S&P 500 4X Leveraged ETN) are both exchange-traded funds - PBFR is a Defined Outcome fund actively managed by PGIM, while XXXX is a Leveraged Equities fund tracking the S&P 500 Index (400%). PBFR is actively managed, while XXXX is passively managed. Over the past year, PBFR returned 12.60% vs 77.72% for XXXX. Their correlation of 0.90 suggests significant overlap in exposure. PBFR charges 0.50%/yr vs 2.95%/yr for XXXX.

Performance

PBFR vs. XXXX - 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 MAX S&P 500 4X Leveraged ETN (XXXX). 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 XXXX's 20.71% return.

PBFR

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

XXXX

• 1D: -1.40%
• 1M: -3.10%
• YTD: 20.71%
• 6M: 17.73%
• 1Y: 77.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBFR vs. XXXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.45%	10.44%	5.53%
XXXX MAX S&P 500 4X Leveraged ETN	20.71%	17.36%	12.82%

Correlation

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

Return for Risk

PBFR vs. XXXX — 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

XXXX

XXXX Risk / Return Rank: 44
XXXX Sharpe Ratio Rank: 47
XXXX Sortino Ratio Rank: 41
XXXX Omega Ratio Rank: 43
XXXX Calmar Ratio Rank: 43
XXXX Martin Ratio Rank: 48

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. XXXX - 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 MAX S&P 500 4X Leveraged ETN (XXXX). 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	XXXX	Difference
Sharpe ratio: Return per unit of total volatility	2.91	1.59	+1.32
Sortino ratio: Return per unit of downside risk	4.23	2.05	+2.18
Omega ratio: Gain probability vs. loss probability	1.64	1.27	+0.37
Calmar ratio: Return relative to maximum drawdown	4.49	2.10	+2.39
Martin ratio: Return relative to average drawdown	23.30	7.82	+15.48

PBFR vs. XXXX - Sharpe Ratio Comparison

The current PBFR Sharpe Ratio is 2.91, which is higher than the XXXX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PBFR and XXXX, 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. XXXX - Drawdown Comparison

The maximum PBFR drawdown since its inception was -8.50%, smaller than the maximum XXXX drawdown of -62.27%. Use the drawdown chart below to compare losses from any high point for PBFR and XXXX.

Drawdown Indicators

	PBFR	XXXX	Difference
Max Drawdown Largest peak-to-trough decline	-8.50%	-62.27%	+53.77%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-37.25%	+34.43%
Current Drawdown Current decline from peak	-0.29%	-9.34%	+9.05%
Average Drawdown Average peak-to-trough decline	-0.63%	-11.55%	+10.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	9.97%	-9.43%

Volatility

PBFR vs. XXXX - Volatility Comparison

The current volatility for PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) is 1.27%, while MAX S&P 500 4X Leveraged ETN (XXXX) has a volatility of 18.72%. This indicates that PBFR experiences smaller price fluctuations and is considered to be less risky than XXXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBFR	XXXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	18.72%	-17.45%
Volatility (6M) Calculated over the trailing 6-month period	3.51%	38.88%	-35.37%
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	49.23%	-44.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.86%	61.12%	-54.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.86%	61.12%	-54.26%

PBFR vs. XXXX - Expense Ratio Comparison

PBFR has a 0.50% expense ratio, which is lower than XXXX's 2.95% expense ratio.

Dividends

PBFR vs. XXXX - Dividend Comparison

PBFR's dividend yield for the trailing twelve months is around 0.01%, while XXXX has not paid dividends to shareholders.

Position	TTM	2025	2024
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBFR and XXXX in my portfolio?

With a correlation of 0.90, PBFR and XXXX 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 XXXX?

XXXX has higher volatility (18.72%) compared to PBFR (1.27%). In terms of maximum drawdown, PBFR dropped -8.50% vs XXXX's -62.27%.

Which ETF is better, PBFR or XXXX?

On 1-year performance, XXXX leads with 77.72% vs 12.60% for PBFR. On fees, PBFR is cheaper at 0.50% 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 XXXX?

Over the 1-year period, XXXX has performed better with a 77.72% 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 XXXX?

PBFR is cheaper with a 0.50% expense ratio, compared with 2.95% for XXXX.

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

PBFR has the higher dividend yield at 0.01%, compared with 0.00% for XXXX.

What is the main difference between PBFR and XXXX?

PBFR is categorized as Defined Outcome, while XXXX is Leveraged Equities. They also come from different issuers: PGIM and Max. Their fees differ too: 0.50% for PBFR and 2.95% for XXXX.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.91 vs 1.59), 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.