PBJA vs. IBID

Last updated Jun 24, 2026

PBJA (PGIM US Large-Cap Buffer 20 ETF - January) and IBID (iShares iBonds Oct 2027 Term TIPS ETF) are both exchange-traded funds - PBJA is a Options Trading fund actively managed by PGIM, while IBID is a Inflation-Protected Bonds fund tracking the ICE 2027 Maturity US Inflation-Linked Treasury Index. PBJA is actively managed, while IBID is passively managed. Over the past year, PBJA returned 11.81% vs 3.92% for IBID. At a correlation of -0.03, they often move in opposite directions. PBJA charges 0.50%/yr vs 0.10%/yr for IBID.

Performance

PBJA vs. IBID - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 20 ETF - January (PBJA) and iShares iBonds Oct 2027 Term TIPS ETF (IBID). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBJA achieves a 3.96% return, which is significantly higher than IBID's 1.94% return.

PBJA

• 1D: -0.34%
• 1M: 0.04%
• YTD: 3.96%
• 6M: 4.17%
• 1Y: 11.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBID

• 1D: -0.05%
• 1M: -0.25%
• YTD: 1.94%
• 6M: 2.03%
• 1Y: 3.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBJA vs. IBID - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBJA PGIM US Large-Cap Buffer 20 ETF - January	3.96%	10.33%	12.05%
IBID iShares iBonds Oct 2027 Term TIPS ETF	1.94%	5.66%	4.71%

Correlation

The correlation between PBJA and IBID is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	-0.03

The correlation between PBJA and IBID shifts across timeframes, from -0.14 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PBJA vs. IBID — Risk / Return Rank

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

PBJA

PBJA Risk / Return Rank: 85
PBJA Sharpe Ratio Rank: 85
PBJA Sortino Ratio Rank: 90
PBJA Omega Ratio Rank: 90
PBJA Calmar Ratio Rank: 71
PBJA Martin Ratio Rank: 88

IBID

IBID Risk / Return Rank: 95
IBID Sharpe Ratio Rank: 94
IBID Sortino Ratio Rank: 96
IBID Omega Ratio Rank: 95
IBID Calmar Ratio Rank: 95
IBID Martin Ratio Rank: 95

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.

PBJA vs. IBID - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - January (PBJA) and iShares iBonds Oct 2027 Term TIPS ETF (IBID). 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.

	PBJA	IBID	Difference
Sharpe ratio: Return per unit of total volatility	2.55	3.19	-0.65
Sortino ratio: Return per unit of downside risk	3.79	5.38	-1.59
Omega ratio: Gain probability vs. loss probability	1.54	1.72	-0.18
Calmar ratio: Return relative to maximum drawdown	3.31	7.20	-3.89
Martin ratio: Return relative to average drawdown	17.76	29.14	-11.38

PBJA vs. IBID - Sharpe Ratio Comparison

The current PBJA Sharpe Ratio is 2.55, which is comparable to the IBID Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of PBJA and IBID, 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

PBJA vs. IBID - Drawdown Comparison

The maximum PBJA drawdown since its inception was -8.50%, which is greater than IBID's maximum drawdown of -1.28%. Use the drawdown chart below to compare losses from any high point for PBJA and IBID.

Drawdown Indicators

	PBJA	IBID	Difference
Max Drawdown Largest peak-to-trough decline	-8.50%	-1.28%	-7.22%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-0.55%	-3.03%
Current Drawdown Current decline from peak	-0.56%	-0.55%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.55%	-0.22%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.13%	+0.54%

Volatility

PBJA vs. IBID - Volatility Comparison

PGIM US Large-Cap Buffer 20 ETF - January (PBJA) has a higher volatility of 1.37% compared to iShares iBonds Oct 2027 Term TIPS ETF (IBID) at 0.35%. This indicates that PBJA's price experiences larger fluctuations and is considered to be riskier than IBID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBJA	IBID	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	0.35%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	3.93%	0.86%	+3.07%
Volatility (1Y) Calculated over the trailing 1-year period	4.68%	1.23%	+3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.36%	2.24%	+4.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.36%	2.24%	+4.12%

PBJA vs. IBID - Expense Ratio Comparison

PBJA has a 0.50% expense ratio, which is higher than IBID's 0.10% expense ratio.

Dividends

PBJA vs. IBID - Dividend Comparison

PBJA has not paid dividends to shareholders, while IBID's dividend yield for the trailing twelve months is around 3.68%.

Position	TTM	2025	2024	2023
IBID iShares iBonds Oct 2027 Term TIPS ETF	3.68%	4.43%	4.24%	0.81%
PBJA PGIM US Large-Cap Buffer 20 ETF - January	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBJA and IBID in my portfolio?

PBJA and IBID have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBJA or IBID?

PBJA has higher volatility (1.37%) compared to IBID (0.35%). In terms of maximum drawdown, PBJA dropped -8.50% vs IBID's -1.28%.

Which ETF is better, PBJA or IBID?

On 1-year performance, PBJA leads with 11.81% vs 3.92% for IBID. On fees, IBID is cheaper at 0.10% per year. On volatility, IBID has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBJA or IBID?

Over the 1-year period, PBJA has performed better with a 11.81% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBJA or IBID?

IBID is cheaper with a 0.10% expense ratio, compared with 0.50% for PBJA.

Which ETF pays a higher dividend yield, PBJA or IBID?

IBID has the higher dividend yield at 3.68%, compared with 0.00% for PBJA.

What is the main difference between PBJA and IBID?

PBJA is categorized as Options Trading, while IBID is Inflation-Protected Bonds. They also come from different issuers: PGIM and iShares. Their fees differ too: 0.50% for PBJA and 0.10% for IBID.

Which has better risk-adjusted returns?

IBID currently has the higher Sharpe Ratio (3.19 vs 2.55), 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.