PBJL vs. PBFR

Last updated Jul 2, 2026

PBJL (PGIM S&P 500 Buffer 20 ETF - July) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PBJL returned 10.02% vs 10.93% for PBFR. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PBJL vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - July (PBJL) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBJL achieves a 4.38% return, which is significantly lower than PBFR's 4.83% return.

PBJL

• 1D: -0.03%
• 1M: 0.32%
• 6M: 4.38%
• YTD: 4.38%
• 1Y: 10.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBFR

• 1D: -0.03%
• 1M: 0.18%
• 6M: 4.83%
• YTD: 4.83%
• 1Y: 10.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBJL vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBJL PGIM S&P 500 Buffer 20 ETF - July	4.38%	11.82%	5.74%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.83%	10.44%	5.53%

Correlation

The correlation between PBJL and PBFR is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.87

The correlation between PBJL and PBFR has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

PBJL vs. PBFR — Risk / Return Rank

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

PBJL

PBJL Risk / Return Rank: 88
PBJL Sharpe Ratio Rank: 87
PBJL Sortino Ratio Rank: 91
PBJL Omega Ratio Rank: 92
PBJL Calmar Ratio Rank: 79
PBJL Martin Ratio Rank: 92

PBFR

PBFR Risk / Return Rank: 90
PBFR Sharpe Ratio Rank: 90
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 84
PBFR Martin Ratio Rank: 93

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.

PBJL vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - July (PBJL) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). 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.

	PBJL	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.55	-0.12
Sortino ratio: Return per unit of downside risk	3.68	3.68	-0.01
Omega ratio: Gain probability vs. loss probability	1.52	1.55	-0.03
Calmar ratio: Return relative to maximum drawdown	3.50	3.90	-0.40
Martin ratio: Return relative to average drawdown	19.57	20.03	-0.46

PBJL vs. PBFR - Sharpe Ratio Comparison

The current PBJL Sharpe Ratio is 2.43, which is comparable to the PBFR Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of PBJL and PBFR, 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

PBJL vs. PBFR - Drawdown Comparison

The maximum PBJL drawdown since its inception was -9.02%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for PBJL and PBFR.

Drawdown Indicators

	PBJL	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-9.02%	-8.50%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.88%	-2.82%	-0.06%
Current Drawdown Current decline from peak	-0.03%	-0.03%	0.00%
Average Drawdown Average peak-to-trough decline	-0.69%	-0.62%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	0.55%	-0.04%

Volatility

PBJL vs. PBFR - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 20 ETF - July (PBJL) is 0.42%, while PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) has a volatility of 1.40%. This indicates that PBJL experiences smaller price fluctuations and is considered to be less risky than PBFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBJL	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	1.40%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	3.53%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	4.31%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.19%	6.82%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.19%	6.82%	+0.37%

PBJL vs. PBFR - Expense Ratio Comparison

Both PBJL and PBFR have an expense ratio of 0.50%.

Dividends

PBJL vs. PBFR - Dividend Comparison

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

Position	TTM	2025	2024
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%
PBJL PGIM S&P 500 Buffer 20 ETF - July	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBJL and PBFR in my portfolio?

PBJL and PBFR have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBJL or PBFR?

PBFR has higher volatility (1.40%) compared to PBJL (0.42%). In terms of maximum drawdown, PBJL dropped -9.02% vs PBFR's -8.50%.

Which ETF is better, PBJL or PBFR?

On 1-year performance, PBFR leads with 10.93% vs 10.02% for PBJL. Both ETFs have the same 0.50% expense ratio. On volatility, PBJL has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBJL or PBFR?

Over the 1-year period, PBFR has performed better with a 10.93% return vs 10.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBJL or PBFR?

PBJL and PBFR have the same expense ratio: 0.50% per year.

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

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

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.55 vs 2.43), 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.