PBL vs. PBFR

Last updated Aug 4, 2026

PBL (PGIM Portfolio Ballast ETF) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both exchange-traded funds - PBL is a Diversified Portfolio fund actively managed by PGIM, while PBFR is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, PBL returned 16.22% vs 11.38% for PBFR. Their correlation of 0.85 means they have usually moved in the same direction. PBL charges 0.45%/yr vs 0.50%/yr for PBFR.

Performance

PBL vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Portfolio Ballast ETF (PBL) 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, PBL achieves a 8.48% return, which is significantly higher than PBFR's 5.89% return.

PBL

• 1D: 1.27%
• 1M: 1.14%
• 6M: 7.14%
• YTD: 8.48%
• 1Y: 16.22%
• 3Y*: 13.89%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.01%

PBFR

• 1D: 0.50%
• 1M: 1.01%
• 6M: 5.06%
• YTD: 5.89%
• 1Y: 11.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.34%

*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	$1.32M	$1.10M	$1.64M
PBL PGIM Portfolio Ballast ETF	$21.03K	$24.40K	$133.32K

PBL vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBL PGIM Portfolio Ballast ETF	8.48%	12.35%	6.34%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	5.89%	10.44%	5.53%

Correlation

The correlation between PBL and PBFR is 0.86, 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.	0.86
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.85

The correlation between PBL and PBFR has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

PBL vs. PBFR — Risk / Return Rank

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

PBL

PBL Risk / Return Rank: 70
PBL Sharpe Ratio Rank: 68
PBL Sortino Ratio Rank: 69
PBL Omega Ratio Rank: 65
PBL Calmar Ratio Rank: 74
PBL Martin Ratio Rank: 77

PBFR

PBFR Risk / Return Rank: 93
PBFR Sharpe Ratio Rank: 93
PBFR Sortino Ratio Rank: 94
PBFR Omega Ratio Rank: 95
PBFR Calmar Ratio Rank: 90
PBFR Martin Ratio Rank: 95

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.

PBL vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Portfolio Ballast ETF (PBL) 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.

	PBL	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.60	-0.91
Sortino ratio: Return per unit of downside risk	2.41	3.78	-1.36
Omega ratio: Gain probability vs. loss probability	1.30	1.55	-0.25
Calmar ratio: Return relative to maximum drawdown	2.80	4.06	-1.26
Martin ratio: Return relative to average drawdown	10.60	20.65	-10.05

PBL vs. PBFR - Sharpe Ratio Comparison

The current PBL Sharpe Ratio is 1.69, which is lower than the PBFR Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of PBL 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

PBL vs. PBFR - Drawdown Comparison

The maximum PBL drawdown since its inception was -11.69%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for PBL and PBFR.

Drawdown Indicators

	PBL	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-8.50%	-3.19%
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	-2.82%	-3.00%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.64%	-0.61%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	0.55%	+0.98%

Volatility

PBL vs. PBFR - Volatility Comparison

PGIM Portfolio Ballast ETF (PBL) has a higher volatility of 3.09% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 1.33%. This indicates that PBL's price experiences larger fluctuations and is considered to be riskier than PBFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBL	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	1.33%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	7.41%	3.65%	+3.76%
Volatility (1Y) Calculated over the trailing 1-year period	9.68%	4.41%	+5.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.93%	6.74%	+3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.93%	6.74%	+3.19%

PBL vs. PBFR - Expense Ratio Comparison

PBL has a 0.45% expense ratio, which is lower than PBFR's 0.50% expense ratio.

Dividends

PBL vs. PBFR - Dividend Comparison

PBL's dividend yield for the trailing twelve months is around 2.04%, more than PBFR's 0.01% yield.

Position	TTM	2025	2024	2023	2022
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%	0.00%	0.00%
PBL PGIM Portfolio Ballast ETF	2.04%	2.21%	6.89%	7.92%	0.16%

Frequently Asked Questions

Can I hold both PBL and PBFR in my portfolio?

PBL and PBFR have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBL or PBFR?

PBL has higher volatility (3.09%) compared to PBFR (1.33%). In terms of maximum drawdown, PBL dropped -11.69% vs PBFR's -8.50%.

Which ETF is better, PBL or PBFR?

On 1-year performance, PBL leads with 16.22% vs 11.38% for PBFR. On fees, PBL is cheaper at 0.45% per year. On volatility, PBFR has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBL or PBFR?

Over the 1-year period, PBL has performed better with a 16.22% return vs 11.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBL or PBFR?

PBL is cheaper with a 0.45% expense ratio, compared with 0.50% for PBFR.

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

PBL has the higher dividend yield at 2.04%, compared with 0.01% for PBFR.

What is the main difference between PBL and PBFR?

PBL is categorized as Diversified Portfolio, while PBFR is Defined Outcome. Their fees differ too: 0.45% for PBL and 0.50% for PBFR.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.60 vs 1.69), 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.