PBMR vs. TLTW
PBMR (PGIM US Large-Cap Buffer 20 ETF - March) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - PBMR is a Options Trading fund actively managed by PGIM, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). PBMR is actively managed, while TLTW is passively managed. Over the past year, PBMR returned 11.46% vs 4.06% for TLTW. Their 0.21 correlation means their historical movements had little consistent relationship. PBMR charges 0.50%/yr vs 0.35%/yr for TLTW.
Performance
PBMR vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, PBMR achieves a 6.56% return, which is significantly higher than TLTW's -0.40% return.
PBMR
- 1D
- 0.36%
- 1M
- 1.31%
- 6M
- 5.88%
- YTD
- 6.56%
- 1Y
- 11.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.26%
TLTW
- 1D
- 0.74%
- 1M
- -2.52%
- 6M
- -0.64%
- YTD
- -0.40%
- 1Y
- 4.06%
- 3Y*
- 1.27%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $154.45K | $120.22K | $305.94K | |
| $25.71M | $26.59M | $32.19M |
PBMR vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PBMR PGIM US Large-Cap Buffer 20 ETF - March | 6.56% | 10.89% | 9.62% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | -0.40% | 11.36% | 0.31% |
Correlation
The correlation between PBMR and TLTW is 0.28, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.28 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024 | 0.21 |
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Return for Risk
PBMR vs. TLTW — Risk / Return Rank
PBMR
TLTW
PBMR vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - March (PBMR) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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.
| PBMR | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.05 | ||
| Sortino ratioReturn per unit of downside risk | +3.10 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.10 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 0.68 | +2.78 |
| Martin ratioReturn relative to average drawdown | 19.58 | 1.68 | +17.90 |
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Drawdowns
PBMR vs. TLTW - Drawdown Comparison
The maximum PBMR drawdown since its inception was -7.64%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for PBMR and TLTW.
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Drawdown Indicators
| PBMR | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.64% | -18.61% | +10.97% |
Max Drawdown (1Y)Largest decline over 1 year | -3.33% | -5.97% | +2.64% |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.93% | — |
Current DrawdownCurrent decline from peak | 0.00% | -4.74% | +4.74% |
Average DrawdownAverage peak-to-trough decline | -0.49% | -8.03% | +7.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 2.42% | -1.83% |
Volatility
PBMR vs. TLTW - Volatility Comparison
The current volatility for PGIM US Large-Cap Buffer 20 ETF - March (PBMR) is 1.54%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 2.44%. This indicates that PBMR experiences smaller price fluctuations and is considered to be less risky than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBMR | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 2.44% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 3.85% | 5.97% | -2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 7.72% | -3.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.50% | 11.26% | -4.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.50% | 11.26% | -4.76% |
PBMR vs. TLTW - Expense Ratio Comparison
PBMR has a 0.50% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
PBMR vs. TLTW - Dividend Comparison
PBMR has not paid dividends to shareholders, while TLTW's dividend yield for the trailing twelve months is around 10.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
PBMR PGIM US Large-Cap Buffer 20 ETF - March | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 10.90% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
PBMR and TLTW have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTW has higher volatility (2.44%) compared to PBMR (1.54%). In terms of maximum drawdown, PBMR dropped -7.64% vs TLTW's -18.61%.
On 1-year performance, PBMR leads with 11.46% vs 4.06% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, PBMR has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PBMR has performed better with a 11.46% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.50% for PBMR.
TLTW has the higher dividend yield at 10.90%, compared with 0.00% for PBMR.
PBMR is categorized as Options Trading, while TLTW is Derivative Income. They also come from different issuers: PGIM and iShares. Their fees differ too: 0.50% for PBMR and 0.35% for TLTW.
PBMR currently has the higher Sharpe Ratio (2.58 vs 0.53), 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.
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