PBNV vs. OCTB

Last updated Aug 4, 2026

PBNV (PGIM S&P 500 Buffer 20 ETF - November) and OCTB (Aptus October Buffer ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.91 means they have usually moved in the same direction. PBNV charges 0.50%/yr vs 0.25%/yr for OCTB.

Performance

PBNV vs. OCTB - Performance Comparison

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

Returns By Period

In the year-to-date period, PBNV achieves a 6.58% return, which is significantly lower than OCTB's 7.75% return.

PBNV

• 1D: 0.67%
• 1M: 1.16%
• 6M: 5.54%
• YTD: 6.58%
• 1Y: 11.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.81%

OCTB

• 1D: 0.45%
• 1M: 1.30%
• 6M: 6.50%
• YTD: 7.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
OCTB Aptus October Buffer ETF	$69.66K	$87.45K	$69.55K
PBNV PGIM S&P 500 Buffer 20 ETF - November	$122.20K	$91.12K	$130.60K

PBNV vs. OCTB - Yearly Performance Comparison

	2026 (YTD)	2025
PBNV PGIM S&P 500 Buffer 20 ETF - November	6.58%	1.49%
OCTB Aptus October Buffer ETF	7.75%	2.37%

Correlation

The correlation between PBNV and OCTB is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.91

Return for Risk

PBNV vs. OCTB — Risk / Return Rank

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

PBNV

PBNV Risk / Return Rank: 83
PBNV Sharpe Ratio Rank: 83
PBNV Sortino Ratio Rank: 85
PBNV Omega Ratio Rank: 88
PBNV Calmar Ratio Rank: 73
PBNV Martin Ratio Rank: 86

OCTB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PBNV vs. OCTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - November (PBNV) and Aptus October Buffer ETF (OCTB). 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.

	PBNV	OCTB	Difference
Sharpe ratio: Return per unit of total volatility	2.12	—	—
Sortino ratio: Return per unit of downside risk	3.07	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	2.82	—	—
Martin ratio: Return relative to average drawdown	13.86	—	—

Drawdowns

PBNV vs. OCTB - Drawdown Comparison

The maximum PBNV drawdown since its inception was -8.37%, which is greater than OCTB's maximum drawdown of -4.79%. Use the drawdown chart below to compare losses from any high point for PBNV and OCTB.

Drawdown Indicators

	PBNV	OCTB	Difference
Max Drawdown Largest peak-to-trough decline	-8.37%	-4.79%	-3.58%
Max Drawdown (1Y) Largest decline over 1 year	-4.06%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.66%	-0.65%	-0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	—	—

Volatility

Volatility by Period

	PBNV	OCTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.43%	7.15%	-1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	7.15%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.90%	7.15%	-0.25%

PBNV vs. OCTB - Expense Ratio Comparison

PBNV has a 0.50% expense ratio, which is higher than OCTB's 0.25% expense ratio.

Dividends

PBNV vs. OCTB - Dividend Comparison

Neither PBNV nor OCTB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBNV and OCTB in my portfolio?

With a correlation of 0.91, PBNV and OCTB 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 ETF is better, PBNV or OCTB?

On fees, OCTB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBNV or OCTB?

OCTB is cheaper with a 0.25% expense ratio, compared with 0.50% for PBNV.

Which ETF pays a higher dividend yield, PBNV or OCTB?

PBNV and OCTB have nearly identical dividend yields, around 0.00%.

What is the main difference between PBNV and OCTB?

They also come from different issuers: PGIM and Aptus. Their fees differ too: 0.50% for PBNV and 0.25% for OCTB.