PBOC vs. PBFR

Last updated Jun 6, 2026

PBOC (PGIM S&P 500 Buffer 20 ETF - October) 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, PBOC returned 12.57% vs 12.51% for PBFR. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PBOC vs. PBFR - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PBOC having a 4.16% return and PBFR slightly lower at 3.97%.

PBOC

• 1D: -0.61%
• 1M: 0.51%
• YTD: 4.16%
• 6M: 4.62%
• 1Y: 12.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBFR

• 1D: -0.65%
• 1M: 0.41%
• YTD: 3.97%
• 6M: 4.67%
• 1Y: 12.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBOC vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBOC PGIM S&P 500 Buffer 20 ETF - October	4.16%	10.18%	4.62%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	3.97%	10.44%	5.53%

Correlation

The correlation between PBOC and PBFR is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.89

The correlation between PBOC and PBFR has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

PBOC vs. PBFR — Risk / Return Rank

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

PBOC

PBOC Risk / Return Rank: 83
PBOC Sharpe Ratio Rank: 82
PBOC Sortino Ratio Rank: 85
PBOC Omega Ratio Rank: 88
PBOC Calmar Ratio Rank: 74
PBOC Martin Ratio Rank: 87

PBFR

PBFR Risk / Return Rank: 91
PBFR Sharpe Ratio Rank: 90
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 85
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.

PBOC vs. PBFR - Risk-Adjusted Trends Comparison

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

	PBOC	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.88	-0.37
Sortino ratio: Return per unit of downside risk	3.62	4.16	-0.54
Omega ratio: Gain probability vs. loss probability	1.52	1.63	-0.11
Calmar ratio: Return relative to maximum drawdown	3.50	4.46	-0.96
Martin ratio: Return relative to average drawdown	17.59	23.41	-5.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBOC vs. PBFR - Sharpe Ratio Comparison

The current PBOC Sharpe Ratio is 2.51, which is comparable to the PBFR Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of PBOC 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.

Sharpe Ratios by Period

	PBOC	PBFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.88	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	1.49	-0.04

Drawdowns

PBOC vs. PBFR - Drawdown Comparison

The maximum PBOC drawdown since its inception was -8.33%, roughly equal to the maximum PBFR drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for PBOC and PBFR.

Drawdown Indicators

	PBOC	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-8.33%	-8.50%	+0.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.60%	-2.82%	-0.78%
Current Drawdown Current decline from peak	-0.61%	-0.69%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.67%	-0.63%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.54%	+0.18%

Volatility

PBOC vs. PBFR - Volatility Comparison

PGIM S&P 500 Buffer 20 ETF - October (PBOC) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) have volatilities of 0.86% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBOC	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.88%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	3.95%	3.41%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	4.37%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	6.90%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.90%	6.90%	0.00%

PBOC vs. PBFR - Expense Ratio Comparison

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

Dividends

PBOC vs. PBFR - Dividend Comparison

PBOC 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%
PBOC PGIM S&P 500 Buffer 20 ETF - October	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBOC and PBFR in my portfolio?

PBOC and PBFR have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBOC or PBFR?

PBFR has higher volatility (0.88%) compared to PBOC (0.86%). In terms of maximum drawdown, PBOC dropped -8.33% vs PBFR's -8.50%.

Which ETF is better, PBOC or PBFR?

On 1-year performance, PBOC leads with 12.57% vs 12.51% for PBFR. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBOC or PBFR?

Over the 1-year period, PBOC has performed better with a 12.57% return vs 12.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBOC or PBFR?

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

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

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

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.88 vs 2.51), 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.