PBOC vs. PUSH

Last updated Jun 6, 2026

PBOC (PGIM S&P 500 Buffer 20 ETF - October) and PUSH (PGIM Ultra Short Municipal Bond ETF) are both exchange-traded funds - PBOC is a Defined Outcome fund actively managed by PGIM, while PUSH is a Municipal Bonds fund actively managed by PGIM. Both are actively managed. Over the past year, PBOC returned 12.57% vs 3.72% for PUSH. At a 0.07 correlation, their price movements are largely independent. PBOC charges 0.50%/yr vs 0.15%/yr for PUSH.

Performance

PBOC vs. PUSH - 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 Ultra Short Municipal Bond ETF (PUSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBOC achieves a 4.16% return, which is significantly higher than PUSH's 1.21% return.

PBOC

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

PUSH

• 1D: -0.07%
• 1M: 0.17%
• YTD: 1.21%
• 6M: 1.59%
• 1Y: 3.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBOC vs. PUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBOC PGIM S&P 500 Buffer 20 ETF - October	4.16%	10.18%	4.21%
PUSH PGIM Ultra Short Municipal Bond ETF	1.21%	4.16%	1.74%

Correlation

The correlation between PBOC and PUSH is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.07

Return for Risk

PBOC vs. PUSH — 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

PUSH

PUSH Risk / Return Rank: 88
PUSH Sharpe Ratio Rank: 79
PUSH Sortino Ratio Rank: 86
PUSH Omega Ratio Rank: 95
PUSH Calmar Ratio Rank: 95
PUSH Martin Ratio Rank: 88

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. PUSH - 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 Ultra Short Municipal Bond ETF (PUSH). 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	PUSH	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.44	+0.06
Sortino ratio: Return per unit of downside risk	3.62	3.70	-0.08
Omega ratio: Gain probability vs. loss probability	1.52	1.68	-0.15
Calmar ratio: Return relative to maximum drawdown	3.50	7.45	-3.95
Martin ratio: Return relative to average drawdown	17.59	18.49	-0.91
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. PUSH - Sharpe Ratio Comparison

The current PBOC Sharpe Ratio is 2.51, which is comparable to the PUSH Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of PBOC and PUSH, 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	PUSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.44	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	2.86	-1.41

Drawdowns

PBOC vs. PUSH - Drawdown Comparison

The maximum PBOC drawdown since its inception was -8.33%, which is greater than PUSH's maximum drawdown of -0.85%. Use the drawdown chart below to compare losses from any high point for PBOC and PUSH.

Drawdown Indicators

	PBOC	PUSH	Difference
Max Drawdown Largest peak-to-trough decline	-8.33%	-0.85%	-7.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.60%	-0.50%	-3.10%
Current Drawdown Current decline from peak	-0.61%	-0.10%	-0.51%
Average Drawdown Average peak-to-trough decline	-0.67%	-0.11%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.20%	+0.52%

Volatility

PBOC vs. PUSH - Volatility Comparison

PGIM S&P 500 Buffer 20 ETF - October (PBOC) has a higher volatility of 0.86% compared to PGIM Ultra Short Municipal Bond ETF (PUSH) at 0.31%. This indicates that PBOC's price experiences larger fluctuations and is considered to be riskier than PUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBOC	PUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.31%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	3.95%	0.98%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	1.53%	+3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	1.30%	+5.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.90%	1.30%	+5.60%

PBOC vs. PUSH - Expense Ratio Comparison

PBOC has a 0.50% expense ratio, which is higher than PUSH's 0.15% expense ratio.

Dividends

PBOC vs. PUSH - Dividend Comparison

PBOC has not paid dividends to shareholders, while PUSH's dividend yield for the trailing twelve months is around 3.24%.

Position	TTM	2025	2024
PBOC PGIM S&P 500 Buffer 20 ETF - October	0.00%	0.00%	0.00%
PUSH PGIM Ultra Short Municipal Bond ETF	3.24%	3.45%	1.86%

Frequently Asked Questions

Can I hold both PBOC and PUSH in my portfolio?

PBOC and PUSH have a correlation of 0.08, 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 PUSH?

PBOC has higher volatility (0.86%) compared to PUSH (0.31%). In terms of maximum drawdown, PBOC dropped -8.33% vs PUSH's -0.85%.

Which ETF is better, PBOC or PUSH?

On 1-year performance, PBOC leads with 12.57% vs 3.72% for PUSH. On fees, PUSH is cheaper at 0.15% per year. On volatility, PUSH has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBOC or PUSH?

Over the 1-year period, PBOC has performed better with a 12.57% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBOC or PUSH?

PUSH is cheaper with a 0.15% expense ratio, compared with 0.50% for PBOC.

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

PUSH has the higher dividend yield at 3.24%, compared with 0.00% for PBOC.

What is the main difference between PBOC and PUSH?

PBOC is categorized as Defined Outcome, while PUSH is Municipal Bonds. Their fees differ too: 0.50% for PBOC and 0.15% for PUSH.

Which has better risk-adjusted returns?

PBOC currently has the higher Sharpe Ratio (2.51 vs 2.44), 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.