PBSE vs. BUFP

Last updated Jun 4, 2026

PBSE (PGIM S&P 500 Buffer 20 ETF - September) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds from PGIM. PBSE is actively managed, while BUFP is passively managed. Over the past year, PBSE returned 12.86% vs 17.24% for BUFP. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PBSE vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - September (PBSE) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBSE achieves a 4.31% return, which is significantly lower than BUFP's 6.23% return.

PBSE

• 1D: -0.05%
• 1M: 1.42%
• YTD: 4.31%
• 6M: 5.00%
• 1Y: 12.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: -0.22%
• 1M: 2.04%
• YTD: 6.23%
• 6M: 7.00%
• 1Y: 17.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBSE vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBSE PGIM S&P 500 Buffer 20 ETF - September	4.31%	10.97%	4.71%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.23%	12.92%	6.36%

Correlation

The correlation between PBSE and BUFP is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.92

The correlation between PBSE and BUFP has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

PBSE vs. BUFP — Risk / Return Rank

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

PBSE

PBSE Risk / Return Rank: 88
PBSE Sharpe Ratio Rank: 87
PBSE Sortino Ratio Rank: 91
PBSE Omega Ratio Rank: 92
PBSE Calmar Ratio Rank: 80
PBSE Martin Ratio Rank: 91

BUFP

BUFP Risk / Return Rank: 86
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 89
BUFP Omega Ratio Rank: 89
BUFP Calmar Ratio Rank: 77
BUFP Martin Ratio Rank: 91

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.

PBSE vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - September (PBSE) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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.

	PBSE	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.77	+0.09
Sortino ratio: Return per unit of downside risk	4.26	4.12	+0.14
Omega ratio: Gain probability vs. loss probability	1.60	1.58	+0.03
Calmar ratio: Return relative to maximum drawdown	4.10	3.93	+0.17
Martin ratio: Return relative to average drawdown	21.83	21.96	-0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBSE vs. BUFP - Sharpe Ratio Comparison

The current PBSE Sharpe Ratio is 2.86, which is comparable to the BUFP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of PBSE and BUFP, 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

	PBSE	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	2.77	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	1.40	+0.17

Drawdowns

PBSE vs. BUFP - Drawdown Comparison

The maximum PBSE drawdown since its inception was -8.35%, smaller than the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for PBSE and BUFP.

Drawdown Indicators

	PBSE	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-8.35%	-11.98%	+3.63%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-4.41%	+1.26%
Current Drawdown Current decline from peak	-0.05%	-0.22%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.63%	-1.00%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.79%	-0.20%

Volatility

PBSE vs. BUFP - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 20 ETF - September (PBSE) is 0.46%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 0.95%. This indicates that PBSE experiences smaller price fluctuations and is considered to be less risky than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBSE	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	0.95%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	4.82%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	6.27%	-1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.66%	9.49%	-2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.66%	9.49%	-2.83%

PBSE vs. BUFP - Expense Ratio Comparison

Both PBSE and BUFP have an expense ratio of 0.50%.

Dividends

PBSE vs. BUFP - Dividend Comparison

PBSE has not paid dividends to shareholders, while BUFP's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
PBSE PGIM S&P 500 Buffer 20 ETF - September	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBSE and BUFP in my portfolio?

With a correlation of 0.92, PBSE and BUFP 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 is riskier, PBSE or BUFP?

BUFP has higher volatility (0.95%) compared to PBSE (0.46%). In terms of maximum drawdown, PBSE dropped -8.35% vs BUFP's -11.98%.

Which ETF is better, PBSE or BUFP?

On 1-year performance, BUFP leads with 17.24% vs 12.86% for PBSE. Both ETFs have the same 0.50% expense ratio. On volatility, PBSE has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBSE or BUFP?

Over the 1-year period, BUFP has performed better with a 17.24% return vs 12.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBSE or BUFP?

PBSE and BUFP have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PBSE or BUFP?

BUFP has the higher dividend yield at 0.01%, compared with 0.00% for PBSE.

Which has better risk-adjusted returns?

PBSE currently has the higher Sharpe Ratio (2.86 vs 2.77), 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.