PBSE vs. PBFR

Last updated Jun 23, 2026

PBSE (PGIM S&P 500 Buffer 20 ETF - September) 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, PBSE returned 12.76% vs 12.60% for PBFR. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PBSE vs. PBFR - 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 20 ETF (PBFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PBSE having a 4.32% return and PBFR slightly higher at 4.45%.

PBSE

• 1D: -0.19%
• 1M: 0.38%
• YTD: 4.32%
• 6M: 4.40%
• 1Y: 12.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBFR

• 1D: -0.13%
• 1M: 0.30%
• YTD: 4.45%
• 6M: 4.57%
• 1Y: 12.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBSE vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBSE PGIM S&P 500 Buffer 20 ETF - September	4.32%	10.97%	4.75%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.45%	10.44%	5.53%

Correlation

The correlation between PBSE 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 13, 2024	0.89

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

Return for Risk

PBSE vs. PBFR — Risk / Return Rank

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

PBSE

PBSE Risk / Return Rank: 89
PBSE Sharpe Ratio Rank: 89
PBSE Sortino Ratio Rank: 92
PBSE Omega Ratio Rank: 92
PBSE Calmar Ratio Rank: 80
PBSE Martin Ratio Rank: 92

PBFR

PBFR Risk / Return Rank: 91
PBFR Sharpe Ratio Rank: 90
PBFR Sortino Ratio Rank: 92
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.

PBSE vs. PBFR - 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 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.

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.

	PBSE	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.91	-0.05
Sortino ratio: Return per unit of downside risk	4.26	4.23	+0.03
Omega ratio: Gain probability vs. loss probability	1.60	1.64	-0.04
Calmar ratio: Return relative to maximum drawdown	4.06	4.49	-0.43
Martin ratio: Return relative to average drawdown	21.59	23.30	-1.71

PBSE vs. PBFR - Sharpe Ratio Comparison

The current PBSE Sharpe Ratio is 2.86, which is comparable to the PBFR Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of PBSE 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.

Drawdowns

PBSE vs. PBFR - Drawdown Comparison

The maximum PBSE drawdown since its inception was -8.35%, roughly equal to the maximum PBFR drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for PBSE and PBFR.

Drawdown Indicators

	PBSE	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-8.35%	-8.50%	+0.15%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-2.82%	-0.33%
Current Drawdown Current decline from peak	-0.25%	-0.29%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.62%	-0.63%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.54%	+0.05%

Volatility

PBSE vs. PBFR - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 20 ETF - September (PBSE) is 1.01%, while PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) has a volatility of 1.27%. This indicates that PBSE experiences smaller price fluctuations and is considered to be less risky than PBFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBSE	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	1.27%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	3.51%	3.51%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	4.48%	4.35%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.61%	6.86%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.61%	6.86%	-0.25%

PBSE vs. PBFR - Expense Ratio Comparison

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

Dividends

PBSE vs. PBFR - Dividend Comparison

PBSE 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%
PBSE PGIM S&P 500 Buffer 20 ETF - September	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBSE and PBFR in my portfolio?

PBSE 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, PBSE or PBFR?

PBFR has higher volatility (1.27%) compared to PBSE (1.01%). In terms of maximum drawdown, PBSE dropped -8.35% vs PBFR's -8.50%.

Which ETF is better, PBSE or PBFR?

On 1-year performance, PBSE leads with 12.76% vs 12.60% for PBFR. Both ETFs have the same 0.50% expense ratio. On volatility, PBSE has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBSE or PBFR?

Over the 1-year period, PBSE has performed better with a 12.76% return vs 12.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBSE or PBFR?

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

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

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

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.91 vs 2.86), 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.