PHYL vs. BUFP

Last updated Aug 6, 2026

PHYL (PGIM Active High Yield Bond ETF) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both exchange-traded funds - PHYL is a High Yield Bonds fund actively managed by PGIM, while BUFP is a Defined Outcome fund tracking the S&P 500. PHYL is actively managed, while BUFP is passively managed. Over the past year, PHYL returned 5.30% vs 14.94% for BUFP. Their 0.64 correlation means they have sometimes moved together and sometimes differently. PHYL charges 0.53%/yr vs 0.50%/yr for BUFP.

Performance

PHYL vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Active High Yield Bond ETF (PHYL) 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, PHYL achieves a 2.08% return, which is significantly lower than BUFP's 8.45% return.

PHYL

• 1D: 0.00%
• 1M: -0.10%
• 6M: 1.55%
• YTD: 2.08%
• 1Y: 5.30%
• 3Y*: 8.70%
• 5Y*: 4.02%
• 10Y*: —
• ALL TIME*: 5.42%

BUFP

• 1D: 0.08%
• 1M: 1.62%
• 6M: 7.82%
• YTD: 8.45%
• 1Y: 14.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.09%

*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)
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	$1.27M	$1.33M	$1.51M
PHYL PGIM Active High Yield Bond ETF	$11.95M	$8.34M	$5.99M

PHYL vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PHYL PGIM Active High Yield Bond ETF	2.08%	9.65%	5.56%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	8.45%	12.92%	6.30%

Correlation

The correlation between PHYL and BUFP is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.64

The correlation between PHYL and BUFP has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

Return for Risk

PHYL vs. BUFP — Risk / Return Rank

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

PHYL

PHYL Risk / Return Rank: 58
PHYL Sharpe Ratio Rank: 57
PHYL Sortino Ratio Rank: 60
PHYL Omega Ratio Rank: 61
PHYL Calmar Ratio Rank: 49
PHYL Martin Ratio Rank: 64

BUFP

BUFP Risk / Return Rank: 89
BUFP Sharpe Ratio Rank: 88
BUFP Sortino Ratio Rank: 91
BUFP Omega Ratio Rank: 92
BUFP Calmar Ratio Rank: 82
BUFP Martin Ratio Rank: 93

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.

PHYL vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Active High Yield Bond ETF (PHYL) 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.

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.

	PHYL	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.35	-0.78
Sortino ratio: Return per unit of downside risk	2.33	3.47	-1.14
Omega ratio: Gain probability vs. loss probability	1.30	1.48	-0.18
Calmar ratio: Return relative to maximum drawdown	1.99	3.40	-1.41
Martin ratio: Return relative to average drawdown	8.75	18.19	-9.43

PHYL vs. BUFP - Sharpe Ratio Comparison

The current PHYL Sharpe Ratio is 1.57, which is lower than the BUFP Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of PHYL 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.

Drawdowns

PHYL vs. BUFP - Drawdown Comparison

The maximum PHYL drawdown since its inception was -22.07%, which is greater than BUFP's maximum drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for PHYL and BUFP.

Drawdown Indicators

	PHYL	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-22.07%	-11.98%	-10.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-4.41%	+1.73%
Max Drawdown (3Y) Largest decline over 3 years	-4.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	—	—
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-3.00%	-0.96%	-2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.82%	-0.21%

Volatility

PHYL vs. BUFP - Volatility Comparison

The current volatility for PGIM Active High Yield Bond ETF (PHYL) is 0.96%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 1.77%. This indicates that PHYL 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

	PHYL	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	1.77%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	5.26%	-2.40%
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	6.40%	-3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.70%	9.29%	-3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.59%	9.29%	-1.70%

PHYL vs. BUFP - Expense Ratio Comparison

PHYL has a 0.53% expense ratio, which is higher than BUFP's 0.50% expense ratio.

Dividends

PHYL vs. BUFP - Dividend Comparison

PHYL's dividend yield for the trailing twelve months is around 6.96%, more than BUFP's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PHYL PGIM Active High Yield Bond ETF	6.96%	7.05%	8.28%	7.62%	6.55%	6.13%	7.51%	7.31%	1.79%

Frequently Asked Questions

Can I hold both PHYL and BUFP in my portfolio?

PHYL and BUFP have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHYL or BUFP?

BUFP has higher volatility (1.77%) compared to PHYL (0.96%). In terms of maximum drawdown, PHYL dropped -22.07% vs BUFP's -11.98%.

Which ETF is better, PHYL or BUFP?

On 1-year performance, BUFP leads with 14.94% vs 5.30% for PHYL. On fees, BUFP is cheaper at 0.50% per year. On volatility, PHYL has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHYL or BUFP?

Over the 1-year period, BUFP has performed better with a 14.94% return vs 5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHYL or BUFP?

BUFP is cheaper with a 0.50% expense ratio, compared with 0.53% for PHYL.

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

PHYL has the higher dividend yield at 6.96%, compared with 0.01% for BUFP.

What is the main difference between PHYL and BUFP?

PHYL is categorized as High Yield Bonds, while BUFP is Defined Outcome. Their fees differ too: 0.53% for PHYL and 0.50% for BUFP.

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.35 vs 1.57), 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.