PJFM vs. PBFR

Last updated Aug 4, 2026

PJFM (PGIM Jennison Focused Mid-Cap ETF) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both exchange-traded funds - PJFM is a Mid Cap Blend Equities fund actively managed by PGIM, while PBFR is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, PJFM returned 14.15% vs 11.38% for PBFR. Their 0.71 correlation means they have sometimes moved together and sometimes differently. PJFM charges 0.49%/yr vs 0.50%/yr for PBFR.

Performance

PJFM vs. PBFR - Performance Comparison

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

Returns By Period

In the year-to-date period, PJFM achieves a 8.17% return, which is significantly higher than PBFR's 5.89% return.

PJFM

• 1D: 1.30%
• 1M: -1.34%
• 6M: 3.96%
• YTD: 8.17%
• 1Y: 14.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.81%

PBFR

• 1D: 0.50%
• 1M: 1.01%
• 6M: 5.06%
• YTD: 5.89%
• 1Y: 11.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.34%

*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)
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	$1.32M	$1.10M	$1.64M
PJFM PGIM Jennison Focused Mid-Cap ETF	$2.90K	$36.39K	$53.96K

PJFM vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PJFM PGIM Jennison Focused Mid-Cap ETF	8.17%	7.50%	11.16%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	5.89%	10.44%	5.53%

Correlation

The correlation between PJFM and PBFR is 0.68, 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.	0.68
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.71

The correlation between PJFM and PBFR has been stable across timeframes, ranging from 0.68 to 0.71 - a consistent structural relationship.

PJFM vs. PBFR - Sectors Allocation Comparison

Sectors	PJFM	PBFR
Industrials	24.2%	8.4%
Financial Services	16.9%	11.7%
Technology	16.6%	37.9%
Consumer Cyclical	8.3%	9.6%
Utilities	7.6%	2.3%
Energy	6.8%	3.0%
Real Estate	6.8%	1.9%
Healthcare	6.0%	9.1%
Basic Materials	5.8%	1.7%
Communication Services	3.4%	10.0%
Consumer Defensive	0.9%	4.6%

Return for Risk

PJFM vs. PBFR — Risk / Return Rank

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

PJFM

PJFM Risk / Return Rank: 34
PJFM Sharpe Ratio Rank: 32
PJFM Sortino Ratio Rank: 32
PJFM Omega Ratio Rank: 31
PJFM Calmar Ratio Rank: 35
PJFM Martin Ratio Rank: 40

PBFR

PBFR Risk / Return Rank: 93
PBFR Sharpe Ratio Rank: 93
PBFR Sortino Ratio Rank: 94
PBFR Omega Ratio Rank: 95
PBFR Calmar Ratio Rank: 90
PBFR Martin Ratio Rank: 95

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.

PJFM vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison Focused Mid-Cap ETF (PJFM) 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.

	PJFM	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.60	-1.76
Sortino ratio: Return per unit of downside risk	1.31	3.78	-2.46
Omega ratio: Gain probability vs. loss probability	1.15	1.55	-0.39
Calmar ratio: Return relative to maximum drawdown	1.32	4.06	-2.74
Martin ratio: Return relative to average drawdown	4.59	20.65	-16.06

PJFM vs. PBFR - Sharpe Ratio Comparison

The current PJFM Sharpe Ratio is 0.84, which is lower than the PBFR Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of PJFM 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

PJFM vs. PBFR - Drawdown Comparison

The maximum PJFM drawdown since its inception was -22.84%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for PJFM and PBFR.

Drawdown Indicators

	PJFM	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-22.84%	-8.50%	-14.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-2.82%	-7.97%
Current Drawdown Current decline from peak	-4.17%	0.00%	-4.17%
Average Drawdown Average peak-to-trough decline	-3.69%	-0.61%	-3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	0.55%	+2.54%

Volatility

PJFM vs. PBFR - Volatility Comparison

PGIM Jennison Focused Mid-Cap ETF (PJFM) has a higher volatility of 5.21% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 1.33%. This indicates that PJFM's price experiences larger fluctuations and is considered to be riskier than PBFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJFM	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	1.33%	+3.88%
Volatility (6M) Calculated over the trailing 6-month period	14.06%	3.65%	+10.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	4.41%	+12.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.82%	6.74%	+11.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	6.74%	+11.08%

PJFM vs. PBFR - Expense Ratio Comparison

PJFM has a 0.49% expense ratio, which is lower than PBFR's 0.50% expense ratio.

Dividends

PJFM vs. PBFR - Dividend Comparison

PJFM's dividend yield for the trailing twelve months is around 0.58%, more than PBFR's 0.01% yield.

Position	TTM	2025	2024
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%
PJFM PGIM Jennison Focused Mid-Cap ETF	0.58%	0.62%	0.83%

Frequently Asked Questions

Can I hold both PJFM and PBFR in my portfolio?

PJFM and PBFR have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PJFM or PBFR?

PJFM has higher volatility (5.21%) compared to PBFR (1.33%). In terms of maximum drawdown, PJFM dropped -22.84% vs PBFR's -8.50%.

Which ETF is better, PJFM or PBFR?

On 1-year performance, PJFM leads with 14.15% vs 11.38% for PBFR. On fees, PJFM is cheaper at 0.49% per year. On volatility, PBFR has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PJFM or PBFR?

Over the 1-year period, PJFM has performed better with a 14.15% return vs 11.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PJFM or PBFR?

PJFM is cheaper with a 0.49% expense ratio, compared with 0.50% for PBFR.

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

PJFM has the higher dividend yield at 0.58%, compared with 0.01% for PBFR.

What is the main difference between PJFM and PBFR?

PJFM is categorized as Mid Cap Blend Equities, while PBFR is Defined Outcome. Their fees differ too: 0.49% for PJFM and 0.50% for PBFR.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.60 vs 0.84), 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.