PMFB vs. PBAU

Last updated Jun 4, 2026

PMFB (PGIM S&P 500 Max Buffer ETF - February) and PBAU (PGIM S&P 500 Buffer 20 ETF - August) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, PMFB returned 8.06% vs 13.47% for PBAU. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PMFB vs. PBAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Max Buffer ETF - February (PMFB) and PGIM S&P 500 Buffer 20 ETF - August (PBAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMFB achieves a 2.56% return, which is significantly lower than PBAU's 4.33% return.

PMFB

• 1D: -0.06%
• 1M: 0.80%
• YTD: 2.56%
• 6M: 3.26%
• 1Y: 8.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBAU

• 1D: -0.05%
• 1M: 1.38%
• YTD: 4.33%
• 6M: 5.01%
• 1Y: 13.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMFB vs. PBAU - Yearly Performance Comparison

	2026 (YTD)	2025
PMFB PGIM S&P 500 Max Buffer ETF - February	2.56%	6.28%
PBAU PGIM S&P 500 Buffer 20 ETF - August	4.33%	10.24%

Correlation

The correlation between PMFB and PBAU is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.86

The correlation between PMFB and PBAU has been stable across timeframes, ranging from 0.86 to 0.86 - a consistent structural relationship.

Return for Risk

PMFB vs. PBAU — Risk / Return Rank

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

PMFB

PMFB Risk / Return Rank: 95
PMFB Sharpe Ratio Rank: 95
PMFB Sortino Ratio Rank: 97
PMFB Omega Ratio Rank: 97
PMFB Calmar Ratio Rank: 92
PMFB Martin Ratio Rank: 95

PBAU

PBAU Risk / Return Rank: 87
PBAU Sharpe Ratio Rank: 85
PBAU Sortino Ratio Rank: 89
PBAU Omega Ratio Rank: 90
PBAU Calmar Ratio Rank: 80
PBAU 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.

PMFB vs. PBAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Max Buffer ETF - February (PMFB) and PGIM S&P 500 Buffer 20 ETF - August (PBAU). 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.

	PMFB	PBAU	Difference
Sharpe ratio Return per unit of total volatility	3.83	2.76	+1.07
Sortino ratio Return per unit of downside risk	6.15	4.09	+2.06
Omega ratio Gain probability vs. loss probability	1.88	1.58	+0.30
Calmar ratio Return relative to maximum drawdown	6.04	4.11	+1.93
Martin ratio Return relative to average drawdown	31.52	21.83	+9.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMFB vs. PBAU - Sharpe Ratio Comparison

The current PMFB Sharpe Ratio is 3.83, which is higher than the PBAU Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of PMFB and PBAU, 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

	PMFB	PBAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.83	2.76	+1.07
Sharpe Ratio (All Time) Calculated using the full available price history	2.43	1.58	+0.85

Drawdowns

PMFB vs. PBAU - Drawdown Comparison

The maximum PMFB drawdown since its inception was -2.94%, smaller than the maximum PBAU drawdown of -8.87%. Use the drawdown chart below to compare losses from any high point for PMFB and PBAU.

Drawdown Indicators

	PMFB	PBAU	Difference
Max Drawdown Largest peak-to-trough decline	-2.94%	-8.87%	+5.93%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-3.29%	+1.95%
Current Drawdown Current decline from peak	-0.06%	-0.05%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.66%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.62%	-0.36%

Volatility

PMFB vs. PBAU - Volatility Comparison

The current volatility for PGIM S&P 500 Max Buffer ETF - February (PMFB) is 0.37%, while PGIM S&P 500 Buffer 20 ETF - August (PBAU) has a volatility of 0.47%. This indicates that PMFB experiences smaller price fluctuations and is considered to be less risky than PBAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMFB	PBAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.47%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	3.60%	-2.17%
Volatility (1Y) Calculated over the trailing 1-year period	2.12%	4.91%	-2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.77%	7.21%	-4.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.77%	7.21%	-4.44%

PMFB vs. PBAU - Expense Ratio Comparison

Both PMFB and PBAU have an expense ratio of 0.50%.

Dividends

PMFB vs. PBAU - Dividend Comparison

Neither PMFB nor PBAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMFB and PBAU in my portfolio?

PMFB and PBAU have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMFB or PBAU?

PBAU has higher volatility (0.47%) compared to PMFB (0.37%). In terms of maximum drawdown, PMFB dropped -2.94% vs PBAU's -8.87%.

Which ETF is better, PMFB or PBAU?

On 1-year performance, PBAU leads with 13.47% vs 8.06% for PMFB. Both ETFs have the same 0.50% expense ratio. On volatility, PMFB has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMFB or PBAU?

Over the 1-year period, PBAU has performed better with a 13.47% return vs 8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMFB or PBAU?

PMFB and PBAU have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PMFB or PBAU?

PMFB and PBAU have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

PMFB currently has the higher Sharpe Ratio (3.83 vs 2.76), 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.