PMIO vs. BUFP

Last updated Jun 25, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both exchange-traded funds - PMIO is a Municipal Bonds fund actively managed by PGIM, while BUFP is a Defined Outcome fund tracking the S&P 500. PMIO is actively managed, while BUFP is passively managed. Over the past year, PMIO returned 6.48% vs 14.68% for BUFP. At a 0.15 correlation, their price movements are largely independent. PMIO charges 0.25%/yr vs 0.50%/yr for BUFP.

Performance

PMIO vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Municipal Income Opportunities ETF (PMIO) 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, PMIO achieves a 1.97% return, which is significantly lower than BUFP's 5.50% return.

PMIO

• 1D: 0.09%
• 1M: 1.30%
• YTD: 1.97%
• 6M: 2.09%
• 1Y: 6.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: -0.09%
• 1M: -0.22%
• YTD: 5.50%
• 6M: 5.19%
• 1Y: 14.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMIO vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PMIO PGIM Municipal Income Opportunities ETF	1.97%	5.30%	2.41%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	5.50%	12.92%	5.68%

Correlation

The correlation between PMIO and BUFP is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jun 28, 2024	0.15

Return for Risk

PMIO vs. BUFP — Risk / Return Rank

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

PMIO

PMIO Risk / Return Rank: 83
PMIO Sharpe Ratio Rank: 93
PMIO Sortino Ratio Rank: 95
PMIO Omega Ratio Rank: 95
PMIO Calmar Ratio Rank: 67
PMIO Martin Ratio Rank: 62

BUFP

BUFP Risk / Return Rank: 84
BUFP Sharpe Ratio Rank: 82
BUFP Sortino Ratio Rank: 86
BUFP Omega Ratio Rank: 87
BUFP Calmar Ratio Rank: 74
BUFP Martin Ratio Rank: 90

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.

PMIO vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) 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.

	PMIO	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.32	+0.62
Sortino ratio: Return per unit of downside risk	4.41	3.41	+1.01
Omega ratio: Gain probability vs. loss probability	1.67	1.47	+0.19
Calmar ratio: Return relative to maximum drawdown	2.91	3.34	-0.44
Martin ratio: Return relative to average drawdown	9.65	18.22	-8.58

PMIO vs. BUFP - Sharpe Ratio Comparison

The current PMIO Sharpe Ratio is 2.94, which is comparable to the BUFP Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of PMIO 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

PMIO vs. BUFP - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, smaller than the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for PMIO and BUFP.

Drawdown Indicators

	PMIO	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-11.98%	+8.59%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-4.41%	+2.17%
Current Drawdown Current decline from peak	-0.05%	-0.97%	+0.92%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.99%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.81%	-0.14%

Volatility

PMIO vs. BUFP - Volatility Comparison

The current volatility for PGIM Municipal Income Opportunities ETF (PMIO) is 0.61%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 2.12%. This indicates that PMIO 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

	PMIO	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	2.12%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	5.14%	-3.52%
Volatility (1Y) Calculated over the trailing 1-year period	2.21%	6.40%	-4.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.05%	9.46%	-6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.05%	9.46%	-6.41%

PMIO vs. BUFP - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is lower than BUFP's 0.50% expense ratio.

Dividends

PMIO vs. BUFP - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 3.91%, more than BUFP's 0.01% yield.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
PMIO PGIM Municipal Income Opportunities ETF	3.91%	4.00%	2.11%

Frequently Asked Questions

Can I hold both PMIO and BUFP in my portfolio?

PMIO and BUFP have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMIO or BUFP?

BUFP has higher volatility (2.12%) compared to PMIO (0.61%). In terms of maximum drawdown, PMIO dropped -3.39% vs BUFP's -11.98%.

Which ETF is better, PMIO or BUFP?

On 1-year performance, BUFP leads with 14.68% vs 6.48% for PMIO. On fees, PMIO is cheaper at 0.25% per year. On volatility, PMIO has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMIO or BUFP?

Over the 1-year period, BUFP has performed better with a 14.68% return vs 6.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMIO or BUFP?

PMIO is cheaper with a 0.25% expense ratio, compared with 0.50% for BUFP.

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

PMIO has the higher dividend yield at 3.91%, compared with 0.01% for BUFP.

What is the main difference between PMIO and BUFP?

PMIO is categorized as Municipal Bonds, while BUFP is Defined Outcome. Their fees differ too: 0.25% for PMIO and 0.50% for BUFP.

Which has better risk-adjusted returns?

PMIO currently has the higher Sharpe Ratio (2.94 vs 2.32), 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.