PSH vs. BUFP

Last updated Jun 4, 2026

PSH (PGIM Short Duration High Yield ETF) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both exchange-traded funds - PSH is a High Yield Bonds fund actively managed by PGIM, while BUFP is a Defined Outcome fund tracking the S&P 500. PSH is actively managed, while BUFP is passively managed. Over the past year, PSH returned 6.11% vs 17.24% for BUFP. A 0.56 correlation means they provide meaningful diversification when combined. PSH charges 0.45%/yr vs 0.50%/yr for BUFP.

Performance

PSH vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Short Duration High Yield ETF (PSH) 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, PSH achieves a 1.88% return, which is significantly lower than BUFP's 6.23% return.

PSH

• 1D: -0.11%
• 1M: 0.08%
• YTD: 1.88%
• 6M: 2.38%
• 1Y: 6.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: -0.22%
• 1M: 2.04%
• YTD: 6.23%
• 6M: 7.00%
• 1Y: 17.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSH vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSH PGIM Short Duration High Yield ETF	1.88%	7.34%	4.63%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.23%	12.92%	6.36%

Correlation

The correlation between PSH and BUFP is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.56

The correlation between PSH and BUFP has been stable across timeframes, ranging from 0.55 to 0.56 - a consistent structural relationship.

PSH vs. BUFP - Sectors Allocation Comparison

Sectors	PSH	BUFP
Financial Services	1.3%	11.9%
Energy	0.1%	3.5%
Basic Materials	-	1.8%
Communication Services	-	10.9%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Healthcare	-	8.4%
Industrials	-	8.1%
Real Estate	-	1.9%
Technology	-	36.2%
Utilities	-	2.3%

Return for Risk

PSH vs. BUFP — Risk / Return Rank

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

PSH

PSH Risk / Return Rank: 71
PSH Sharpe Ratio Rank: 60
PSH Sortino Ratio Rank: 69
PSH Omega Ratio Rank: 72
PSH Calmar Ratio Rank: 82
PSH Martin Ratio Rank: 69

BUFP

BUFP Risk / Return Rank: 86
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 89
BUFP Omega Ratio Rank: 89
BUFP Calmar Ratio Rank: 77
BUFP 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.

PSH vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Short Duration High Yield ETF (PSH) 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.

	PSH	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.77	-0.73
Sortino ratio: Return per unit of downside risk	3.19	4.12	-0.94
Omega ratio: Gain probability vs. loss probability	1.43	1.58	-0.15
Calmar ratio: Return relative to maximum drawdown	4.33	3.93	+0.40
Martin ratio: Return relative to average drawdown	12.80	21.96	-9.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSH vs. BUFP - Sharpe Ratio Comparison

The current PSH Sharpe Ratio is 2.04, which is comparable to the BUFP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of PSH 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.

Sharpe Ratios by Period

	PSH	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	2.77	-0.73
Sharpe Ratio (All Time) Calculated using the full available price history	2.21	1.40	+0.81

Drawdowns

PSH vs. BUFP - Drawdown Comparison

The maximum PSH drawdown since its inception was -3.06%, smaller than the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for PSH and BUFP.

Drawdown Indicators

	PSH	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-11.98%	+8.92%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-4.41%	+2.99%
Current Drawdown Current decline from peak	-0.16%	-0.22%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.27%	-1.00%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.79%	-0.31%

Volatility

PSH vs. BUFP - Volatility Comparison

The current volatility for PGIM Short Duration High Yield ETF (PSH) is 0.69%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 0.95%. This indicates that PSH 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

	PSH	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.95%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	4.82%	-2.72%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	6.27%	-3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.26%	9.49%	-6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.26%	9.49%	-6.23%

PSH vs. BUFP - Expense Ratio Comparison

PSH has a 0.45% expense ratio, which is lower than BUFP's 0.50% expense ratio.

Dividends

PSH vs. BUFP - Dividend Comparison

PSH's dividend yield for the trailing twelve months is around 6.66%, 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%
PSH PGIM Short Duration High Yield ETF	6.66%	6.62%	8.35%

Frequently Asked Questions

Can I hold both PSH and BUFP in my portfolio?

PSH and BUFP have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSH or BUFP?

BUFP has higher volatility (0.95%) compared to PSH (0.69%). In terms of maximum drawdown, PSH dropped -3.06% vs BUFP's -11.98%.

Which ETF is better, PSH or BUFP?

On 1-year performance, BUFP leads with 17.24% vs 6.11% for PSH. On fees, PSH is cheaper at 0.45% per year. On volatility, PSH has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSH or BUFP?

Over the 1-year period, BUFP has performed better with a 17.24% return vs 6.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSH or BUFP?

PSH is cheaper with a 0.45% expense ratio, compared with 0.50% for BUFP.

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

PSH has the higher dividend yield at 6.66%, compared with 0.01% for BUFP.

What is the main difference between PSH and BUFP?

PSH is categorized as High Yield Bonds, while BUFP is Defined Outcome. Their fees differ too: 0.45% for PSH and 0.50% for BUFP.

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.77 vs 2.04), 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.