PSH vs. PBFR

Last updated Jun 25, 2026

PSH (PGIM Short Duration High Yield ETF) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both exchange-traded funds - PSH is a High Yield Bonds fund actively managed by PGIM, while PBFR is a Defined Outcome fund actively managed by PGIM. Both are actively managed. Over the past year, PSH returned 5.71% vs 11.10% for PBFR. A 0.56 correlation means they provide meaningful diversification when combined. PSH charges 0.45%/yr vs 0.50%/yr for PBFR.

Performance

PSH vs. PBFR - 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 20 ETF (PBFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSH achieves a 2.21% return, which is significantly lower than PBFR's 4.17% return.

PSH

• 1D: -0.09%
• 1M: 0.37%
• YTD: 2.21%
• 6M: 2.32%
• 1Y: 5.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBFR

• 1D: -0.03%
• 1M: 0.03%
• YTD: 4.17%
• 6M: 3.97%
• 1Y: 11.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSH vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSH PGIM Short Duration High Yield ETF	2.21%	7.34%	4.66%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.17%	10.44%	5.53%

Correlation

The correlation between PSH and PBFR is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.56

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

Return for Risk

PSH vs. PBFR — Risk / Return Rank

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

PSH

PSH Risk / Return Rank: 75
PSH Sharpe Ratio Rank: 67
PSH Sortino Ratio Rank: 76
PSH Omega Ratio Rank: 77
PSH Calmar Ratio Rank: 84
PSH Martin Ratio Rank: 73

PBFR

PBFR Risk / Return Rank: 89
PBFR Sharpe Ratio Rank: 89
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 83
PBFR Martin Ratio Rank: 92

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. PBFR - 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 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.

	PSH	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.60	-0.68
Sortino ratio: Return per unit of downside risk	3.00	3.74	-0.74
Omega ratio: Gain probability vs. loss probability	1.40	1.56	-0.15
Calmar ratio: Return relative to maximum drawdown	4.05	3.96	+0.09
Martin ratio: Return relative to average drawdown	11.98	20.45	-8.47

PSH vs. PBFR - Sharpe Ratio Comparison

The current PSH Sharpe Ratio is 1.92, which is comparable to the PBFR Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of PSH 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

PSH vs. PBFR - Drawdown Comparison

The maximum PSH drawdown since its inception was -3.06%, smaller than the maximum PBFR drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for PSH and PBFR.

Drawdown Indicators

	PSH	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-8.50%	+5.44%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-2.82%	+1.40%
Current Drawdown Current decline from peak	-0.09%	-0.56%	+0.47%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.63%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.54%	-0.06%

Volatility

PSH vs. PBFR - Volatility Comparison

The current volatility for PGIM Short Duration High Yield ETF (PSH) is 0.53%, while PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) has a volatility of 1.29%. This indicates that PSH experiences smaller price fluctuations and is considered to be less risky than PBFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSH	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	1.29%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	3.51%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	4.33%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	6.85%	-3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.24%	6.85%	-3.61%

PSH vs. PBFR - Expense Ratio Comparison

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

Dividends

PSH vs. PBFR - Dividend Comparison

PSH's dividend yield for the trailing twelve months is around 6.64%, 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%
PSH PGIM Short Duration High Yield ETF	6.64%	6.62%	8.35%

Frequently Asked Questions

Can I hold both PSH and PBFR in my portfolio?

PSH and PBFR have a correlation of 0.56, 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 PBFR?

PBFR has higher volatility (1.29%) compared to PSH (0.53%). In terms of maximum drawdown, PSH dropped -3.06% vs PBFR's -8.50%.

Which ETF is better, PSH or PBFR?

On 1-year performance, PBFR leads with 11.10% vs 5.71% for PSH. On fees, PSH is cheaper at 0.45% per year. On volatility, PSH has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSH or PBFR?

Over the 1-year period, PBFR has performed better with a 11.10% return vs 5.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSH or PBFR?

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

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

PSH has the higher dividend yield at 6.64%, compared with 0.01% for PBFR.

What is the main difference between PSH and PBFR?

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

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.60 vs 1.92), 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.