SPBX vs. BUFP

Last updated Jun 6, 2026

SPBX (AllianzIM 6 Month Buffer10 Allocation ETF) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds. SPBX is actively managed, while BUFP is passively managed. Over the past year, SPBX returned 14.18% vs 16.64% for BUFP. Their correlation of 0.92 suggests significant overlap in exposure. SPBX charges 0.79%/yr vs 0.50%/yr for BUFP.

Performance

SPBX vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM 6 Month Buffer10 Allocation ETF (SPBX) 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, SPBX achieves a 5.05% return, which is significantly lower than BUFP's 5.33% return.

SPBX

• 1D: -0.77%
• 1M: 0.55%
• YTD: 5.05%
• 6M: 5.64%
• 1Y: 14.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: -1.03%
• 1M: 0.35%
• YTD: 5.33%
• 6M: 5.81%
• 1Y: 16.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPBX vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025
SPBX AllianzIM 6 Month Buffer10 Allocation ETF	5.05%	9.86%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	5.33%	12.39%

Correlation

The correlation between SPBX and BUFP is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Jan 10, 2025	0.92

The correlation between SPBX and BUFP has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

SPBX vs. BUFP — Risk / Return Rank

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

SPBX

SPBX Risk / Return Rank: 82
SPBX Sharpe Ratio Rank: 83
SPBX Sortino Ratio Rank: 87
SPBX Omega Ratio Rank: 87
SPBX Calmar Ratio Rank: 68
SPBX Martin Ratio Rank: 82

BUFP

BUFP Risk / Return Rank: 86
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 88
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.

SPBX vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM 6 Month Buffer10 Allocation ETF (SPBX) 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.

	SPBX	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.63	-0.09
Sortino ratio: Return per unit of downside risk	3.72	3.88	-0.16
Omega ratio: Gain probability vs. loss probability	1.51	1.55	-0.03
Calmar ratio: Return relative to maximum drawdown	3.17	3.79	-0.62
Martin ratio: Return relative to average drawdown	15.47	21.13	-5.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPBX vs. BUFP - Sharpe Ratio Comparison

The current SPBX Sharpe Ratio is 2.54, which is comparable to the BUFP Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of SPBX 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

	SPBX	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.63	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.34	-0.19

Drawdowns

SPBX vs. BUFP - Drawdown Comparison

The maximum SPBX drawdown since its inception was -11.11%, smaller than the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for SPBX and BUFP.

Drawdown Indicators

	SPBX	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-11.11%	-11.98%	+0.87%
Max Drawdown (1Y) Largest decline over 1 year	-4.49%	-4.41%	-0.08%
Current Drawdown Current decline from peak	-0.80%	-1.06%	+0.26%
Average Drawdown Average peak-to-trough decline	-1.15%	-1.00%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.79%	+0.13%

Volatility

SPBX vs. BUFP - Volatility Comparison

The current volatility for AllianzIM 6 Month Buffer10 Allocation ETF (SPBX) is 1.13%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 1.37%. This indicates that SPBX 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

	SPBX	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	1.37%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	4.60%	4.94%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	5.62%	6.36%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.41%	9.50%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.41%	9.50%	-0.09%

SPBX vs. BUFP - Expense Ratio Comparison

SPBX has a 0.79% expense ratio, which is higher than BUFP's 0.50% expense ratio.

Dividends

SPBX vs. BUFP - Dividend Comparison

SPBX has not paid dividends to shareholders, while BUFP's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
SPBX AllianzIM 6 Month Buffer10 Allocation ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPBX and BUFP in my portfolio?

With a correlation of 0.94, SPBX and BUFP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPBX or BUFP?

BUFP has higher volatility (1.37%) compared to SPBX (1.13%). In terms of maximum drawdown, SPBX dropped -11.11% vs BUFP's -11.98%.

Which ETF is better, SPBX or BUFP?

On 1-year performance, BUFP leads with 16.64% vs 14.18% for SPBX. On fees, BUFP is cheaper at 0.50% per year. On volatility, SPBX has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBX or BUFP?

Over the 1-year period, BUFP has performed better with a 16.64% return vs 14.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBX or BUFP?

BUFP is cheaper with a 0.50% expense ratio, compared with 0.79% for SPBX.

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

BUFP has the higher dividend yield at 0.01%, compared with 0.00% for SPBX.

What is the main difference between SPBX and BUFP?

They also come from different issuers: Allianz and PGIM. Their fees differ too: 0.79% for SPBX and 0.50% for BUFP.

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.63 vs 2.54), 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.