SPBX vs. PBFR

Last updated Jun 6, 2026

SPBX (AllianzIM 6 Month Buffer10 Allocation ETF) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, SPBX returned 14.18% vs 12.51% for PBFR. Their correlation of 0.91 suggests significant overlap in exposure. SPBX charges 0.79%/yr vs 0.50%/yr for PBFR.

Performance

SPBX vs. PBFR - 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 20 ETF (PBFR). 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 higher than PBFR's 3.97% return.

SPBX

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

PBFR

• 1D: -0.65%
• 1M: 0.41%
• YTD: 3.97%
• 6M: 4.67%
• 1Y: 12.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPBX vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025
SPBX AllianzIM 6 Month Buffer10 Allocation ETF	5.05%	9.86%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	3.97%	10.15%

Correlation

The correlation between SPBX and PBFR is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Jan 10, 2025	0.91

The correlation between SPBX and PBFR has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

SPBX vs. PBFR — 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

PBFR

PBFR Risk / Return Rank: 91
PBFR Sharpe Ratio Rank: 90
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 85
PBFR Martin Ratio Rank: 93

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. PBFR - 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 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.

	SPBX	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.54	2.88	-0.34
Sortino ratio: Return per unit of downside risk	3.72	4.16	-0.45
Omega ratio: Gain probability vs. loss probability	1.51	1.63	-0.12
Calmar ratio: Return relative to maximum drawdown	3.17	4.46	-1.29
Martin ratio: Return relative to average drawdown	15.47	23.41	-7.95
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. PBFR - Sharpe Ratio Comparison

The current SPBX Sharpe Ratio is 2.54, which is comparable to the PBFR Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of SPBX 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.

Sharpe Ratios by Period

	SPBX	PBFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.88	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.49	-0.34

Drawdowns

SPBX vs. PBFR - Drawdown Comparison

The maximum SPBX drawdown since its inception was -11.11%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for SPBX and PBFR.

Drawdown Indicators

	SPBX	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-11.11%	-8.50%	-2.61%
Max Drawdown (1Y) Largest decline over 1 year	-4.49%	-2.82%	-1.67%
Current Drawdown Current decline from peak	-0.80%	-0.69%	-0.11%
Average Drawdown Average peak-to-trough decline	-1.15%	-0.63%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.54%	+0.38%

Volatility

SPBX vs. PBFR - Volatility Comparison

AllianzIM 6 Month Buffer10 Allocation ETF (SPBX) has a higher volatility of 1.13% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 0.88%. This indicates that SPBX's price experiences larger fluctuations and is considered to be riskier than PBFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBX	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	0.88%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	4.60%	3.41%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	5.62%	4.37%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.41%	6.90%	+2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.41%	6.90%	+2.51%

SPBX vs. PBFR - Expense Ratio Comparison

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

Dividends

SPBX vs. PBFR - Dividend Comparison

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

Position	TTM	2025	2024
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%
SPBX AllianzIM 6 Month Buffer10 Allocation ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPBX and PBFR in my portfolio?

SPBX and PBFR have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPBX or PBFR?

SPBX has higher volatility (1.13%) compared to PBFR (0.88%). In terms of maximum drawdown, SPBX dropped -11.11% vs PBFR's -8.50%.

Which ETF is better, SPBX or PBFR?

On 1-year performance, SPBX leads with 14.18% vs 12.51% for PBFR. On fees, PBFR is cheaper at 0.50% per year. On volatility, PBFR has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBX or PBFR?

Over the 1-year period, SPBX has performed better with a 14.18% return vs 12.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBX or PBFR?

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

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

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

What is the main difference between SPBX and PBFR?

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

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.88 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.