SPHB vs. PMFB

Last updated Aug 2, 2026

SPHB (Invesco S&P 500® High Beta ETF) and PMFB (PGIM S&P 500 Max Buffer ETF - February) are both exchange-traded funds - SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index, while PMFB is a Defined Outcome fund actively managed by PGIM. SPHB is passively managed, while PMFB is actively managed. Over the past year, SPHB returned 39.56% vs 7.01% for PMFB. Their 0.75 correlation means they have sometimes moved together and sometimes differently. SPHB charges 0.25%/yr vs 0.50%/yr for PMFB.

Performance

SPHB vs. PMFB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® High Beta ETF (SPHB) and PGIM S&P 500 Max Buffer ETF - February (PMFB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHB achieves a 19.95% return, which is significantly higher than PMFB's 3.18% return.

SPHB

• 1D: 0.05%
• 1M: -5.41%
• 6M: 15.81%
• YTD: 19.95%
• 1Y: 39.56%
• 3Y*: 21.36%
• 5Y*: 14.83%
• 10Y*: 17.94%
• ALL TIME*: 13.56%

PMFB

• 1D: 0.22%
• 1M: 0.49%
• 6M: 2.56%
• YTD: 3.18%
• 1Y: 7.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PMFB PGIM S&P 500 Max Buffer ETF - February	$4.97K	$5.27K	$4.08K
SPHB Invesco S&P 500® High Beta ETF	$46.45M	$55.30M	$54.87M

SPHB vs. PMFB - Yearly Performance Comparison

	2026 (YTD)	2025
SPHB Invesco S&P 500® High Beta ETF	19.95%	29.00%
PMFB PGIM S&P 500 Max Buffer ETF - February	3.18%	6.39%

Correlation

The correlation between SPHB and PMFB is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.75

The correlation between SPHB and PMFB has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

Return for Risk

SPHB vs. PMFB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPHB

SPHB Risk / Return Rank: 65
SPHB Sharpe Ratio Rank: 61
SPHB Sortino Ratio Rank: 57
SPHB Omega Ratio Rank: 56
SPHB Calmar Ratio Rank: 75
SPHB Martin Ratio Rank: 78

PMFB

PMFB Risk / Return Rank: 96
PMFB Sharpe Ratio Rank: 97
PMFB Sortino Ratio Rank: 97
PMFB Omega Ratio Rank: 97
PMFB Calmar Ratio Rank: 94
PMFB Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPHB vs. PMFB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Beta ETF (SPHB) and PGIM S&P 500 Max Buffer ETF - February (PMFB). 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.

	SPHB	PMFB	Difference
Sharpe ratio: Return per unit of total volatility	1.43	3.18	-1.76
Sortino ratio: Return per unit of downside risk	1.95	4.90	-2.95
Omega ratio: Gain probability vs. loss probability	1.24	1.68	-0.44
Calmar ratio: Return relative to maximum drawdown	2.63	5.00	-2.37
Martin ratio: Return relative to average drawdown	9.86	25.30	-15.44

SPHB vs. PMFB - Sharpe Ratio Comparison

The current SPHB Sharpe Ratio is 1.43, which is lower than the PMFB Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of SPHB and PMFB, 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

SPHB vs. PMFB - Drawdown Comparison

The maximum SPHB drawdown since its inception was -46.84%, which is greater than PMFB's maximum drawdown of -2.94%. Use the drawdown chart below to compare losses from any high point for SPHB and PMFB.

Drawdown Indicators

	SPHB	PMFB	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-2.94%	-43.90%
Max Drawdown (1Y) Largest decline over 1 year	-14.11%	-1.34%	-12.77%
Max Drawdown (3Y) Largest decline over 3 years	-29.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	—	—
Current Drawdown Current decline from peak	-10.79%	0.00%	-10.79%
Average Drawdown Average peak-to-trough decline	-8.47%	-0.35%	-8.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	0.27%	+3.49%

Volatility

SPHB vs. PMFB - Volatility Comparison

Invesco S&P 500® High Beta ETF (SPHB) has a higher volatility of 9.30% compared to PGIM S&P 500 Max Buffer ETF - February (PMFB) at 0.50%. This indicates that SPHB's price experiences larger fluctuations and is considered to be riskier than PMFB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHB	PMFB	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.30%	0.50%	+8.80%
Volatility (6M) Calculated over the trailing 6-month period	21.54%	1.59%	+19.95%
Volatility (1Y) Calculated over the trailing 1-year period	26.09%	2.11%	+23.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.84%	2.69%	+25.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.57%	2.69%	+25.88%

SPHB vs. PMFB - Expense Ratio Comparison

SPHB has a 0.25% expense ratio, which is lower than PMFB's 0.50% expense ratio.

Dividends

SPHB vs. PMFB - Dividend Comparison

SPHB's dividend yield for the trailing twelve months is around 0.58%, while PMFB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMFB PGIM S&P 500 Max Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHB Invesco S&P 500® High Beta ETF	0.58%	0.60%	0.80%	0.73%	0.72%	0.91%	1.90%	1.26%	1.96%	1.34%	0.93%	1.69%

Frequently Asked Questions

Can I hold both SPHB and PMFB in my portfolio?

SPHB and PMFB have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHB or PMFB?

SPHB has higher volatility (9.30%) compared to PMFB (0.50%). In terms of maximum drawdown, SPHB dropped -46.84% vs PMFB's -2.94%.

Which ETF is better, SPHB or PMFB?

On 1-year performance, SPHB leads with 39.56% vs 7.01% for PMFB. On fees, SPHB is cheaper at 0.25% per year. On volatility, PMFB has been the lower-risk option at 0.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHB or PMFB?

Over the 1-year period, SPHB has performed better with a 39.56% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHB or PMFB?

SPHB is cheaper with a 0.25% expense ratio, compared with 0.50% for PMFB.

Which ETF pays a higher dividend yield, SPHB or PMFB?

SPHB has the higher dividend yield at 0.58%, compared with 0.00% for PMFB.

What is the main difference between SPHB and PMFB?

SPHB is categorized as S&P 500, while PMFB is Defined Outcome. They also come from different issuers: Invesco and PGIM. Their fees differ too: 0.25% for SPHB and 0.50% for PMFB.

Which has better risk-adjusted returns?

PMFB currently has the higher Sharpe Ratio (3.18 vs 1.43), 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.