SPLV vs. PBFR

Last updated Apr 3, 2026

Compare and contrast key facts about Invesco S&P 500 Low Volatility ETF (SPLV) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR).

SPLV and PBFR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPLV is a passively managed fund by Invesco that tracks the performance of the S&P 500 Low Volatility Index. It was launched on May 5, 2011. PBFR is an actively managed fund by PGIM. It was launched on Jun 11, 2024.

Performance

SPLV vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Low Volatility ETF (SPLV) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). The values are adjusted to include any dividend payments, if applicable.

SPLV vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPLV Invesco S&P 500 Low Volatility ETF	4.06%	4.10%	8.83%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	-0.36%	10.44%	5.53%

Returns By Period

In the year-to-date period, SPLV achieves a 4.06% return, which is significantly higher than PBFR's -0.36% return.

SPLV

• 1D: 0.79%
• 1M: -3.82%
• YTD: 4.06%
• 6M: 2.79%
• 1Y: 0.98%
• 3Y*: 7.95%
• 5Y*: 7.05%
• 10Y*: 8.48%

PBFR

• 1D: 0.40%
• 1M: -0.70%
• YTD: -0.36%
• 6M: 1.77%
• 1Y: 10.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPLV vs. PBFR - Expense Ratio Comparison

SPLV has a 0.25% expense ratio, which is lower than PBFR's 0.50% expense ratio.

PBFR

PGIM Laddered S&P 500 Buffer 20 ETF

SPLV

Invesco S&P 500 Low Volatility ETF

Return for Risk

SPLV vs. PBFR — Risk / Return Rank

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

SPLV

SPLV Risk / Return Rank: 13
SPLV Sharpe Ratio Rank: 13
SPLV Sortino Ratio Rank: 12
SPLV Omega Ratio Rank: 12
SPLV Calmar Ratio Rank: 13
SPLV Martin Ratio Rank: 13

PBFR

PBFR Risk / Return Rank: 77
PBFR Sharpe Ratio Rank: 72
PBFR Sortino Ratio Rank: 76
PBFR Omega Ratio Rank: 86
PBFR Calmar Ratio Rank: 65
PBFR Martin Ratio Rank: 85

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.

SPLV vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) 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.

	SPLV	PBFR	Difference
Sharpe ratio Return per unit of total volatility	0.08	1.37	-1.29
Sortino ratio Return per unit of downside risk	0.19	2.04	-1.84
Omega ratio Gain probability vs. loss probability	1.03	1.36	-0.33
Calmar ratio Return relative to maximum drawdown	0.12	1.84	-1.72
Martin ratio Return relative to average drawdown	0.37	10.85	-10.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPLV vs. PBFR - Sharpe Ratio Comparison

The current SPLV Sharpe Ratio is 0.08, which is lower than the PBFR Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of SPLV and PBFR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPLV	PBFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	1.37	-1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	1.23	-0.53

Correlation

The correlation between SPLV and PBFR is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPLV vs. PBFR - Dividend Comparison

SPLV's dividend yield for the trailing twelve months is around 2.10%, more than PBFR's 0.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPLV Invesco S&P 500 Low Volatility ETF	2.10%	2.04%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPLV vs. PBFR - Drawdown Comparison

The maximum SPLV drawdown since its inception was -36.26%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for SPLV and PBFR.

Drawdown Indicators

	SPLV	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-8.50%	-27.76%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-6.15%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.26%	—	—
Current Drawdown Current decline from peak	-4.39%	-1.17%	-3.22%
Average Drawdown Average peak-to-trough decline	-3.54%	-0.68%	-2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	1.04%	+1.86%

Volatility

SPLV vs. PBFR - Volatility Comparison

Invesco S&P 500 Low Volatility ETF (SPLV) has a higher volatility of 3.23% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 2.46%. This indicates that SPLV'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

	SPLV	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	2.46%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	6.85%	3.48%	+3.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.70%	8.18%	+4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.43%	7.13%	+5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.35%	7.13%	+8.22%