SPXE vs. PBFR

Last updated Jul 17, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while PBFR is a Defined Outcome fund actively managed by PGIM. SPXE is passively managed, while PBFR is actively managed. A 0.70 correlation means they provide meaningful diversification when combined. SPXE charges 0.09%/yr vs 0.50%/yr for PBFR.

Performance

SPXE vs. PBFR - Performance Comparison

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

Returns By Period

SPXE

• 1D: -0.59%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBFR

• 1D: -0.13%
• 1M: 0.62%
• 6M: 4.80%
• YTD: 5.27%
• 1Y: 10.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXE vs. PBFR - Yearly Performance Comparison

	2026 (YTD)
SPXE ProShares S&P 500 Ex-Energy ETF	-0.65%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.10%

Correlation

The correlation between SPXE and PBFR is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2026	0.70

SPXE vs. PBFR - Sectors Allocation Comparison

Sectors	SPXE	PBFR
Technology	38.6%	38.4%
Financial Services	12.4%	11.0%
Communication Services	10.1%	10.8%
Consumer Cyclical	9.7%	10.0%
Healthcare	9.5%	8.4%
Industrials	8.1%	7.9%
Consumer Defensive	4.8%	4.6%
Utilities	2.8%	2.1%
Basic Materials	1.9%	1.7%
Real Estate	1.9%	1.8%
Energy	0.0%	3.2%

Return for Risk

SPXE vs. PBFR — Risk / Return Rank

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

SPXE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PBFR

PBFR Risk / Return Rank: 92
PBFR Sharpe Ratio Rank: 92
PBFR Sortino Ratio Rank: 92
PBFR Omega Ratio Rank: 94
PBFR Calmar Ratio Rank: 87
PBFR Martin Ratio Rank: 94

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.

SPXE vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) 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.

	SPXE	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	—	2.53	—
Sortino ratio: Return per unit of downside risk	—	3.67	—
Omega ratio: Gain probability vs. loss probability	—	1.54	—
Calmar ratio: Return relative to maximum drawdown	—	3.86	—
Martin ratio: Return relative to average drawdown	—	19.84	—

Drawdowns

SPXE vs. PBFR - Drawdown Comparison

The maximum SPXE drawdown since its inception was -0.87%, smaller than the maximum PBFR drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for SPXE and PBFR.

Drawdown Indicators

	SPXE	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-0.87%	-8.50%	+7.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.82%	—
Current Drawdown Current decline from peak	-0.75%	-0.13%	-0.62%
Average Drawdown Average peak-to-trough decline	-0.46%	-0.61%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.55%	—

Volatility

Volatility by Period

	SPXE	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.00%	4.29%	+4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.00%	6.77%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	6.77%	+2.23%

SPXE vs. PBFR - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than PBFR's 0.50% expense ratio.

Dividends

SPXE vs. PBFR - Dividend Comparison

SPXE 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%
SPXE ProShares S&P 500 Ex-Energy ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXE and PBFR in my portfolio?

SPXE and PBFR have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXE or PBFR?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXE or PBFR?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.50% for PBFR.

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

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

What is the main difference between SPXE and PBFR?

SPXE is categorized as S&P 500, while PBFR is Defined Outcome. They also come from different issuers: ProShares and PGIM. Their fees differ too: 0.09% for SPXE and 0.50% for PBFR.