XDEC vs. PBFR

Last updated Jun 24, 2026

XDEC (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - December) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds. XDEC is passively managed, while PBFR is actively managed. Over the past year, XDEC returned 11.15% vs 11.76% for PBFR. Their correlation of 0.81 suggests significant overlap in exposure. XDEC charges 0.85%/yr vs 0.50%/yr for PBFR.

Performance

XDEC vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - December (XDEC) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XDEC having a 4.14% return and PBFR slightly higher at 4.21%.

XDEC

• 1D: -0.22%
• 1M: 0.20%
• YTD: 4.14%
• 6M: 3.99%
• 1Y: 11.15%
• 3Y*: 9.59%
• 5Y*: —
• 10Y*: —

PBFR

• 1D: -0.23%
• 1M: 0.07%
• YTD: 4.21%
• 6M: 4.15%
• 1Y: 11.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XDEC vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XDEC FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - December	4.14%	9.71%	3.82%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.21%	10.44%	5.53%

Correlation

The correlation between XDEC and PBFR is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.81

The correlation between XDEC and PBFR has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

XDEC vs. PBFR - Sectors Allocation Comparison

Sectors	XDEC	PBFR
Technology	39.0%	38.4%
Financial Services	11.1%	11.0%
Communication Services	10.6%	10.8%
Consumer Cyclical	9.9%	10.0%
Healthcare	8.3%	8.4%
Industrials	7.8%	7.9%
Consumer Defensive	4.5%	4.6%
Energy	3.1%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

XDEC vs. PBFR — Risk / Return Rank

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

XDEC

XDEC Risk / Return Rank: 81
XDEC Sharpe Ratio Rank: 81
XDEC Sortino Ratio Rank: 87
XDEC Omega Ratio Rank: 89
XDEC Calmar Ratio Rank: 63
XDEC Martin Ratio Rank: 86

PBFR

PBFR Risk / Return Rank: 89
PBFR Sharpe Ratio Rank: 89
PBFR Sortino Ratio Rank: 90
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 83
PBFR Martin Ratio Rank: 92

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.

XDEC vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - December (XDEC) 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.

	XDEC	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.73	-0.37
Sortino ratio: Return per unit of downside risk	3.55	3.95	-0.40
Omega ratio: Gain probability vs. loss probability	1.51	1.59	-0.07
Calmar ratio: Return relative to maximum drawdown	2.87	4.19	-1.32
Martin ratio: Return relative to average drawdown	16.42	21.70	-5.29

XDEC vs. PBFR - Sharpe Ratio Comparison

The current XDEC Sharpe Ratio is 2.36, which is comparable to the PBFR Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of XDEC 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.

Drawdowns

XDEC vs. PBFR - Drawdown Comparison

The maximum XDEC drawdown since its inception was -11.75%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for XDEC and PBFR.

Drawdown Indicators

	XDEC	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-11.75%	-8.50%	-3.25%
Max Drawdown (1Y) Largest decline over 1 year	-3.91%	-2.82%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	—	—
Current Drawdown Current decline from peak	-0.48%	-0.52%	+0.04%
Average Drawdown Average peak-to-trough decline	-1.64%	-0.63%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.54%	+0.14%

Volatility

XDEC vs. PBFR - Volatility Comparison

FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - December (XDEC) and PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) have volatilities of 1.26% and 1.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XDEC	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	1.30%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	4.26%	3.51%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	4.77%	4.35%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	6.85%	+1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.44%	6.85%	+1.59%

XDEC vs. PBFR - Expense Ratio Comparison

XDEC has a 0.85% expense ratio, which is higher than PBFR's 0.50% expense ratio.

Dividends

XDEC vs. PBFR - Dividend Comparison

XDEC 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%
XDEC FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - December	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XDEC and PBFR in my portfolio?

XDEC and PBFR have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XDEC or PBFR?

PBFR has higher volatility (1.30%) compared to XDEC (1.26%). In terms of maximum drawdown, XDEC dropped -11.75% vs PBFR's -8.50%.

Which ETF is better, XDEC or PBFR?

On 1-year performance, PBFR leads with 11.76% vs 11.15% for XDEC. On fees, PBFR is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XDEC or PBFR?

Over the 1-year period, PBFR has performed better with a 11.76% return vs 11.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XDEC or PBFR?

PBFR is cheaper with a 0.50% expense ratio, compared with 0.85% for XDEC.

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

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

What is the main difference between XDEC and PBFR?

They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for XDEC and 0.50% for PBFR.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.73 vs 2.36), 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.