XMAY vs. PBFR

Last updated Jun 3, 2026

XMAY (FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, XMAY returned 10.74% vs 12.83% for PBFR. Their correlation of 0.84 suggests significant overlap in exposure. XMAY charges 0.85%/yr vs 0.50%/yr for PBFR.

Performance

XMAY vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY) 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, XMAY achieves a 3.56% return, which is significantly lower than PBFR's 4.52% return.

XMAY

• 1D: -0.04%
• 1M: 1.20%
• YTD: 3.56%
• 6M: 4.39%
• 1Y: 10.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBFR

• 1D: -0.16%
• 1M: 1.58%
• YTD: 4.52%
• 6M: 5.34%
• 1Y: 12.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XMAY vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XMAY FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May	3.56%	10.44%	5.06%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	10.44%	5.53%

Correlation

The correlation between XMAY and PBFR is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.84

The correlation between XMAY and PBFR has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

Return for Risk

XMAY vs. PBFR — Risk / Return Rank

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

XMAY

XMAY Risk / Return Rank: 93
XMAY Sharpe Ratio Rank: 89
XMAY Sortino Ratio Rank: 93
XMAY Omega Ratio Rank: 94
XMAY Calmar Ratio Rank: 91
XMAY Martin Ratio Rank: 96

PBFR

PBFR Risk / Return Rank: 90
PBFR Sharpe Ratio Rank: 88
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 84
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.

XMAY vs. PBFR - Risk-Adjusted Trends Comparison

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

	XMAY	PBFR	Difference
Sharpe ratio Return per unit of total volatility	3.06	2.99	+0.08
Sortino ratio Return per unit of downside risk	4.76	4.36	+0.40
Omega ratio Gain probability vs. loss probability	1.69	1.66	+0.03
Calmar ratio Return relative to maximum drawdown	6.07	4.57	+1.49
Martin ratio Return relative to average drawdown	35.01	24.09	+10.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMAY vs. PBFR - Sharpe Ratio Comparison

The current XMAY Sharpe Ratio is 3.06, which is comparable to the PBFR Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of XMAY 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

	XMAY	PBFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.06	2.99	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	1.54	-0.18

Drawdowns

XMAY vs. PBFR - Drawdown Comparison

The maximum XMAY drawdown since its inception was -8.24%, roughly equal to the maximum PBFR drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for XMAY and PBFR.

Drawdown Indicators

	XMAY	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-8.24%	-8.50%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	-1.78%	-2.82%	+1.04%
Current Drawdown Current decline from peak	-0.04%	-0.16%	+0.12%
Average Drawdown Average peak-to-trough decline	-0.41%	-0.63%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	0.53%	-0.22%

Volatility

XMAY vs. PBFR - Volatility Comparison

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY) has a higher volatility of 0.69% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 0.64%. This indicates that XMAY'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

	XMAY	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.64%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.55%	3.34%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	4.33%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.47%	6.89%	+0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.47%	6.89%	+0.58%

XMAY vs. PBFR - Expense Ratio Comparison

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

Dividends

XMAY vs. PBFR - Dividend Comparison

XMAY 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%
XMAY FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XMAY and PBFR in my portfolio?

XMAY and PBFR have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMAY or PBFR?

XMAY has higher volatility (0.69%) compared to PBFR (0.64%). In terms of maximum drawdown, XMAY dropped -8.24% vs PBFR's -8.50%.

Which ETF is better, XMAY or PBFR?

On 1-year performance, PBFR leads with 12.83% vs 10.74% for XMAY. 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, XMAY or PBFR?

Over the 1-year period, PBFR has performed better with a 12.83% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMAY or PBFR?

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

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

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

What is the main difference between XMAY and PBFR?

They also come from different issuers: First Trust and PGIM. Their fees differ too: 0.85% for XMAY and 0.50% for PBFR.

Which has better risk-adjusted returns?

XMAY currently has the higher Sharpe Ratio (3.06 vs 2.99), 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.