XOCT vs. PBAP

Last updated Jun 4, 2026

XOCT (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - October) and PBAP (PGIM US Large-Cap Buffer 20 ETF - April) are both Options Trading funds. Both are actively managed. Over the past year, XOCT returned 12.27% vs 13.30% for PBAP. A 0.79 correlation means they provide meaningful diversification when combined. XOCT charges 0.85%/yr vs 0.50%/yr for PBAP.

Performance

XOCT vs. PBAP - 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 - October (XOCT) and PGIM US Large-Cap Buffer 20 ETF - April (PBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XOCT achieves a 4.34% return, which is significantly lower than PBAP's 6.70% return.

XOCT

• 1D: -0.06%
• 1M: 1.49%
• YTD: 4.34%
• 6M: 5.08%
• 1Y: 12.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBAP

• 1D: -0.13%
• 1M: 1.19%
• YTD: 6.70%
• 6M: 7.49%
• 1Y: 13.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XOCT vs. PBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XOCT FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - October	4.34%	10.30%	4.26%
PBAP PGIM US Large-Cap Buffer 20 ETF - April	6.70%	6.34%	8.88%

Correlation

The correlation between XOCT and PBAP 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 Apr 2, 2024	0.79

The correlation between XOCT and PBAP has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

Return for Risk

XOCT vs. PBAP — Risk / Return Rank

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

XOCT

XOCT Risk / Return Rank: 83
XOCT Sharpe Ratio Rank: 81
XOCT Sortino Ratio Rank: 87
XOCT Omega Ratio Rank: 90
XOCT Calmar Ratio Rank: 69
XOCT Martin Ratio Rank: 87

PBAP

PBAP Risk / Return Rank: 98
PBAP Sharpe Ratio Rank: 96
PBAP Sortino Ratio Rank: 98
PBAP Omega Ratio Rank: 98
PBAP Calmar Ratio Rank: 97
PBAP Martin Ratio Rank: 98

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.

XOCT vs. PBAP - 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 - October (XOCT) and PGIM US Large-Cap Buffer 20 ETF - April (PBAP). 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.

	XOCT	PBAP	Difference
Sharpe ratio Return per unit of total volatility	2.59	4.29	-1.70
Sortino ratio Return per unit of downside risk	3.88	7.35	-3.46
Omega ratio Gain probability vs. loss probability	1.58	2.15	-0.57
Calmar ratio Return relative to maximum drawdown	3.40	11.41	-8.01
Martin ratio Return relative to average drawdown	18.33	82.09	-63.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XOCT vs. PBAP - Sharpe Ratio Comparison

The current XOCT Sharpe Ratio is 2.59, which is lower than the PBAP Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of XOCT and PBAP, 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

	XOCT	PBAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	4.29	-1.70
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	1.45	+0.08

Drawdowns

XOCT vs. PBAP - Drawdown Comparison

The maximum XOCT drawdown since its inception was -10.00%, roughly equal to the maximum PBAP drawdown of -9.70%. Use the drawdown chart below to compare losses from any high point for XOCT and PBAP.

Drawdown Indicators

	XOCT	PBAP	Difference
Max Drawdown Largest peak-to-trough decline	-10.00%	-9.70%	-0.30%
Max Drawdown (1Y) Largest decline over 1 year	-3.63%	-1.17%	-2.46%
Current Drawdown Current decline from peak	-0.06%	-0.13%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.51%	-0.79%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.16%	+0.51%

Volatility

XOCT vs. PBAP - Volatility Comparison

FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - October (XOCT) and PGIM US Large-Cap Buffer 20 ETF - April (PBAP) have volatilities of 0.60% and 0.59%, 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

	XOCT	PBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.59%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	2.00%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	4.76%	3.12%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.97%	7.10%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.97%	7.10%	-0.13%

XOCT vs. PBAP - Expense Ratio Comparison

XOCT has a 0.85% expense ratio, which is higher than PBAP's 0.50% expense ratio.

Dividends

XOCT vs. PBAP - Dividend Comparison

Neither XOCT nor PBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XOCT and PBAP in my portfolio?

XOCT and PBAP 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, XOCT or PBAP?

XOCT has higher volatility (0.60%) compared to PBAP (0.59%). In terms of maximum drawdown, XOCT dropped -10.00% vs PBAP's -9.70%.

Which ETF is better, XOCT or PBAP?

On 1-year performance, PBAP leads with 13.30% vs 12.27% for XOCT. On fees, PBAP 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, XOCT or PBAP?

Over the 1-year period, PBAP has performed better with a 13.30% return vs 12.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOCT or PBAP?

PBAP is cheaper with a 0.50% expense ratio, compared with 0.85% for XOCT.

Which ETF pays a higher dividend yield, XOCT or PBAP?

XOCT and PBAP have nearly identical dividend yields, around 0.00%.

What is the main difference between XOCT and PBAP?

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

Which has better risk-adjusted returns?

PBAP currently has the higher Sharpe Ratio (4.29 vs 2.59), 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.