XXXX vs. PBFR

Last updated Jun 4, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both exchange-traded funds - XXXX is a Leveraged Equities fund tracking the S&P 500, while PBFR is a Defined Outcome fund actively managed by PGIM. XXXX is passively managed, while PBFR is actively managed. Over the past year, XXXX returned 86.73% vs 12.83% for PBFR. Their correlation of 0.90 suggests significant overlap in exposure. XXXX charges 2.95%/yr vs 0.50%/yr for PBFR.

Performance

XXXX vs. PBFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) 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, XXXX achieves a 29.32% return, which is significantly higher than PBFR's 4.52% return.

XXXX

• 1D: -2.88%
• 1M: 18.44%
• YTD: 29.32%
• 6M: 26.06%
• 1Y: 86.73%
• 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)

XXXX vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XXXX MAX S&P 500 4X Leveraged ETN	29.32%	17.36%	12.04%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	10.44%	5.53%

Correlation

The correlation between XXXX and PBFR is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.90

The correlation between XXXX and PBFR has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

XXXX vs. PBFR — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 49
XXXX Sharpe Ratio Rank: 53
XXXX Sortino Ratio Rank: 45
XXXX Omega Ratio Rank: 47
XXXX Calmar Ratio Rank: 46
XXXX Martin Ratio Rank: 52

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.

XXXX vs. PBFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

	XXXX	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.99	-1.12
Sortino ratio: Return per unit of downside risk	2.31	4.36	-2.05
Omega ratio: Gain probability vs. loss probability	1.30	1.66	-0.36
Calmar ratio: Return relative to maximum drawdown	2.34	4.57	-2.23
Martin ratio: Return relative to average drawdown	8.95	24.09	-15.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XXXX vs. PBFR - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.86, which is lower than the PBFR Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of XXXX 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

	XXXX	PBFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.99	-1.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.54	-0.68

Drawdowns

XXXX vs. PBFR - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for XXXX and PBFR.

Drawdown Indicators

	XXXX	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-8.50%	-53.77%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-2.82%	-34.43%
Current Drawdown Current decline from peak	-2.88%	-0.16%	-2.72%
Average Drawdown Average peak-to-trough decline	-11.60%	-0.63%	-10.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.73%	0.53%	+9.20%

Volatility

XXXX vs. PBFR - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 11.32% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 0.64%. This indicates that XXXX'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

	XXXX	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.32%	0.64%	+10.68%
Volatility (6M) Calculated over the trailing 6-month period	35.41%	3.34%	+32.07%
Volatility (1Y) Calculated over the trailing 1-year period	46.83%	4.33%	+42.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.75%	6.89%	+53.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.75%	6.89%	+53.86%

XXXX vs. PBFR - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than PBFR's 0.50% expense ratio.

Dividends

XXXX vs. PBFR - Dividend Comparison

XXXX 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%
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XXXX and PBFR in my portfolio?

XXXX and PBFR have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XXXX or PBFR?

XXXX has higher volatility (11.32%) compared to PBFR (0.64%). In terms of maximum drawdown, XXXX dropped -62.27% vs PBFR's -8.50%.

Which ETF is better, XXXX or PBFR?

On 1-year performance, XXXX leads with 86.73% vs 12.83% for PBFR. On fees, PBFR is cheaper at 0.50% per year. On volatility, PBFR has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or PBFR?

Over the 1-year period, XXXX has performed better with a 86.73% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or PBFR?

PBFR is cheaper with a 0.50% expense ratio, compared with 2.95% for XXXX.

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

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

What is the main difference between XXXX and PBFR?

XXXX is categorized as Leveraged Equities, while PBFR is Defined Outcome. They also come from different issuers: Max and PGIM. Their fees differ too: 2.95% for XXXX and 0.50% for PBFR.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.99 vs 1.86), 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.