Data as of .
FHDG vs PBDE: which one stands where?
As of Sep 21, 2026 PBDE can fall 8.2% before its buffer engages and FHDG 1.1%, and FHDG resets 10 days sooner.
ETFIQ Downside Cover Score: PBDE scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
FHDG resets first, on Nov 20, 2026, 60 days from now; PBDE runs to Nov 30, 2026, 70 days. FHDG can still gain 2.7% before its cap, PBDE 2.0%. A fall from here reaches FHDG’s buffer after 1.1% and PBDE’s after 8.2%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| FHDG | PBDE | FHDG | PBDE | |
| 3 months | +2.4% | +2.4% | +0.2 pts | +0.1 pts |
| 6 months | +10.3% | +9.4% | −7.7 pts | −8.7 pts |
| 1 year | +13.0% | +11.0% | −3.6 pts | −5.6 pts |
| FHDG FT Vest U.S. Equity Quarterly Dynamic Buffer ETF Absorbs the first 8% of loss on SPY and caps the gain at 3.9%, over a period ending Nov 20, 2026 | PBDE PGIM S&P 500 Buffer 20 ETF - December Absorbs the first 20% of loss on SPY and caps the gain at 11.1%, over a period ending Nov 30, 2026 | |
|---|---|---|
| Issuer | First Trust | PGIM |
| Reference index | SPY | SPY |
| Buffer | 8% | 20% |
| Outcome period | Aug 24, 2026 to Nov 20, 2026 | Dec 1, 2025 to Nov 30, 2026 |
| Days left | 60 | 70 |
| Starting cap | +3.9% | +11.1% |
| Can still gain | 2.7% | 2.0% |
| Fall before buffer | 1.1% | 8.2% |
| Protection left, index points | 7.5% of 7.5% | 20.0% of 20.0% |
| Index return this period | +1.1% | +13.2% |
| Fund return this period | +0.9% | +8.4% |
| State today | Open | At cap |
| Expense ratio | 0.85% | 0.50% |
| Net assets | $76m | $38m |
FHDG in plain words
From its price on Sep 21, 2026, the fund can gain about 2.7% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.0% from today's level to the point where the buffer begins. Protection left, in index points: 7.5% of the 7.5% buffer still sits below today's SPY level. 60 days remained on Sep 21, 2026. On Nov 20, 2026 the period ends and a new cap is set.
PBDE in plain words
SPY had already risen past this fund's cap of +11.1% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.0% as the period runs out. The fund's price can fall 8.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.7% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 70 days remained on Sep 21, 2026. On Nov 30, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FHDG or PBDE?
- From their prices on Sep 21, 2026, FHDG can gain about 2.7% before its cap and PBDE about 2.0%, so FHDG has more room left this period.
- Which resets first, FHDG or PBDE?
- FHDG ends its outcome period on Nov 20, 2026 and PBDE on Nov 30, 2026. A new cap is set the day after each.
- Which is cheaper, FHDG or PBDE?
- FHDG charges 0.85% a year and PBDE charges 0.50%, so PBDE is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FHDG against PBDE, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/fhdg-vs-pbde Free to use with attribution; the underlying files are at Open data.