BUFM vs. PMSE

Last updated Jun 4, 2026

BUFM (AB Moderate Buffer ETF) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds. Both are actively managed. A 0.78 correlation means they provide meaningful diversification when combined. BUFM charges 0.69%/yr vs 0.50%/yr for PMSE.

Performance

BUFM vs. PMSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Moderate Buffer ETF (BUFM) and PGIM S&P 500 Max Buffer ETF - September (PMSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUFM achieves a 3.71% return, which is significantly higher than PMSE's 2.85% return.

BUFM

• 1D: -0.13%
• 1M: 2.19%
• YTD: 3.71%
• 6M: 4.16%
• 1Y: 12.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMSE

• 1D: 0.00%
• 1M: 0.94%
• YTD: 2.85%
• 6M: 3.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUFM vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
BUFM AB Moderate Buffer ETF	3.71%	4.32%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.85%	2.23%

Correlation

The correlation between BUFM and PMSE is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 3, 2025	0.78

Return for Risk

BUFM vs. PMSE — Risk / Return Rank

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

BUFM

BUFM Risk / Return Rank: 67
BUFM Sharpe Ratio Rank: 68
BUFM Sortino Ratio Rank: 67
BUFM Omega Ratio Rank: 71
BUFM Calmar Ratio Rank: 63
BUFM Martin Ratio Rank: 64

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.

BUFM vs. PMSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Moderate Buffer ETF (BUFM) and PGIM S&P 500 Max Buffer ETF - September (PMSE). 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.

	BUFM	PMSE	Difference
Sharpe ratio: Return per unit of total volatility	2.19	—	—
Sortino ratio: Return per unit of downside risk	3.05	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	3.11	—	—
Martin ratio: Return relative to average drawdown	11.49	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BUFM	PMSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	3.05	-1.92

Drawdowns

BUFM vs. PMSE - Drawdown Comparison

The maximum BUFM drawdown since its inception was -9.43%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for BUFM and PMSE.

Drawdown Indicators

	BUFM	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-9.43%	-1.44%	-7.99%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.02%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.99%	-0.17%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	—	—

Volatility

Volatility by Period

	BUFM	PMSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.77%	2.28%	+3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.43%	2.28%	+7.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.43%	2.28%	+7.15%

BUFM vs. PMSE - Expense Ratio Comparison

BUFM has a 0.69% expense ratio, which is higher than PMSE's 0.50% expense ratio.

Dividends

BUFM vs. PMSE - Dividend Comparison

Neither BUFM nor PMSE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BUFM and PMSE in my portfolio?

BUFM and PMSE have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BUFM or PMSE?

On fees, PMSE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BUFM or PMSE?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.69% for BUFM.

Which ETF pays a higher dividend yield, BUFM or PMSE?

BUFM and PMSE have nearly identical dividend yields, around 0.00%.

What is the main difference between BUFM and PMSE?

They also come from different issuers: AllianceBernstein and PGIM. Their fees differ too: 0.69% for BUFM and 0.50% for PMSE.