DECP vs. PMMY

Last updated Jun 23, 2026

DECP (PGIM S&P 500 Buffer 12 ETF - December) and PMMY (PGIM S&P 500 Max Buffer ETF - May) are both Defined Outcome funds from PGIM. Both are actively managed. Over the past year, DECP returned 20.00% vs 5.57% for PMMY. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

DECP vs. PMMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - December (DECP) and PGIM S&P 500 Max Buffer ETF - May (PMMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DECP achieves a 6.39% return, which is significantly higher than PMMY's 2.04% return.

DECP

• 1D: -0.26%
• 1M: 0.93%
• YTD: 6.39%
• 6M: 6.12%
• 1Y: 20.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMMY

• 1D: -0.06%
• 1M: 0.06%
• YTD: 2.04%
• 6M: 2.16%
• 1Y: 5.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECP vs. PMMY - Yearly Performance Comparison

	2026 (YTD)	2025
DECP PGIM S&P 500 Buffer 12 ETF - December	6.39%	17.99%
PMMY PGIM S&P 500 Max Buffer ETF - May	2.04%	4.44%

Correlation

The correlation between DECP and PMMY is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 1, 2025	0.77

The correlation between DECP and PMMY has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

Return for Risk

DECP vs. PMMY — Risk / Return Rank

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

DECP

DECP Risk / Return Rank: 81
DECP Sharpe Ratio Rank: 80
DECP Sortino Ratio Rank: 81
DECP Omega Ratio Rank: 82
DECP Calmar Ratio Rank: 75
DECP Martin Ratio Rank: 86

PMMY

PMMY Risk / Return Rank: 97
PMMY Sharpe Ratio Rank: 97
PMMY Sortino Ratio Rank: 98
PMMY Omega Ratio Rank: 98
PMMY Calmar Ratio Rank: 97
PMMY 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.

DECP vs. PMMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - December (DECP) and PGIM S&P 500 Max Buffer ETF - May (PMMY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DECP	PMMY	Difference
Sharpe ratio: Return per unit of total volatility	2.46	4.35	-1.89
Sortino ratio: Return per unit of downside risk	3.43	6.75	-3.32
Omega ratio: Gain probability vs. loss probability	1.47	2.13	-0.66
Calmar ratio: Return relative to maximum drawdown	3.70	9.37	-5.67
Martin ratio: Return relative to average drawdown	17.70	60.97	-43.28

DECP vs. PMMY - Sharpe Ratio Comparison

The current DECP Sharpe Ratio is 2.46, which is lower than the PMMY Sharpe Ratio of 4.35. The chart below compares the historical Sharpe Ratios of DECP and PMMY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DECP vs. PMMY - Drawdown Comparison

The maximum DECP drawdown since its inception was -12.12%, which is greater than PMMY's maximum drawdown of -0.60%. Use the drawdown chart below to compare losses from any high point for DECP and PMMY.

Drawdown Indicators

	DECP	PMMY	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-0.60%	-11.52%
Max Drawdown (1Y) Largest decline over 1 year	-5.43%	-0.60%	-4.83%
Current Drawdown Current decline from peak	-0.47%	-0.21%	-0.26%
Average Drawdown Average peak-to-trough decline	-1.12%	-0.05%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.09%	+1.04%

Volatility

DECP vs. PMMY - Volatility Comparison

PGIM S&P 500 Buffer 12 ETF - December (DECP) has a higher volatility of 2.31% compared to PGIM S&P 500 Max Buffer ETF - May (PMMY) at 0.68%. This indicates that DECP's price experiences larger fluctuations and is considered to be riskier than PMMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DECP	PMMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	0.68%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	6.06%	1.08%	+4.98%
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	1.29%	+6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.92%	1.50%	+8.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.92%	1.50%	+8.42%

DECP vs. PMMY - Expense Ratio Comparison

Both DECP and PMMY have an expense ratio of 0.50%.

Dividends

DECP vs. PMMY - Dividend Comparison

Neither DECP nor PMMY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DECP and PMMY in my portfolio?

DECP and PMMY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECP or PMMY?

DECP has higher volatility (2.31%) compared to PMMY (0.68%). In terms of maximum drawdown, DECP dropped -12.12% vs PMMY's -0.60%.

Which ETF is better, DECP or PMMY?

On 1-year performance, DECP leads with 20.00% vs 5.57% for PMMY. Both ETFs have the same 0.50% expense ratio. On volatility, PMMY has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECP or PMMY?

Over the 1-year period, DECP has performed better with a 20.00% return vs 5.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECP or PMMY?

DECP and PMMY have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, DECP or PMMY?

DECP and PMMY have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

PMMY currently has the higher Sharpe Ratio (4.35 vs 2.46), 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.