DECW vs. PBMR

Last updated Jun 3, 2026

DECW (Allianzim U.S. Large Cap Buffer20 Dec ETF) and PBMR (PGIM US Large-Cap Buffer 20 ETF - March) are both Options Trading funds. Both are actively managed. Over the past year, DECW returned 15.70% vs 13.78% for PBMR. Their correlation of 0.87 suggests significant overlap in exposure. DECW charges 0.74%/yr vs 0.50%/yr for PBMR.

Performance

DECW vs. PBMR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) and PGIM US Large-Cap Buffer 20 ETF - March (PBMR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DECW having a 5.07% return and PBMR slightly higher at 5.20%.

DECW

• 1D: 0.05%
• 1M: 1.80%
• YTD: 5.07%
• 6M: 5.78%
• 1Y: 15.70%
• 3Y*: 11.23%
• 5Y*: —
• 10Y*: —

PBMR

• 1D: -0.02%
• 1M: 1.49%
• YTD: 5.20%
• 6M: 6.26%
• 1Y: 13.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECW vs. PBMR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	5.07%	11.57%	5.77%
PBMR PGIM US Large-Cap Buffer 20 ETF - March	5.20%	10.89%	9.41%

Correlation

The correlation between DECW and PBMR is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Mar 4, 2024	0.87

The correlation between DECW and PBMR has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

DECW vs. PBMR — Risk / Return Rank

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

DECW

DECW Risk / Return Rank: 86
DECW Sharpe Ratio Rank: 84
DECW Sortino Ratio Rank: 90
DECW Omega Ratio Rank: 89
DECW Calmar Ratio Rank: 79
DECW Martin Ratio Rank: 90

PBMR

PBMR Risk / Return Rank: 90
PBMR Sharpe Ratio Rank: 90
PBMR Sortino Ratio Rank: 94
PBMR Omega Ratio Rank: 95
PBMR Calmar Ratio Rank: 80
PBMR 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.

DECW vs. PBMR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) and PGIM US Large-Cap Buffer 20 ETF - March (PBMR). 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.

	DECW	PBMR	Difference
Sharpe ratio Return per unit of total volatility	2.83	3.22	-0.39
Sortino ratio Return per unit of downside risk	4.22	4.90	-0.68
Omega ratio Gain probability vs. loss probability	1.58	1.72	-0.14
Calmar ratio Return relative to maximum drawdown	4.11	4.21	-0.10
Martin ratio Return relative to average drawdown	21.01	24.75	-3.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DECW vs. PBMR - Sharpe Ratio Comparison

The current DECW Sharpe Ratio is 2.83, which is comparable to the PBMR Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of DECW and PBMR, 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

	DECW	PBMR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	3.22	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	1.55	1.75	-0.19

Drawdowns

DECW vs. PBMR - Drawdown Comparison

The maximum DECW drawdown since its inception was -8.76%, which is greater than PBMR's maximum drawdown of -7.64%. Use the drawdown chart below to compare losses from any high point for DECW and PBMR.

Drawdown Indicators

	DECW	PBMR	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-7.64%	-1.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-3.33%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	-8.76%	—	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.87%	-0.51%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.57%	+0.18%

Volatility

DECW vs. PBMR - Volatility Comparison

Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) has a higher volatility of 0.79% compared to PGIM US Large-Cap Buffer 20 ETF - March (PBMR) at 0.75%. This indicates that DECW's price experiences larger fluctuations and is considered to be riskier than PBMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DECW	PBMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.75%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.97%	3.38%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	5.57%	4.31%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.12%	6.60%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.12%	6.60%	+0.52%

DECW vs. PBMR - Expense Ratio Comparison

DECW has a 0.74% expense ratio, which is higher than PBMR's 0.50% expense ratio.

Dividends

DECW vs. PBMR - Dividend Comparison

Neither DECW nor PBMR has paid dividends to shareholders.

Position	TTM	2025	2024
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	0.00%	0.00%	1.17%
PBMR PGIM US Large-Cap Buffer 20 ETF - March	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DECW and PBMR in my portfolio?

With a correlation of 0.92, DECW and PBMR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DECW or PBMR?

DECW has higher volatility (0.79%) compared to PBMR (0.75%). In terms of maximum drawdown, DECW dropped -8.76% vs PBMR's -7.64%.

Which ETF is better, DECW or PBMR?

On 1-year performance, DECW leads with 15.70% vs 13.78% for PBMR. On fees, PBMR 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, DECW or PBMR?

Over the 1-year period, DECW has performed better with a 15.70% return vs 13.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECW or PBMR?

PBMR is cheaper with a 0.50% expense ratio, compared with 0.74% for DECW.

Which ETF pays a higher dividend yield, DECW or PBMR?

DECW and PBMR have nearly identical dividend yields, around 0.00%.

What is the main difference between DECW and PBMR?

They also come from different issuers: Allianz and PGIM. Their fees differ too: 0.74% for DECW and 0.50% for PBMR.

Which has better risk-adjusted returns?

PBMR currently has the higher Sharpe Ratio (3.22 vs 2.83), 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.