DECW vs. PMDE

Last updated Jun 24, 2026

DECW (Allianzim U.S. Large Cap Buffer20 Dec ETF) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - DECW is a Options Trading fund actively managed by Allianz, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). DECW is actively managed, while PMDE is passively managed. Their correlation of 0.89 suggests significant overlap in exposure. DECW charges 0.74%/yr vs 0.50%/yr for PMDE.

Performance

DECW vs. PMDE - 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 S&P 500 Max Buffer ETF - December (PMDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DECW achieves a 4.39% return, which is significantly higher than PMDE's 2.51% return.

DECW

• 1D: -0.51%
• 1M: -0.06%
• YTD: 4.39%
• 6M: 4.18%
• 1Y: 13.96%
• 3Y*: 10.63%
• 5Y*: —
• 10Y*: —

PMDE

• 1D: -0.14%
• 1M: 0.14%
• YTD: 2.51%
• 6M: 2.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECW vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	4.39%	0.68%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.51%	0.44%

Correlation

The correlation between DECW and PMDE is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025	0.89

Return for Risk

DECW vs. PMDE — Risk / Return Rank

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

DECW

DECW Risk / Return Rank: 85
DECW Sharpe Ratio Rank: 84
DECW Sortino Ratio Rank: 89
DECW Omega Ratio Rank: 88
DECW Calmar Ratio Rank: 77
DECW Martin Ratio Rank: 89

PMDE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PMDE - 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 S&P 500 Max Buffer ETF - December (PMDE). 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.

	DECW	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	2.49	—	—
Sortino ratio: Return per unit of downside risk	3.69	—	—
Omega ratio: Gain probability vs. loss probability	1.50	—	—
Calmar ratio: Return relative to maximum drawdown	3.63	—	—
Martin ratio: Return relative to average drawdown	18.26	—	—

Drawdowns

DECW vs. PMDE - Drawdown Comparison

The maximum DECW drawdown since its inception was -8.76%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for DECW and PMDE.

Drawdown Indicators

	DECW	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-8.76%	-1.59%	-7.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.76%	—	—
Current Drawdown Current decline from peak	-0.65%	-0.21%	-0.44%
Average Drawdown Average peak-to-trough decline	-0.86%	-0.25%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	—	—

Volatility

Volatility by Period

	DECW	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.66%	2.47%	+3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.10%	2.47%	+4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.10%	2.47%	+4.63%

DECW vs. PMDE - Expense Ratio Comparison

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

Dividends

DECW vs. PMDE - Dividend Comparison

Neither DECW nor PMDE has paid dividends to shareholders.

Position	TTM	2025	2024
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	0.00%	0.00%	1.17%
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DECW and PMDE in my portfolio?

DECW and PMDE have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DECW or PMDE?

On fees, PMDE 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, DECW or PMDE?

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

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

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

What is the main difference between DECW and PMDE?

DECW is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: Allianz and PGIM. Their fees differ too: 0.74% for DECW and 0.50% for PMDE.