DFEB vs. PMMY

Last updated Jun 6, 2026

DFEB (FT Vest U.S. Equity Deep Buffer ETF - February) and PMMY (PGIM S&P 500 Max Buffer ETF - May) are both Defined Outcome funds. Both are actively managed. Over the past year, DFEB returned 15.29% vs 5.66% for PMMY. A 0.78 correlation means they provide meaningful diversification when combined. DFEB charges 0.85%/yr vs 0.50%/yr for PMMY.

Performance

DFEB vs. PMMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Deep Buffer ETF - February (DFEB) 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, DFEB achieves a 5.07% return, which is significantly higher than PMMY's 1.91% return.

DFEB

• 1D: -0.83%
• 1M: 0.37%
• YTD: 5.07%
• 6M: 5.87%
• 1Y: 15.29%
• 3Y*: 13.15%
• 5Y*: 8.07%
• 10Y*: —

PMMY

• 1D: -0.34%
• 1M: 0.17%
• YTD: 1.91%
• 6M: 2.37%
• 1Y: 5.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEB vs. PMMY - Yearly Performance Comparison

	2026 (YTD)	2025
DFEB FT Vest U.S. Equity Deep Buffer ETF - February	5.07%	13.14%
PMMY PGIM S&P 500 Max Buffer ETF - May	1.91%	4.59%

Correlation

The correlation between DFEB and PMMY is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.78

The correlation between DFEB and PMMY has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

Return for Risk

DFEB vs. PMMY — Risk / Return Rank

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

DFEB

DFEB Risk / Return Rank: 88
DFEB Sharpe Ratio Rank: 89
DFEB Sortino Ratio Rank: 92
DFEB Omega Ratio Rank: 92
DFEB Calmar Ratio Rank: 78
DFEB Martin Ratio Rank: 90

PMMY

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

DFEB vs. PMMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Deep Buffer ETF - February (DFEB) 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.

	DFEB	PMMY	Difference
Sharpe ratio: Return per unit of total volatility	2.83	4.82	-1.99
Sortino ratio: Return per unit of downside risk	4.17	7.57	-3.40
Omega ratio: Gain probability vs. loss probability	1.59	2.27	-0.68
Calmar ratio: Return relative to maximum drawdown	3.76	15.99	-12.24
Martin ratio: Return relative to average drawdown	19.61	80.91	-61.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFEB vs. PMMY - Sharpe Ratio Comparison

The current DFEB Sharpe Ratio is 2.83, which is lower than the PMMY Sharpe Ratio of 4.82. The chart below compares the historical Sharpe Ratios of DFEB 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.

Sharpe Ratios by Period

	DFEB	PMMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	4.82	-1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	4.21	-3.28

Drawdowns

DFEB vs. PMMY - Drawdown Comparison

The maximum DFEB drawdown since its inception was -14.07%, which is greater than PMMY's maximum drawdown of -0.36%. Use the drawdown chart below to compare losses from any high point for DFEB and PMMY.

Drawdown Indicators

	DFEB	PMMY	Difference
Max Drawdown Largest peak-to-trough decline	-14.07%	-0.36%	-13.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.09%	-0.36%	-3.73%
Max Drawdown (3Y) Largest decline over 3 years	-8.33%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.02%	—	—
Current Drawdown Current decline from peak	-0.83%	-0.34%	-0.49%
Average Drawdown Average peak-to-trough decline	-2.04%	-0.04%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.07%	+0.71%

Volatility

DFEB vs. PMMY - Volatility Comparison

FT Vest U.S. Equity Deep Buffer ETF - February (DFEB) has a higher volatility of 1.18% compared to PGIM S&P 500 Max Buffer ETF - May (PMMY) at 0.47%. This indicates that DFEB'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

	DFEB	PMMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	0.47%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	4.11%	0.94%	+3.17%
Volatility (1Y) Calculated over the trailing 1-year period	5.46%	1.18%	+4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.32%	1.43%	+5.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.96%	1.43%	+7.53%

DFEB vs. PMMY - Expense Ratio Comparison

DFEB has a 0.85% expense ratio, which is higher than PMMY's 0.50% expense ratio.

Dividends

DFEB vs. PMMY - Dividend Comparison

Neither DFEB nor PMMY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DFEB and PMMY in my portfolio?

DFEB 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, DFEB or PMMY?

DFEB has higher volatility (1.18%) compared to PMMY (0.47%). In terms of maximum drawdown, DFEB dropped -14.07% vs PMMY's -0.36%.

Which ETF is better, DFEB or PMMY?

On 1-year performance, DFEB leads with 15.29% vs 5.66% for PMMY. On fees, PMMY is cheaper at 0.50% per year. On volatility, PMMY has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEB or PMMY?

Over the 1-year period, DFEB has performed better with a 15.29% return vs 5.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEB or PMMY?

PMMY is cheaper with a 0.50% expense ratio, compared with 0.85% for DFEB.

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

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

What is the main difference between DFEB and PMMY?

They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for DFEB and 0.50% for PMMY.

Which has better risk-adjusted returns?

PMMY currently has the higher Sharpe Ratio (4.82 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.