DLAG vs. PMSE

Last updated Jun 6, 2026

DLAG (FT Vest U.S. Equity Dual Directional Buffer ETF - August) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.89 suggests significant overlap in exposure. DLAG charges 0.85%/yr vs 0.50%/yr for PMSE.

Performance

DLAG vs. PMSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Dual Directional Buffer ETF - August (DLAG) 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, DLAG achieves a 4.75% return, which is significantly higher than PMSE's 2.58% return.

DLAG

• 1D: -0.63%
• 1M: 0.63%
• YTD: 4.75%
• 6M: 5.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMSE

• 1D: -0.28%
• 1M: 0.44%
• YTD: 2.58%
• 6M: 2.95%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DLAG vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
DLAG FT Vest U.S. Equity Dual Directional Buffer ETF - August	4.75%	2.18%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.58%	1.26%

Correlation

The correlation between DLAG and PMSE 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 Sep 23, 2025	0.89

Return for Risk

DLAG vs. PMSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Dual Directional Buffer ETF - August (DLAG) 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.

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

Sharpe Ratios by Period

	DLAG	PMSE	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	2.83	-1.27

Drawdowns

DLAG vs. PMSE - Drawdown Comparison

The maximum DLAG drawdown since its inception was -4.23%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for DLAG and PMSE.

Drawdown Indicators

	DLAG	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-4.23%	-1.44%	-2.79%
Current Drawdown Current decline from peak	-0.63%	-0.28%	-0.35%
Average Drawdown Average peak-to-trough decline	-0.56%	-0.17%	-0.39%

Volatility

Volatility by Period

	DLAG	PMSE	Difference
Volatility (1Y) Calculated over the trailing 1-year period	6.54%	2.29%	+4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.54%	2.29%	+4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.54%	2.29%	+4.25%

DLAG vs. PMSE - Expense Ratio Comparison

DLAG has a 0.85% expense ratio, which is higher than PMSE's 0.50% expense ratio.

Dividends

DLAG vs. PMSE - Dividend Comparison

Neither DLAG nor PMSE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DLAG and PMSE in my portfolio?

DLAG and PMSE 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, DLAG 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, DLAG or PMSE?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.85% for DLAG.

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

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

What is the main difference between DLAG and PMSE?

They also come from different issuers: First Trust and PGIM. Their fees differ too: 0.85% for DLAG and 0.50% for PMSE.