DSEP vs. PMDE

Last updated Jun 24, 2026

DSEP (FT Cboe Vest U.S. Equity Deep Buffer ETF - September) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - DSEP is a Options Trading fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect September Series Index, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). Both are passively managed. Their correlation of 0.90 suggests significant overlap in exposure. DSEP charges 0.85%/yr vs 0.50%/yr for PMDE.

Performance

DSEP vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP) 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, DSEP achieves a 4.88% return, which is significantly higher than PMDE's 2.51% return.

DSEP

• 1D: -0.46%
• 1M: 0.10%
• YTD: 4.88%
• 6M: 4.56%
• 1Y: 13.08%
• 3Y*: 11.80%
• 5Y*: 7.91%
• 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)

DSEP vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
DSEP FT Cboe Vest U.S. Equity Deep Buffer ETF - September	4.88%	0.56%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.51%	0.44%

Correlation

The correlation between DSEP and PMDE is 0.90, 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	0.90

Return for Risk

DSEP vs. PMDE — Risk / Return Rank

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

DSEP

DSEP Risk / Return Rank: 77
DSEP Sharpe Ratio Rank: 77
DSEP Sortino Ratio Rank: 81
DSEP Omega Ratio Rank: 82
DSEP Calmar Ratio Rank: 64
DSEP Martin Ratio Rank: 80

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.

DSEP vs. PMDE - Risk-Adjusted Trends Comparison

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

	DSEP	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	2.22	—	—
Sortino ratio: Return per unit of downside risk	3.24	—	—
Omega ratio: Gain probability vs. loss probability	1.44	—	—
Calmar ratio: Return relative to maximum drawdown	2.89	—	—
Martin ratio: Return relative to average drawdown	14.18	—	—

Drawdowns

DSEP vs. PMDE - Drawdown Comparison

The maximum DSEP drawdown since its inception was -11.78%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for DSEP and PMDE.

Drawdown Indicators

	DSEP	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-1.59%	-10.19%
Max Drawdown (1Y) Largest decline over 1 year	-4.54%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	—	—
Current Drawdown Current decline from peak	-0.67%	-0.21%	-0.46%
Average Drawdown Average peak-to-trough decline	-1.84%	-0.25%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	—	—

Volatility

Volatility by Period

	DSEP	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.76%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.93%	2.47%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.78%	2.47%	+5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.47%	2.47%	+5.00%

DSEP vs. PMDE - Expense Ratio Comparison

DSEP has a 0.85% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

DSEP vs. PMDE - Dividend Comparison

Neither DSEP nor PMDE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DSEP and PMDE in my portfolio?

DSEP and PMDE have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DSEP 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, DSEP or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.85% for DSEP.

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

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

What is the main difference between DSEP and PMDE?

DSEP is categorized as Options Trading, while PMDE is Defined Outcome. DSEP tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect September Series Index, while PMDE tracks SPDR S&P 500 ETF Trust (SPY). They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for DSEP and 0.50% for PMDE.