FEBP vs. PMDE

Last updated Jul 17, 2026

FEBP (PGIM US Large-Cap Buffer 12 ETF - February) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - FEBP is a Options Trading fund actively managed by PGIM, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). FEBP is actively managed, while PMDE is passively managed. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

FEBP vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - February (FEBP) 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, FEBP achieves a 7.42% return, which is significantly higher than PMDE's 3.18% return.

FEBP

• 1D: -0.21%
• 1M: 0.53%
• 6M: 6.53%
• YTD: 7.42%
• 1Y: 15.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMDE

• 1D: 0.00%
• 1M: 0.45%
• 6M: 2.80%
• YTD: 3.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEBP vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
FEBP PGIM US Large-Cap Buffer 12 ETF - February	7.42%	1.22%
PMDE PGIM S&P 500 Max Buffer ETF - December	3.18%	0.44%

Correlation

The correlation between FEBP and PMDE is 0.86, 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	0.86

Return for Risk

FEBP vs. PMDE — Risk / Return Rank

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

FEBP

FEBP Risk / Return Rank: 68
FEBP Sharpe Ratio Rank: 54
FEBP Sortino Ratio Rank: 56
FEBP Omega Ratio Rank: 82
FEBP Calmar Ratio Rank: 63
FEBP Martin Ratio Rank: 85

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.

FEBP vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - February (FEBP) 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.

	FEBP	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	1.48	—	—
Sortino ratio: Return per unit of downside risk	2.18	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	2.53	—	—
Martin ratio: Return relative to average drawdown	13.55	—	—

Drawdowns

FEBP vs. PMDE - Drawdown Comparison

The maximum FEBP drawdown since its inception was -12.11%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for FEBP and PMDE.

Drawdown Indicators

	FEBP	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-12.11%	-1.59%	-10.52%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	—	—
Current Drawdown Current decline from peak	-0.21%	0.00%	-0.21%
Average Drawdown Average peak-to-trough decline	-0.91%	-0.24%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	—	—

Volatility

Volatility by Period

	FEBP	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.53%	2.37%	+8.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.23%	2.37%	+7.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.23%	2.37%	+7.86%

FEBP vs. PMDE - Expense Ratio Comparison

Both FEBP and PMDE have an expense ratio of 0.50%.

Dividends

FEBP vs. PMDE - Dividend Comparison

Neither FEBP nor PMDE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FEBP and PMDE in my portfolio?

FEBP and PMDE have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEBP or PMDE?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEBP or PMDE?

FEBP and PMDE have the same expense ratio: 0.50% per year.

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

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

What is the main difference between FEBP and PMDE?

FEBP is categorized as Options Trading, while PMDE is Defined Outcome.