FEBU vs. PMSE

Last updated Jun 23, 2026

FEBU (AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF) and PMSE (PGIM S&P 500 Max Buffer ETF - September) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.87 suggests significant overlap in exposure. FEBU charges 0.74%/yr vs 0.50%/yr for PMSE.

Performance

FEBU vs. PMSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) 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, FEBU achieves a 7.02% return, which is significantly higher than PMSE's 2.97% return.

FEBU

• 1D: -0.30%
• 1M: -0.11%
• YTD: 7.02%
• 6M: 6.63%
• 1Y: 18.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMSE

• 1D: 0.05%
• 1M: 0.34%
• YTD: 2.97%
• 6M: 3.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEBU vs. PMSE - Yearly Performance Comparison

	2026 (YTD)	2025
FEBU AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF	7.02%	4.75%
PMSE PGIM S&P 500 Max Buffer ETF - September	2.97%	2.13%

Correlation

The correlation between FEBU and PMSE is 0.87, 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 2, 2025	0.87

Return for Risk

FEBU vs. PMSE — Risk / Return Rank

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

FEBU

FEBU Risk / Return Rank: 60
FEBU Sharpe Ratio Rank: 59
FEBU Sortino Ratio Rank: 56
FEBU Omega Ratio Rank: 57
FEBU Calmar Ratio Rank: 65
FEBU Martin Ratio Rank: 66

PMSE

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.

FEBU vs. PMSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) 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.

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.

	FEBU	PMSE	Difference
Sharpe ratio: Return per unit of total volatility	1.90	—	—
Sortino ratio: Return per unit of downside risk	2.61	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	3.12	—	—
Martin ratio: Return relative to average drawdown	11.61	—	—

Drawdowns

FEBU vs. PMSE - Drawdown Comparison

The maximum FEBU drawdown since its inception was -11.73%, which is greater than PMSE's maximum drawdown of -1.44%. Use the drawdown chart below to compare losses from any high point for FEBU and PMSE.

Drawdown Indicators

	FEBU	PMSE	Difference
Max Drawdown Largest peak-to-trough decline	-11.73%	-1.44%	-10.29%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	—	—
Current Drawdown Current decline from peak	-1.66%	0.00%	-1.66%
Average Drawdown Average peak-to-trough decline	-1.89%	-0.17%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	—	—

Volatility

Volatility by Period

	FEBU	PMSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.86%	2.28%	+7.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.61%	2.28%	+9.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.61%	2.28%	+9.33%

FEBU vs. PMSE - Expense Ratio Comparison

FEBU has a 0.74% expense ratio, which is higher than PMSE's 0.50% expense ratio.

Dividends

FEBU vs. PMSE - Dividend Comparison

Neither FEBU nor PMSE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FEBU and PMSE in my portfolio?

FEBU and PMSE have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEBU 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, FEBU or PMSE?

PMSE is cheaper with a 0.50% expense ratio, compared with 0.74% for FEBU.

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

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

What is the main difference between FEBU and PMSE?

They also come from different issuers: Allianz and PGIM. Their fees differ too: 0.74% for FEBU and 0.50% for PMSE.