GFEB vs. PMDE

Last updated Jul 17, 2026

GFEB (FT Cboe Vest U.S. Equity Moderate Buffer ETF - February) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - GFEB is a Options Trading fund tracking the NONE, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). Both are passively managed. Their correlation of 0.85 suggests significant overlap in exposure. GFEB charges 0.85%/yr vs 0.50%/yr for PMDE.

Performance

GFEB vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - February (GFEB) 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, GFEB achieves a 6.43% return, which is significantly higher than PMDE's 3.18% return.

GFEB

• 1D: -0.18%
• 1M: 0.52%
• 6M: 5.75%
• YTD: 6.43%
• 1Y: 12.70%
• 3Y*: 12.06%
• 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)

GFEB vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
GFEB FT Cboe Vest U.S. Equity Moderate Buffer ETF - February	6.43%	0.97%
PMDE PGIM S&P 500 Max Buffer ETF - December	3.18%	0.44%

Correlation

The correlation between GFEB and PMDE is 0.85, 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	0.85

Return for Risk

GFEB vs. PMDE — Risk / Return Rank

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

GFEB

GFEB Risk / Return Rank: 85
GFEB Sharpe Ratio Rank: 88
GFEB Sortino Ratio Rank: 90
GFEB Omega Ratio Rank: 90
GFEB Calmar Ratio Rank: 71
GFEB Martin Ratio Rank: 88

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.

GFEB vs. PMDE - Risk-Adjusted Trends Comparison

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

	GFEB	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	2.30	—	—
Sortino ratio: Return per unit of downside risk	3.41	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	2.86	—	—
Martin ratio: Return relative to average drawdown	15.11	—	—

Drawdowns

GFEB vs. PMDE - Drawdown Comparison

The maximum GFEB drawdown since its inception was -9.63%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for GFEB and PMDE.

Drawdown Indicators

	GFEB	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-9.63%	-1.59%	-8.04%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.63%	—	—
Current Drawdown Current decline from peak	-0.23%	0.00%	-0.23%
Average Drawdown Average peak-to-trough decline	-0.69%	-0.24%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	—	—

Volatility

Volatility by Period

	GFEB	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.54%	2.37%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.52%	2.37%	+5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.52%	2.37%	+5.15%

GFEB vs. PMDE - Expense Ratio Comparison

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

Dividends

GFEB vs. PMDE - Dividend Comparison

Neither GFEB nor PMDE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GFEB and PMDE in my portfolio?

GFEB and PMDE have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GFEB 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, GFEB or PMDE?

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

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

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

What is the main difference between GFEB and PMDE?

GFEB is categorized as Options Trading, while PMDE is Defined Outcome. GFEB tracks NONE, 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 GFEB and 0.50% for PMDE.