ISWN vs. PMDE

Last updated Jul 17, 2026

ISWN (Amplify BlackSwan ISWN ETF) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - ISWN is a Options Trading fund tracking the S-Network International BlackSwan, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). Both are passively managed. A 0.63 correlation means they provide meaningful diversification when combined. ISWN charges 0.49%/yr vs 0.50%/yr for PMDE.

Performance

ISWN vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify BlackSwan ISWN ETF (ISWN) 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, ISWN achieves a 4.43% return, which is significantly higher than PMDE's 3.18% return.

ISWN

• 1D: -0.69%
• 1M: -1.08%
• 6M: 2.07%
• YTD: 4.43%
• 1Y: 12.60%
• 3Y*: 7.85%
• 5Y*: -0.20%
• 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)

ISWN vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
ISWN Amplify BlackSwan ISWN ETF	4.43%	0.95%
PMDE PGIM S&P 500 Max Buffer ETF - December	3.18%	0.44%

Correlation

The correlation between ISWN and PMDE is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 1, 2025	0.63

Return for Risk

ISWN vs. PMDE — Risk / Return Rank

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

ISWN

ISWN Risk / Return Rank: 33
ISWN Sharpe Ratio Rank: 33
ISWN Sortino Ratio Rank: 32
ISWN Omega Ratio Rank: 32
ISWN Calmar Ratio Rank: 32
ISWN Martin Ratio Rank: 34

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.

ISWN vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify BlackSwan ISWN ETF (ISWN) 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.

	ISWN	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	0.99	—	—
Sortino ratio: Return per unit of downside risk	1.45	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.31	—	—
Martin ratio: Return relative to average drawdown	4.11	—	—

Drawdowns

ISWN vs. PMDE - Drawdown Comparison

The maximum ISWN drawdown since its inception was -32.35%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for ISWN and PMDE.

Drawdown Indicators

	ISWN	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-32.35%	-1.59%	-30.76%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.35%	—	—
Current Drawdown Current decline from peak	-3.90%	0.00%	-3.90%
Average Drawdown Average peak-to-trough decline	-15.90%	-0.24%	-15.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	—	—

Volatility

Volatility by Period

	ISWN	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.13%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	2.37%	+10.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.87%	2.37%	+9.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.67%	2.37%	+9.30%

ISWN vs. PMDE - Expense Ratio Comparison

ISWN has a 0.49% expense ratio, which is lower than PMDE's 0.50% expense ratio.

Dividends

ISWN vs. PMDE - Dividend Comparison

ISWN's dividend yield for the trailing twelve months is around 2.88%, while PMDE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
ISWN Amplify BlackSwan ISWN ETF	2.88%	2.89%	3.27%	2.91%	2.00%	0.76%
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISWN and PMDE in my portfolio?

ISWN and PMDE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISWN or PMDE?

On fees, ISWN is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISWN or PMDE?

ISWN is cheaper with a 0.49% expense ratio, compared with 0.50% for PMDE.

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

ISWN has the higher dividend yield at 2.88%, compared with 0.00% for PMDE.

What is the main difference between ISWN and PMDE?

ISWN is categorized as Options Trading, while PMDE is Defined Outcome. ISWN tracks S-Network International BlackSwan, while PMDE tracks SPDR S&P 500 ETF Trust (SPY). They also come from different issuers: Amplify and PGIM. Their fees differ too: 0.49% for ISWN and 0.50% for PMDE.