IVVB vs. PMDE

Last updated Jun 24, 2026

IVVB (iShares Large Cap Deep Buffer ETF) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - IVVB is a Options Trading fund actively managed by iShares, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). IVVB is actively managed, while PMDE is passively managed. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

IVVB vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Deep Buffer ETF (IVVB) 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, IVVB achieves a 3.81% return, which is significantly higher than PMDE's 2.51% return.

IVVB

• 1D: -0.46%
• 1M: -0.43%
• YTD: 3.81%
• 6M: 2.94%
• 1Y: 12.68%
• 3Y*: —
• 5Y*: —
• 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)

IVVB vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
IVVB iShares Large Cap Deep Buffer ETF	3.81%	0.04%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.51%	0.44%

Correlation

The correlation between IVVB and PMDE is 0.84, 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	0.84

Return for Risk

IVVB vs. PMDE — Risk / Return Rank

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

IVVB

IVVB Risk / Return Rank: 53
IVVB Sharpe Ratio Rank: 54
IVVB Sortino Ratio Rank: 52
IVVB Omega Ratio Rank: 54
IVVB Calmar Ratio Rank: 47
IVVB Martin Ratio Rank: 56

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.

IVVB vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Deep Buffer ETF (IVVB) 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.

	IVVB	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	1.72	—	—
Sortino ratio: Return per unit of downside risk	2.41	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.22	—	—
Martin ratio: Return relative to average drawdown	9.43	—	—

Drawdowns

IVVB vs. PMDE - Drawdown Comparison

The maximum IVVB drawdown since its inception was -13.08%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for IVVB and PMDE.

Drawdown Indicators

	IVVB	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-13.08%	-1.59%	-11.49%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	—	—
Current Drawdown Current decline from peak	-0.88%	-0.21%	-0.67%
Average Drawdown Average peak-to-trough decline	-1.59%	-0.25%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	—	—

Volatility

Volatility by Period

	IVVB	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.40%	2.47%	+4.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.25%	2.47%	+6.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.25%	2.47%	+6.78%

IVVB vs. PMDE - Expense Ratio Comparison

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

Dividends

IVVB vs. PMDE - Dividend Comparison

IVVB's dividend yield for the trailing twelve months is around 1.18%, while PMDE has not paid dividends to shareholders.

Position	TTM	2025	2024
IVVB iShares Large Cap Deep Buffer ETF	1.18%	1.22%	0.87%
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVVB and PMDE in my portfolio?

IVVB and PMDE have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IVVB 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, IVVB or PMDE?

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

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

IVVB has the higher dividend yield at 1.18%, compared with 0.00% for PMDE.

What is the main difference between IVVB and PMDE?

IVVB is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: iShares and PGIM.