MAYP vs. BDRY

Last updated Jun 24, 2026

MAYP (PGIM S&P 500 Buffer 12 ETF - May) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - MAYP is a Defined Outcome fund actively managed by PGIM, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. MAYP is actively managed, while BDRY is passively managed. Over the past year, MAYP returned 11.50% vs 103.63% for BDRY. At a correlation of -0.04, they often move in opposite directions. MAYP charges 0.50%/yr vs 3.76%/yr for BDRY.

Performance

MAYP vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - May (MAYP) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAYP achieves a 4.11% return, which is significantly lower than BDRY's 34.21% return.

MAYP

• 1D: -0.51%
• 1M: 0.23%
• YTD: 4.11%
• 6M: 4.16%
• 1Y: 11.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BDRY

• 1D: 1.64%
• 1M: -7.14%
• YTD: 34.21%
• 6M: 34.67%
• 1Y: 103.63%
• 3Y*: 24.09%
• 5Y*: -16.41%
• 10Y*: —

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

MAYP vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAYP PGIM S&P 500 Buffer 12 ETF - May	4.11%	10.99%	11.62%
BDRY Breakwave Dry Bulk Shipping ETF	34.21%	44.24%	-52.16%

Correlation

The correlation between MAYP and BDRY is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since May 1, 2024	-0.04

Return for Risk

MAYP vs. BDRY — Risk / Return Rank

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

MAYP

MAYP Risk / Return Rank: 89
MAYP Sharpe Ratio Rank: 82
MAYP Sortino Ratio Rank: 86
MAYP Omega Ratio Rank: 91
MAYP Calmar Ratio Rank: 91
MAYP Martin Ratio Rank: 95

BDRY

BDRY Risk / Return Rank: 75
BDRY Sharpe Ratio Rank: 82
BDRY Sortino Ratio Rank: 67
BDRY Omega Ratio Rank: 63
BDRY Calmar Ratio Rank: 88
BDRY Martin Ratio Rank: 76

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.

MAYP vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - May (MAYP) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.

	MAYP	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.48	-0.10
Sortino ratio: Return per unit of downside risk	3.49	2.90	+0.58
Omega ratio: Gain probability vs. loss probability	1.53	1.36	+0.17
Calmar ratio: Return relative to maximum drawdown	5.43	4.82	+0.60
Martin ratio: Return relative to average drawdown	26.60	13.59	+13.02

MAYP vs. BDRY - Sharpe Ratio Comparison

The current MAYP Sharpe Ratio is 2.37, which is comparable to the BDRY Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of MAYP and BDRY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MAYP vs. BDRY - Drawdown Comparison

The maximum MAYP drawdown since its inception was -11.06%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for MAYP and BDRY.

Drawdown Indicators

	MAYP	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-11.06%	-89.16%	+78.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.13%	-21.60%	+19.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-69.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-1.15%	-71.65%	+70.50%
Average Drawdown Average peak-to-trough decline	-0.66%	-58.43%	+57.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	7.65%	-7.22%

Volatility

MAYP vs. BDRY - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 12 ETF - May (MAYP) is 2.53%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 7.30%. This indicates that MAYP experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAYP	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	7.30%	-4.77%
Volatility (6M) Calculated over the trailing 6-month period	4.19%	29.14%	-24.95%
Volatility (1Y) Calculated over the trailing 1-year period	4.89%	42.10%	-37.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.26%	60.24%	-50.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.26%	62.40%	-53.14%

MAYP vs. BDRY - Expense Ratio Comparison

MAYP has a 0.50% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

MAYP vs. BDRY - Dividend Comparison

Neither MAYP nor BDRY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MAYP and BDRY in my portfolio?

MAYP and BDRY have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAYP or BDRY?

BDRY has higher volatility (7.30%) compared to MAYP (2.53%). In terms of maximum drawdown, MAYP dropped -11.06% vs BDRY's -89.16%.

Which ETF is better, MAYP or BDRY?

On 1-year performance, BDRY leads with 103.63% vs 11.50% for MAYP. On fees, MAYP is cheaper at 0.50% per year. On volatility, MAYP has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAYP or BDRY?

Over the 1-year period, BDRY has performed better with a 103.63% return vs 11.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAYP or BDRY?

MAYP is cheaper with a 0.50% expense ratio, compared with 3.76% for BDRY.

Which ETF pays a higher dividend yield, MAYP or BDRY?

MAYP and BDRY have nearly identical dividend yields, around 0.00%.

What is the main difference between MAYP and BDRY?

MAYP is categorized as Defined Outcome, while BDRY is Commodities. They also come from different issuers: PGIM and ETFMG. Their fees differ too: 0.50% for MAYP and 3.76% for BDRY.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (2.48 vs 2.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.