MRCP vs. DECW

Last updated Aug 4, 2026

MRCP (PGIM US Large-Cap Buffer 12 ETF - March) and DECW (Allianzim U.S. Large Cap Buffer20 Dec ETF) are both Options Trading funds. Both are actively managed. Over the past year, MRCP returned 15.92% vs 13.66% for DECW. Their correlation of 0.89 means they have usually moved in the same direction. MRCP charges 0.50%/yr vs 0.74%/yr for DECW.

Performance

MRCP vs. DECW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - March (MRCP) and Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRCP achieves a 8.52% return, which is significantly higher than DECW's 6.16% return.

MRCP

• 1D: 0.33%
• 1M: 1.16%
• 6M: 7.32%
• YTD: 8.52%
• 1Y: 15.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.42%

DECW

• 1D: 0.53%
• 1M: 1.08%
• 6M: 5.26%
• YTD: 6.16%
• 1Y: 13.66%
• 3Y*: 10.52%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	$307.52K	$290.29K	$488.90K
MRCP PGIM US Large-Cap Buffer 12 ETF - March	$102.07K	$129.29K	$125.02K

MRCP vs. DECW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MRCP PGIM US Large-Cap Buffer 12 ETF - March	8.52%	14.13%	11.90%
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	6.16%	11.57%	5.83%

Correlation

The correlation between MRCP and DECW is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.89

The correlation between MRCP and DECW has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

MRCP vs. DECW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MRCP

MRCP Risk / Return Rank: 88
MRCP Sharpe Ratio Rank: 86
MRCP Sortino Ratio Rank: 88
MRCP Omega Ratio Rank: 92
MRCP Calmar Ratio Rank: 83
MRCP Martin Ratio Rank: 93

DECW

DECW Risk / Return Rank: 91
DECW Sharpe Ratio Rank: 91
DECW Sortino Ratio Rank: 93
DECW Omega Ratio Rank: 93
DECW Calmar Ratio Rank: 86
DECW Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MRCP vs. DECW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - March (MRCP) and Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW). 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.

	MRCP	DECW	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.46	-0.29
Sortino ratio: Return per unit of downside risk	3.19	3.69	-0.50
Omega ratio: Gain probability vs. loss probability	1.47	1.49	-0.02
Calmar ratio: Return relative to maximum drawdown	3.32	3.56	-0.24
Martin ratio: Return relative to average drawdown	17.92	17.76	+0.16

MRCP vs. DECW - Sharpe Ratio Comparison

The current MRCP Sharpe Ratio is 2.17, which is comparable to the DECW Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of MRCP and DECW, 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

MRCP vs. DECW - Drawdown Comparison

The maximum MRCP drawdown since its inception was -10.73%, which is greater than DECW's maximum drawdown of -8.76%. Use the drawdown chart below to compare losses from any high point for MRCP and DECW.

Drawdown Indicators

	MRCP	DECW	Difference
Max Drawdown Largest peak-to-trough decline	-10.73%	-8.76%	-1.97%
Max Drawdown (1Y) Largest decline over 1 year	-4.81%	-3.86%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.76%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.76%	-0.84%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.77%	+0.12%

Volatility

MRCP vs. DECW - Volatility Comparison

PGIM US Large-Cap Buffer 12 ETF - March (MRCP) has a higher volatility of 1.77% compared to Allianzim U.S. Large Cap Buffer20 Dec ETF (DECW) at 1.39%. This indicates that MRCP's price experiences larger fluctuations and is considered to be riskier than DECW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRCP	DECW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	1.39%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	6.54%	4.13%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	7.38%	5.59%	+1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.41%	7.03%	+2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.41%	7.03%	+2.38%

MRCP vs. DECW - Expense Ratio Comparison

MRCP has a 0.50% expense ratio, which is lower than DECW's 0.74% expense ratio.

Dividends

MRCP vs. DECW - Dividend Comparison

Neither MRCP nor DECW has paid dividends to shareholders.

Position	TTM	2025	2024
DECW Allianzim U.S. Large Cap Buffer20 Dec ETF	0.00%	0.00%	1.17%
MRCP PGIM US Large-Cap Buffer 12 ETF - March	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MRCP and DECW in my portfolio?

With a correlation of 0.93, MRCP and DECW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MRCP or DECW?

MRCP has higher volatility (1.77%) compared to DECW (1.39%). In terms of maximum drawdown, MRCP dropped -10.73% vs DECW's -8.76%.

Which ETF is better, MRCP or DECW?

On 1-year performance, MRCP leads with 15.92% vs 13.66% for DECW. On fees, MRCP is cheaper at 0.50% per year. On volatility, DECW has been the lower-risk option at 1.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRCP or DECW?

Over the 1-year period, MRCP has performed better with a 15.92% return vs 13.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRCP or DECW?

MRCP is cheaper with a 0.50% expense ratio, compared with 0.74% for DECW.

Which ETF pays a higher dividend yield, MRCP or DECW?

MRCP and DECW have nearly identical dividend yields, around 0.00%.

What is the main difference between MRCP and DECW?

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

Which has better risk-adjusted returns?

DECW currently has the higher Sharpe Ratio (2.46 vs 2.17), 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.