OARK vs. PMDE

Last updated Jun 24, 2026

OARK (YieldMax Innovation Option Income Strategy ETF) and PMDE (PGIM S&P 500 Max Buffer ETF - December) are both exchange-traded funds - OARK is a Options Trading fund actively managed by YieldMax, while PMDE is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust (SPY). OARK is actively managed, while PMDE is passively managed. A 0.68 correlation means they provide meaningful diversification when combined. OARK charges 0.99%/yr vs 0.50%/yr for PMDE.

Performance

OARK vs. PMDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Innovation Option Income Strategy ETF (OARK) 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, OARK achieves a 3.98% return, which is significantly higher than PMDE's 2.51% return.

OARK

• 1D: -1.92%
• 1M: -0.93%
• YTD: 3.98%
• 6M: 0.77%
• 1Y: 16.90%
• 3Y*: 13.04%
• 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)

OARK vs. PMDE - Yearly Performance Comparison

	2026 (YTD)	2025
OARK YieldMax Innovation Option Income Strategy ETF	3.98%	-0.13%
PMDE PGIM S&P 500 Max Buffer ETF - December	2.51%	0.44%

Correlation

The correlation between OARK and PMDE is 0.68, 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	0.68

Return for Risk

OARK vs. PMDE — Risk / Return Rank

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

OARK

OARK Risk / Return Rank: 18
OARK Sharpe Ratio Rank: 19
OARK Sortino Ratio Rank: 18
OARK Omega Ratio Rank: 18
OARK Calmar Ratio Rank: 18
OARK Martin Ratio Rank: 17

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.

OARK vs. PMDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Innovation Option Income Strategy ETF (OARK) 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.

	OARK	PMDE	Difference
Sharpe ratio: Return per unit of total volatility	0.59	—	—
Sortino ratio: Return per unit of downside risk	0.97	—	—
Omega ratio: Gain probability vs. loss probability	1.12	—	—
Calmar ratio: Return relative to maximum drawdown	0.73	—	—
Martin ratio: Return relative to average drawdown	1.70	—	—

Drawdowns

OARK vs. PMDE - Drawdown Comparison

The maximum OARK drawdown since its inception was -35.48%, which is greater than PMDE's maximum drawdown of -1.59%. Use the drawdown chart below to compare losses from any high point for OARK and PMDE.

Drawdown Indicators

	OARK	PMDE	Difference
Max Drawdown Largest peak-to-trough decline	-35.48%	-1.59%	-33.89%
Max Drawdown (1Y) Largest decline over 1 year	-23.26%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-35.48%	—	—
Current Drawdown Current decline from peak	-8.62%	-0.21%	-8.41%
Average Drawdown Average peak-to-trough decline	-10.54%	-0.25%	-10.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.96%	—	—

Volatility

Volatility by Period

	OARK	PMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.07%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	28.55%	2.47%	+26.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.95%	2.47%	+28.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.95%	2.47%	+28.48%

OARK vs. PMDE - Expense Ratio Comparison

OARK has a 0.99% expense ratio, which is higher than PMDE's 0.50% expense ratio.

Dividends

OARK vs. PMDE - Dividend Comparison

OARK's dividend yield for the trailing twelve months is around 63.14%, while PMDE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
OARK YieldMax Innovation Option Income Strategy ETF	63.14%	61.86%	47.86%	45.03%
PMDE PGIM S&P 500 Max Buffer ETF - December	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OARK and PMDE in my portfolio?

OARK and PMDE have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OARK 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, OARK or PMDE?

PMDE is cheaper with a 0.50% expense ratio, compared with 0.99% for OARK.

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

OARK has the higher dividend yield at 63.14%, compared with 0.00% for PMDE.

What is the main difference between OARK and PMDE?

OARK is categorized as Options Trading, while PMDE is Defined Outcome. They also come from different issuers: YieldMax and PGIM. Their fees differ too: 0.99% for OARK and 0.50% for PMDE.