OCTW vs. PMAP

Last updated Jun 4, 2026

OCTW (AllianzIM U.S. Equity Buffer20 Oct ETF) and PMAP (PGIM S&P 500 Max Buffer ETF - April) are both Defined Outcome funds. OCTW is passively managed, while PMAP is actively managed. Over the past year, OCTW returned 12.50% vs 7.34% for PMAP. Their correlation of 0.83 suggests significant overlap in exposure. OCTW charges 0.74%/yr vs 0.50%/yr for PMAP.

Performance

OCTW vs. PMAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) and PGIM S&P 500 Max Buffer ETF - April (PMAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OCTW achieves a 4.65% return, which is significantly higher than PMAP's 3.28% return.

OCTW

• 1D: -0.11%
• 1M: 1.67%
• YTD: 4.65%
• 6M: 5.17%
• 1Y: 12.50%
• 3Y*: 10.88%
• 5Y*: 8.85%
• 10Y*: —

PMAP

• 1D: -0.06%
• 1M: 0.59%
• YTD: 3.28%
• 6M: 3.83%
• 1Y: 7.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OCTW vs. PMAP - Yearly Performance Comparison

	2026 (YTD)	2025
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	4.65%	10.80%
PMAP PGIM S&P 500 Max Buffer ETF - April	3.28%	5.37%

Correlation

The correlation between OCTW and PMAP is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.83

The correlation between OCTW and PMAP has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

Return for Risk

OCTW vs. PMAP — Risk / Return Rank

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

OCTW

OCTW Risk / Return Rank: 81
OCTW Sharpe Ratio Rank: 79
OCTW Sortino Ratio Rank: 84
OCTW Omega Ratio Rank: 86
OCTW Calmar Ratio Rank: 69
OCTW Martin Ratio Rank: 85

PMAP

PMAP Risk / Return Rank: 99
PMAP Sharpe Ratio Rank: 99
PMAP Sortino Ratio Rank: 99
PMAP Omega Ratio Rank: 99
PMAP Calmar Ratio Rank: 99
PMAP Martin Ratio Rank: 99

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.

OCTW vs. PMAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) and PGIM S&P 500 Max Buffer ETF - April (PMAP). 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.

	OCTW	PMAP	Difference
Sharpe ratio Return per unit of total volatility	2.56	6.43	-3.87
Sortino ratio Return per unit of downside risk	3.79	13.39	-9.60
Omega ratio Gain probability vs. loss probability	1.53	2.92	-1.39
Calmar ratio Return relative to maximum drawdown	3.43	21.40	-17.96
Martin ratio Return relative to average drawdown	17.68	133.92	-116.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OCTW vs. PMAP - Sharpe Ratio Comparison

The current OCTW Sharpe Ratio is 2.56, which is lower than the PMAP Sharpe Ratio of 6.43. The chart below compares the historical Sharpe Ratios of OCTW and PMAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OCTW	PMAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	6.43	-3.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	3.23	-1.75

Drawdowns

OCTW vs. PMAP - Drawdown Comparison

The maximum OCTW drawdown since its inception was -8.38%, which is greater than PMAP's maximum drawdown of -1.75%. Use the drawdown chart below to compare losses from any high point for OCTW and PMAP.

Drawdown Indicators

	OCTW	PMAP	Difference
Max Drawdown Largest peak-to-trough decline	-8.38%	-1.75%	-6.63%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-0.34%	-3.31%
Max Drawdown (3Y) Largest decline over 3 years	-8.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-8.38%	—	—
Current Drawdown Current decline from peak	-0.11%	-0.06%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.82%	-0.08%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.05%	+0.66%

Volatility

OCTW vs. PMAP - Volatility Comparison

AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) has a higher volatility of 0.73% compared to PGIM S&P 500 Max Buffer ETF - April (PMAP) at 0.27%. This indicates that OCTW's price experiences larger fluctuations and is considered to be riskier than PMAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OCTW	PMAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.27%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	3.81%	0.81%	+3.00%
Volatility (1Y) Calculated over the trailing 1-year period	4.92%	1.15%	+3.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.29%	2.33%	+3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.14%	2.33%	+3.81%

OCTW vs. PMAP - Expense Ratio Comparison

OCTW has a 0.74% expense ratio, which is higher than PMAP's 0.50% expense ratio.

Dividends

OCTW vs. PMAP - Dividend Comparison

Neither OCTW nor PMAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OCTW and PMAP in my portfolio?

OCTW and PMAP have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OCTW or PMAP?

OCTW has higher volatility (0.73%) compared to PMAP (0.27%). In terms of maximum drawdown, OCTW dropped -8.38% vs PMAP's -1.75%.

Which ETF is better, OCTW or PMAP?

On 1-year performance, OCTW leads with 12.50% vs 7.34% for PMAP. On fees, PMAP is cheaper at 0.50% per year. On volatility, PMAP has been the lower-risk option at 0.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCTW or PMAP?

Over the 1-year period, OCTW has performed better with a 12.50% return vs 7.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCTW or PMAP?

PMAP is cheaper with a 0.50% expense ratio, compared with 0.74% for OCTW.

Which ETF pays a higher dividend yield, OCTW or PMAP?

OCTW and PMAP have nearly identical dividend yields, around 0.00%.

What is the main difference between OCTW and PMAP?

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

Which has better risk-adjusted returns?

PMAP currently has the higher Sharpe Ratio (6.43 vs 2.56), 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.